Tuesday, 31 July 2018

Dynamic Currency conversion ...

Avoid the rip off ...

Do be careful at the ATM/Cashpoint or when booking airline tickets in a foreign currency. The text on screen is very convincing, Offering you the deal at a set price so you do not have to worry about the fluctuating currency rates.

Its very tempting to accept the deal, but rest assured it will probably not be in your favour.

I was booking some airline tickets yesterday, as they are for a non charter trip, starting from outside the UK. I was offered the Dynamic Currency Conversion as payment was about to go through ...

'If you do not wish to accept the exchange rate please untick the checkbox below. If you untick the checkbox below, the rate you receive from your bank is not guaranteed, and is subject to daily fluctuations, which could result in a significantly higher cost to you.

See Terms and conditions for more information on (Airline name) guaranteed exchange rate.

We recommend you do not untick the checkbox so that you receive our guaranteed exchange rate'

Back in my dark and dimming past, I used to work for a bank ...

Credit card transactions are made at 'market rate' an airline is not a bank. But they will invest my money with a bank at very good rates.

I unchecked the box ...

Horror of Horrors ...

Checked the credit card this morning, that uncheck of the box yesterday, despite the sincere advice above, imploring me not to do so, and the 'guaranteed exchange rate' - saved me £30 ...

So when you have had a glass of vino, and need a few euros for the taxi ride home. Think before you click at the ATM/Cashpoint, That taxi ride could work out much more costly than you think ...

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