News
Beware Dynamic Currency Conversion abroad
20 June 2006
Holidaymakers are being warned to watch out for Dynamic Currency Conversion when jetting off abroad this summer to avoid paying extra on purchases.
A leading building society has issued a report informing travellers of the financial pitfalls they could fall into while on holiday, and names this currency conversion 'service' as one to keep an eye out for.
VISA guidelines state that a UK cardholder should have the option to pay a bill in either the currency of the country they are visiting or in pounds sterling.
But Nationwide Building Society is recommending that cardholders always opt to pay for purchases in local currency to ensure they get the best exchange rate and no commission charges.
Stuart Bernau, Nationwides executive director, said: "Everyone looks forward to their holidays but, amidst all the excitement, nobody wants to find themselves taking unnecessary risks or incurring unnecessary charges.
"Quite frankly, some organisations are making excessive profits out of their customers through the cost of foreign currency."
The building society's report also recommends that before buying foreign currency holidaymakers should check the exchange rate and avoid paying extra by shopping around for a commission free travel money service.
It also stresses the importance of having adequate travel insurance cover.
© Adfero Ltd
A leading building society has issued a report informing travellers of the financial pitfalls they could fall into while on holiday, and names this currency conversion 'service' as one to keep an eye out for.
VISA guidelines state that a UK cardholder should have the option to pay a bill in either the currency of the country they are visiting or in pounds sterling.
But Nationwide Building Society is recommending that cardholders always opt to pay for purchases in local currency to ensure they get the best exchange rate and no commission charges.
Stuart Bernau, Nationwides executive director, said: "Everyone looks forward to their holidays but, amidst all the excitement, nobody wants to find themselves taking unnecessary risks or incurring unnecessary charges.
"Quite frankly, some organisations are making excessive profits out of their customers through the cost of foreign currency."
The building society's report also recommends that before buying foreign currency holidaymakers should check the exchange rate and avoid paying extra by shopping around for a commission free travel money service.
It also stresses the importance of having adequate travel insurance cover.
© Adfero Ltd
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