Purchase in USD - LIT EUR/GBP Account

I’m sure there’s an easy answer to this but a quick scan reveals nothing helpful.
I have a :r: LIT account and a virtual card. I wish to make an online purchase in USD but have no USD in a wallet on my account - only GBP and EUR. I am based in France if significant.
Is it necessary to first set up a USD wallet before making the purchase or will the purchase still go ahead unhindered (there is sufficient EUR but not GBP to cover the spend)?
If it is possible, I am aware that, as there is an absence of USD in the account, I will be at the mercy of the current exchange rate when the transaction hits the account but will the wallet with the most currency (ie EUR) be selected first to complete the transaction?

1 Like

No need to set up USD wallet first.

The order used to be:
– local currency (USD in your case)
– currency of registered home address (EUR)
– other currencies

If you want to prevent the app to use your GBP wallet, you can simply deactivate it. (You can deactivate all wallets besides the “home” or “main” wallet, EUR in your case.)

2 Likes

Or you can set up the USD wallet and convert some of your EUR or GBP, do it during the week though and don’t forget that only the first 1000 EUR per month is commission free.

You may already be aware, but you need to be careful when making payments in another currency, especially when PayPal is involved, if you are paying in dollars make sure the transaction goes through in dollars, often you run the risk of having a conversion done against your will or knowledge at very unfavourable rates.

1 Like

Do I need to get another vitual card just for this or will the one I already have suffice (which will be replaced after use)?

No, the card is not linked to a particular currency. A virtual card is not replaced after use, do you mean a disposable virtual card?

1 Like

All cards are always linked to the same backend „machine“ — for the lack of a better word to describe it. And there’s no difference between on the fly conversion or buying currencies. The same rules and fees apply to all transactions that involve currency exchange.

yes sorry, my bad. The disposable card best used in online transactions. It’s a service I’m paying for so no goods are being shipped Stateside to France.

So if I pay for the USD transaction with the disposable card I already have and I have sufficient USD in my USD wallet, they will take the funds from there without further intervention from me. Have I got that right?

A timely reminder, thank you…

As regards a USD transaction, yes, in theory that is what should happen. However scan the screen carefully and make sure that the payment processor is intending to take dollars and not converting from another currency at its own rate, I frequently see people complain about this and it is most likely to happen on eBay and/or with PayPal, but not only. I am obviously talking about on-line payments. If you went into a shop in the US and paid with Revolut then a USD transaction will go through and if you have sufficient dollars no conversion needs to take place.

1 Like

I did ask the supplier if they would accept Euro and they said not, only USD so that should go through properly on that basis. Thanks.

It’s still a good idea to watch out for DCC. It’s not something the merchant offers, it’s a “service” their payment processor might have implemented into the checkout process. The merchant will always get USD, but the payment processor might want to charge your card in EUR, it’s then converted to USD for paying out the merchant with a hefty markup.

OK @Frank is there a way for a mere customer to enforce payment in USD in these circumstances?

Usually you can work out what needs to be done, if anything, but not always, don’t continue if you are not sure, watch out for any mention of conversion or a currency other than dollars, if you don’t see anything you should be alright. You may find radio button options for paying in dollars, euro, etc. Read everything very carefully.

1 Like

Technically, the card scheme rules from Mastercard and Visa state, that a customer needs to be presented with the correct amount and currency at the moment of authorising the payment. In rare situations, sketchy touristy places, merchants have found ways to circumvent this. But applying DCC without the buyers consent is a reason for chargeback. You can dispute it.

does the chargeback work well with a virtual card? I’ve not had experience of that (yet) with :r: