Firstly, when you use DCC, you are charged high exchange rates since the merchant gets to set the currency exchange rate manually. They choose high rates to increase their profits. When you pay using the local currency instead, the transaction is handled by your credit card network and you receive the standard currency conversion rate.

This way, you are not charged a higher exchange rate. Dynamic Currency Conversions are not free of FX fees. You might think to use DCC as a way of avoiding foreign exchange fees, but that is not always the case. Some credit card companies will still charge you the fee while paying inSGD, because the transaction can still be processed by a foreign bank while using DCC. When that happens, it will be counted as a foreign exchange.

Where can you find how your bank handles foreign exchange fees?

If you check the Terms and Conditions section you can find the foreign transaction fee represented in SGD or local currency. The exchange rate in DCC might cost you higher than the 2. Finally, remember that you have the right to turn down a DCC offer from your merchant. Check your receipt before signing to make sure the total price is expressed in the local currency.

If it is represented in SGD, inform your merchant and make sure you are charged in the local currency. If the receipt shows the total price in both SGD and the local currency, let them know that you prefer to pay in the local currency. He covers the financial services industry, consumer finance products, budgeting and investing.

He previously worked at hedge funds such as Tiger Asia and Cadian Capital. View the discussion thread. Advertiser Disclosure: ValueChampion is a free source of information and tools for consumers. Our site may not feature every company or financial product available on the market. However, the guides and tools we create are based on objective and independent analysis so that they can help everyone make financial decisions with confidence.

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