Dual currency credit card

With the popularity of dual currency credit card, more and more of outbound tourism and overseas online shopping, we have involved more frequently with “foreign currency due amount”. DCC is one of the foreign transaction fee kind in merchant credit card processingDCC has two features: 1. It will directly give the converted amount in your local currency at the time of transaction. And it also shows that:I declare that I have been offered a choice of payment currencies and my choice is final. I understand that the currency conversion is not provided by VISA. Or something like that.

Technically DCC merchant have to provide options for customer to choose whether using DCC or not before sending out the payment.  It requires the consumer himself to click the option of conversion to USD and sign on the invoice. However some POS device in domestic does not even provide the options of currencies.  It just comes out of the invoice of payment result. In such cases it is recommended reject the transaction and not sign on the invoice. You need to request re-swipe with your local currency.  If the cashier does not know how to cancel the transaction. You can do by yourself.  The key step is to click “cancel” right after entering the order amount. The cancel is for DCC inquiry not for transaction.  But DCC has some worthwhile places when it occurs exchange rate violent fluctuation rate.  

For Union-pay and Master dual currency credit card  (dual currency: CNY+USD), if we consume at home the  transaction will be processed in union-pay channel settled in CNY. While at abroad, it will process in Master card channel in USD. If we consume in region of which the local currency is not USD, we will be charged by a certain amount of transaction conversion fee, generally above 1%.  


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