Dear MEL Topic Readers,
Traveling abroad? Don’t be tempted to pay your way using your home
currency
When you travel to a place where the local currency isn’t the same as the
one in your home country, you’ll need to exchange cash or use your card or smartphone
for payment. Whichever the means might be, you may try to figure out how much
you’re really spending by converting the bill into your currency. There, some
shops and restaurants offer a dynamic currency conversion service, which charges
the fee in your currency instead of the local one. It surely sounds convenient for
travelers, but it comes at a cost. In fact, the conversion fee could go over
seven percent of the payment, a few times more expensive than paying in the
local currency. And this conversion fee isn’t usually shown to you when you use
the service. Also, as the shop or restaurant earns around 1% of the transaction
value, they might encourage you to pay in your home currency. So, when you
travel abroad, you should keep both the currency exchange rate and the conversion
rate when you spend money.
Enjoy reading the article and learning about a tricky currency conversion
service.
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