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Warning over 10% price hike trick when paying by card abroad this summer

Warning over 10% price hike trick when paying by card abroad this summer

Independent5 hours ago

Holidaymakers could see costs rise by 10 per cent this summer as 'dynamic currency conversion' (DCC) provides traders with tempting opportunities to profit from people paying with plastic.
DCC, also known as 'cardholder preferred currency', has been around for many years. Hotels, restaurants and shops with significant numbers of tourists often provide the option to pay at a fixed conversion rate. The appeal to the traveller is that they will know instantly how much they have spent in sterling. But they are certain to lose out on the transaction.
The practice looks harmless: simply an additional choice. When you ask to pay with plastic or a card stored on a mobile phone abroad, the terminal will often display two figures: the bill in euros (EUR) or other local currency, and a figure in pounds (GBP).
Some holidaymakers may fondly assume that the sterling amount is the equivalent to the local currency at current exchange rates.
In fact, the cost in pounds includes a margin of up to 10 per cent. This is pocketed by the bank, which passes some of the cash back to the merchant.
Anyone who avails of dynamic currency conversion is voluntarily accepting a price increase that could add £1 to every £10 spent – a fast way to lose a slice of hard-earned cash.
Many holidaymakers know, when asked abroad if they would like to pay a sterling amount rather than the local currency, always to say 'No'.
When offering dynamic currency conversion, merchants are supposed to follow strict guidelines:
But during the course of a journey through Europe this month, it has become clear that some traders are not playing fair.
Once local currency has been selected, that should be the end of it. But some card machines are programmed to come up with another screen, typically reading: 'Do you accept that if you choose not to take advantage of the guaranteed exchange rate, you will be subject to whatever rate the card company uses?'
Below it, there is a box marked 'Accept' and another, 'Reject'. Customers who are paying attention will select 'Accept' because they understand that their bank will just use the appropriate prevailing rate – and that it will be better than the DCC deal.
But if 'Accept' is selected, it turns out to be applied to a different question, ie 'Do you accept the DCC rate of exchange?'
The correct, counter-intuitive answer is 'Reject'.
Some proprietors may not even let customers get this far. After a satisfying lunch of dumplings and tea at a restaurant on the Royal Route leading south from the Old Town of Warsaw, the waiter simply selected 'GBP' on the machine, adding 10 per cent to the cost of the meal.
When challenged about this scam, he claimed the machine was faulty and that nothing could be done.
For holidaymakers withdrawing cash abroad, ATMs generally offer dynamic currency conversion. It should also be declined. The profitability to the bank becomes clear by noting the GBP sum, selecting local currency and afterwards checking the account online to see the actual sum debited by the bank.

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Revealed: The UK's best restaurant
Revealed: The UK's best restaurant

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See DUBAI, UAE THE glittering skyscrapers of Dubai are easier than ever to reach, and you could save a fair whack by heading here for around £700pp instead of Spain' s Marbella, where a week's break in July can cost upwards of £1,000pp. Well positioned – less than a five-minute drive from cultural sites like the Jumeirah Mosque and under ten minutes from glam beach clubs like Nikki Beach – the 4* Jumeira Rotana is an ideal base for first-timers. Temperatures can reach 40C in summer, but don't let that put you off, as many of the city's top attractions are air-conditioned. Make your way to the top of the Burj Khalifa skyscraper to soak up the best views of the skyline. Or, if you really need to cool down, head to Ski Dubai, with 22,500 square metres of ski slopes. GO: Seven nights' B&B costs from £723pp including flights from Manchester on July 2. See PUNTA CANA, DOMINICAN REP WHEN it comes to fly-and-flop breaks, you may want to consider opting for the Dominican Republic over the Greek islands. A 4* break in Mykonos will cost £2,700pp in June, much more than this On The Beach deal to Punta Cana for £739pp. 7 The chic Sunscape Coco Punta Cana is a sleepy 4* resort on the Dominican Republic's eastern coast, where temperatures reach a balmy 32C towards the end of this month. Expect white-sand beaches overlooking turquoise waters, cocktails and a cushioned cabana shaded by palms. This place has everything within easy reach. There's an outdoor pool, private beach, casino, poolside bar, watersports centre, a la carte restaurant, beach volleyball, spa and more. And with an all-inclusive package, the only thing you need to focus on is topping up your tan. GO: Seven nights' all-inclusive costs from £739pp including flights from Gatwick on June 21. 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