Originally Posted by
Im a new user
The European Union has regulated DCC transactions. It is no longer possible to claim that the transaction will use the "Mumbo Jumbo Bank wholesale rate" (or whatever) with no fee and then hide the fee in the exchange rate. It is now mandatory to present the fee in the form of the difference between the merchant's rate and the
latest exchange rate posted by the European Central Bank.
I'm sure that every bank in Spain that has been listing a 0.5% markup and charging a markup closer to 5% will
totally cut it out now that there's an EU directive (/s). Just like all the institutions (including the European Parliament!) that still ignore the 2011 directive banning IBAN discrimination and all the airlines that fight claims for delay compensation that they're clearly obligated to pay.
Originally Posted by
HkCaGu
Meanwhile in the last couple years, many receipts in the US feature "USD" in the transaction amount. Is this because of DCC? Meaning, if a foreign card user accepts DCC, the final transaction amount would not be USD?
Probably just standardization across markets. A lot of currencies use the $ symbol, but there's no question what currency you used when the slip says "USD". DCC seems a lot less common in the U.S.--I know it exists but I've paid with EUR cards a fair bit and never seen it firsthand, whereas paying with USD cards in some parts of Europe it was ubiquitous.