Scam when using a CC overseas

jeffjennings

If you have a CC with no exchange rate mark-up then you always want the transaction in local currency. Legally the retailer must ask you if want local currency or pounds. Lots don't and just do it in pounds. With chip & pin m/c's the only way to tell is by the looking at the amount on the screen - is it the same as on the bill? Therefore you must check the amount before you put in your pin. One tends to assume in a respectable establishment that it will be right amount i.e. they won't be trying to steal from you. When the slip prints afterwards it shows you've been charged in pounds but also say's you have agreed to it and now can't change it. Note for Martin - you really ought to include this warning in your overseas CC section.

RadoJo

Are you saying that whenever a retailer processes a transaction overseas they have to offer to process the transaction in the currency of your choice? Do you have a link to this info?

chattychappy

I'm sure the reminder is much appreciated.

It's called DCC (dynamic currency conversion) - it's come up from time to time before. Incidentally, even if you do have a forex loading, it might still be better to pay in local currency than on the skewed rate produced by DCC.

Can't really believe it's a "legal requirement" (that would vary from country to country anyway except perhaps on single market/discrimination issues within the EU). I do believe it is a contractual requirement that merchants offer a choice - but often point of sale staff don't, either through ignorance or because the management prefer it that they don't.

Just goes to show - read what you're signing! And of course, even if the currency is right the amount could be wrong...

luci

Even after you have checked the amount is in eg euros and entered your PIN, the retailer THEN has the option to press a button on the terminal to pay in the local currency or sterling. I noticed this recently in Girona.

You need to state clearly to the retailer that you want to pay in the local currency so that they press the correct button.

chattychappy

luci wrote: »

Even after you have checked the amount is in eg euros and entered your PIN, the retailer THEN has the option to press a button on the terminal to pay in the local currency or sterling. I noticed this recently in Girona.

I find that incredible.