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  • FIRST POST
    • sng165
    • By sng165 5th Jul 17, 4:43 PM
    • 274Posts
    • 211Thanks
    sng165
    Beware drawing cash on approved cards abroad
    • #1
    • 5th Jul 17, 4:43 PM
    Beware drawing cash on approved cards abroad 5th Jul 17 at 4:43 PM
    My friend and I used approved cards to draw cash in Crete from cash point
    Beware of the extra question - asks something like do you want our approved rate !
    On first unguarded use mistakenly answered yes and was given 1.02 to £
    Second time said no didn't want approved rates
    It basically tries to say you risk the rate you get - twice - then you don't get rate on slip.
    But on checking online banking the following day I got 1.13 to £ !
    If drawing large sums this can make huge difference
    BEWARE
    Last edited by sng165; 05-07-2017 at 4:46 PM.
Page 1
    • worried jim
    • By worried jim 5th Jul 17, 4:46 PM
    • 8,280 Posts
    • 12,543 Thanks
    worried jim
    • #2
    • 5th Jul 17, 4:46 PM
    • #2
    • 5th Jul 17, 4:46 PM
    Do you mean dynamic conversion? You should always press no to have the transaction show in local currency on your statement for maximum cost effectiveness. Do this no matter what debit/credit card you are using.

    See number 5 tip-

    http://www.moneysavingexpert.com/travel/travel-credit-cards#checker
    Last edited by worried jim; 05-07-2017 at 4:48 PM.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • Heng Leng
    • By Heng Leng 5th Jul 17, 5:03 PM
    • 3,935 Posts
    • 1,202 Thanks
    Heng Leng
    • #3
    • 5th Jul 17, 5:03 PM
    • #3
    • 5th Jul 17, 5:03 PM
    Dynamic currency conversion (DCC) is fairly common these days.

    As long as they give you the option to opt out, I don't seen a massive issue as it may be cheaper in some (rare) circumstances!
    • sng165
    • By sng165 5th Jul 17, 5:08 PM
    • 274 Posts
    • 211 Thanks
    sng165
    • #4
    • 5th Jul 17, 5:08 PM
    • #4
    • 5th Jul 17, 5:08 PM
    Not sure what dynamic conversion is
    But I do know that I felt I was taking a risk
    But in fact I was actually getting a much better conversion rate
    Albeit I couldn't tell the rate until I checked online the day after
    Plus I felt the wording of the cash points are lead you to accept the unacceptable low rates
    • eDicky
    • By eDicky 5th Jul 17, 6:37 PM
    • 2,577 Posts
    • 1,106 Thanks
    eDicky
    • #5
    • 5th Jul 17, 6:37 PM
    • #5
    • 5th Jul 17, 6:37 PM
    You learned the hard way about DCC. When you succeed in rejecting it and withdraw in the local currency, no exchange rate will be displayed by the ATM because your card will do the conversion, as intended, and the rate will show later on your card statement.
    • zagfles
    • By zagfles 5th Jul 17, 6:52 PM
    • 11,980 Posts
    • 9,939 Thanks
    zagfles
    • #6
    • 5th Jul 17, 6:52 PM
    • #6
    • 5th Jul 17, 6:52 PM
    Not sure what dynamic conversion is
    But I do know that I felt I was taking a risk
    But in fact I was actually getting a much better conversion rate
    Albeit I couldn't tell the rate until I checked online the day after
    Plus I felt the wording of the cash points are lead you to accept the unacceptable low rates
    Originally posted by sng165
    It's intended to. The bank owning the cashpoint wants to profit from the exchange rate markup. And yes as you found you often have to say no twice. You get used to it fairly quickly.

    It's more common in some countries than others, I've never known a French ATM to try it on, but in the last 10 years I've never known a Spanish one not to!
    • chattychappy
    • By chattychappy 7th Jul 17, 9:56 AM
    • 6,192 Posts
    • 3,232 Thanks
    chattychappy
    • #7
    • 7th Jul 17, 9:56 AM
    • #7
    • 7th Jul 17, 9:56 AM
    It's not just the wording. All sorts of "tricks" are employed, particularly with point of sale equipment.

    In Switzerland, in a shop, I was presented with a screen (the cashier swivelled it around). She said "that's 80 francs, press green to proceed". There was a large green square with "APPROVE" on it - together with 80 francs displayed and then in small text "charged at GBP70" or whatever. In the corner of the screen was a small red square "without conversion 80 francs". It looked like a "approve/cancel" option because of the green/red thing. I pressed the red square and the cashier quipped "clever man" !

    You should always be given the choice before entering your PIN. But this is not always the case. A while back in Spain I saw the portable machine at a hotel reception display the Euro amount only, I entered the PIN, it says "OK", and I handed the device back. Then, upside down, I saw it was giving the hotel the chance to choose the currency. Fortunately I saw in time and told the guy to press "Euro"which he did without a fuss. Perhaps he was going to do that anyway or ask me, but I didn't wait to find out.
    • zagfles
    • By zagfles 7th Jul 17, 5:15 PM
    • 11,980 Posts
    • 9,939 Thanks
    zagfles
    • #8
    • 7th Jul 17, 5:15 PM
    • #8
    • 7th Jul 17, 5:15 PM
    It's not just the wording. All sorts of "tricks" are employed, particularly with point of sale equipment.

    In Switzerland, in a shop, I was presented with a screen (the cashier swivelled it around). She said "that's 80 francs, press green to proceed". There was a large green square with "APPROVE" on it - together with 80 francs displayed and then in small text "charged at GBP70" or whatever. In the corner of the screen was a small red square "without conversion 80 francs". It looked like a "approve/cancel" option because of the green/red thing. I pressed the red square and the cashier quipped "clever man" !

    You should always be given the choice before entering your PIN. But this is not always the case. A while back in Spain I saw the portable machine at a hotel reception display the Euro amount only, I entered the PIN, it says "OK", and I handed the device back. Then, upside down, I saw it was giving the hotel the chance to choose the currency. Fortunately I saw in time and told the guy to press "Euro"which he did without a fuss. Perhaps he was going to do that anyway or ask me, but I didn't wait to find out.
    Originally posted by chattychappy
    I tell them to charge in Euros (or whatever the local currency is) when handing over the card.

    In Spain I noticed all the handheld card devices in the restaurants asked about DCC after entering the PIN, so I just kept hold of the device after entering the PIN and answered the DCC question myself. Quite easy to do, as it's etiquette for the waiter to look away while you enter your PIN. Not sure if the question is designed to be answered by the customer or the retailer.
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