Originally Posted by
generikz
The DCC fee is levied when you select to pay in Singapore Dollars when transacting with certain overseas merchants, website and/or mobile applications. This includes but is not limited to any credit card transactions performed locally in Singapore dollars with merchants, websites and/or mobile applications whose payments are processed overseas. DCC fee is a charge that is levied by the relevant credit card schemes (i.e. Visa or MasterCard) and the Bank simply bills the fee on behalf of the credit card schemes. You can check with the merchant or website operator before making your purchase to ascertain if payments are processed overseas and whether DCC fee will be charged. This fee is non-waivable.
Citi HK has a similar problem conflating DCC with cross-border transaction/foreign transaction in 2014
https://forum.hongkongcard.com/forumSE/show/12797 #1 .
They backtracked somewhat a year later
http://www.citibank.com.hk/global_do...-1/pdf/NOA.pdf
But it still confused the heck out of us - even in May 2017 Citi CS (and I, unfortunately) got confused over which definition should apply
https://forum.hongkongcard.com/forumSE/show/21937 #1 and #6
Hongkies have penchant for using DCC as a convenient abbreviation for what is better described as a cross-border fee
https://forum.hongkongcard.com/forum.../11968?page=27 #269
https://forum.hongkongcard.com/forumSE/show/12874 #3
https://forum.hongkongcard.com/forum...w/17400?page=3 #24
Originally Posted by
generikz
DC means conversion right? There's none here.
Are we moving back to a world where you can only use your country currency in your own country??
Citi HK and HSBC SG are both technically wrong
What they described is not DCC - it's better described as foreign transaction, cross-border transaction etc.
However, since they have created their own definition of DCC, we are bound by that definition through using their cards.
LchChester asked what's the difference - especially since some merchants practice multi-currency conversion with surcharge (Airbnb) while some payment processors use multi-currency conversion to offer currency selection on their card-present terminals (Valoot)
I noted in the case of "real" DCC, a currency selection has been offered or should have been offered, and a Reason Code 76/4846 chargeback is available.
It seems that Citi HK does have the ability to distinguish now
https://forum.hongkongcard.com/forumSE/show/21937 #8 , so I don't get why banks like HSBC SG have to conflate.
Originally Posted by
generikz
DCC fee is a charge that is levied by the relevant credit card schemes (i.e. Visa or MasterCard) and the Bank simply bills the fee on behalf of the credit card schemes
I'm pretty sure Mastercard charges at least 0.8%. Some banks claim it's 1% now.
I'm not that sure Visa is doing it even though some banks claim they are
https://forum.hongkongcard.com/forumSE/show/11968 . HKMA has not taken action against those claims for now and I doubt MAS will be any better.
P.S. HSBC HK does not collect cross-border fee. And if they do, they definitely need to give 30 days' notice here as a change of banking T&C.