UK Money News
8th February 2008
Nationwide warns over DCC
Nationwide has warned holidaymakers to be wary of the practice of Dynamic Currency Conversion (DCC) when using their cards abroad.
According to the building society, more and more retailers are employing DCC, which is applied when cardholders opt to pay in sterling when overseas.
However, many shops use the ability to set the conversion rate for the transaction themselves as a chance to scam consumers and charge a much higher rate than would normally be the case, it is claimed.
Rachel Jensen, a spokeswoman for Nationwide said: "During last year's ski season, Nationwide customers alone wasted at least £34,000 at just four of the most popular ski resorts in Europe by using dynamic currency conversion."
"Consumers have no control over the exchange rate being applied and are at the mercy of overseas retailers."
She added: "We understand that far more retailers are now offering this service. But we would advise all our customers to pay in the local currency."
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