Exchange Rate Loading/DCC - in UK

sausage_time

A bit off-topic, but may be of interest to some. I have a US$ Visa debit card with a US bank, and it offers 0.5% currency exchange loading and is a good way of getting US$ back to UK (especially at current rates!).

Today I used a Tesco/RBS machine to whip out £500, and it offered DCC (Dynamic Currency Conversion). I'd never seen that on a UK machine (with my US$ card) before. The rate offered works out at 2.75% so naturally I declined.

chattychappy

Yep, I've had foreign visitors here offered the "service" of DCC to take away the "worry" of exchange rate risk.

Mind you, for once, depending on timing, DCC might have worked well Thursday night/Friday morning.

SammenForLivet2

Barclays have offered it for years, when I've used an ABSA or FNB card to withdraw at there ATMs here in the UK.

eDicky

In a place like Britain it's surprising that the "service" is not offered more widely, including at payment terminals.

System

The OP's situation is atypical - 2.75% loading is probably similar (or even better) than many US providers own forex charges.

reclusive46

UK card machines don't seem to deal well with Canadian cards.

I've had some offer me DCC to USD (really helpful, rip me off then I'd still get charged a conversion charge!). Unfortunately in Canada there arn't any forex free cards (except an Amazon Visa card that has 'questionable' exchange rates)

One card machine provider also provides instructions in French instead of English or French and English. Not sure what went wrong there as in Canada card machines generally show the instructions in both languages.

System

Did you try Rogersbank?

When I was in Canada last year everyone was raving about them for foreign travel. Just had a quick look and they appear to be offering 4% cashback on non-Canadian transactions.

reclusive46 wrote: »

UK card machines don't seem to deal well with Canadian cards.

I've had some offer me DCC to USD (really helpful, rip me off then I'd still get charged a conversion charge!). Unfortunately in Canada there arn't any forex free cards (except an Amazon Visa card that has 'questionable' exchange rates)

One card machine provider also provides instructions in French instead of English or French and English. Not sure what went wrong there as in Canada card machines generally show the instructions in both languages.