We have compiled answers to the most frequently asked questions about our Dynamic Currency Conversion (DCC) service below to help you better understand how it works and how you can benefit from it:
What is Dynamic Currency Conversion (DCC)?
DCC is a user-friendly service that provides international debit and credit account holders the option to pay in their home currency, rather than the local currency where they are making a purchase, with full disclosure of exchange rates and margin at the time of purchase.
What currencies are supported with DCC?
DCC is available on a wide range of currencies. A DCC–enabled device automatically detects supported foreign currencies and presents the international consumer with the choice to pay in the merchant’s currency or their home currency.
What card schemes support DCC?
The DCC service is available on Mastercard, Maestro, Visa, V-Pay, Diners and Discover accounts, although eligibility can vary by location.
How will I know when a payment is eligible for DCC?
The payment system device will automatically recognise card accounts and payment schemes that are eligible for DCC.
Can I set my own exchange rates and margins?
Fexco source un-margined wholesale interbank exchange rates from Reuters and third-parties. In agreement with our clients, a margin is then applied to the sourced exchange rate to give the margined DCC transaction exchange rate that is offered to the customer.
Where are the exchange rates sourced from?
Fexco sources its wholesale interbank exchange rates from Reuters, a globally recognised data/rate provider in the finance market, and supports third-party rates.
Are the exchange rates updated frequently?
The exchange rates are updated up to six times each day through Fexco’s Dynamic Host Server (DHS).
Will I need a separate processing system to support the service?
No. The currency recognition software sits on your existing device. You will not see any processing differences.
Will Fexco provide staff training?
Yes, Fexco will provide training on a regular basis in order to support DCC performance and ensure the DCC service is offered in a compliant manner. Additionally, on-demand training is available via our online training portal, DCC Academy.
Are my card transactions secure with Fexco?
Fexco is certified as a Service Provider‐Level 1 in compliance with the Payment Card Industry Data Security Standard (PCI DSS).
Is DCC a good option for my business customers?
DCC makes the expense claim process much simpler as DCC ensures the international consumer knows the purchase costs in their home currency. This can be helpful when a businessperson is restricted to adhering to a budget.
Must I inform the customer of the final sale amount in both currencies?
Yes, you must inform the international customer how much their purchase costs in their home currency and in the local currency. This information will clearly be displayed on the payment device screen and also on the receipt.