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Ah, "other conversion options" - that's it. But you also have to select a credit card first. A couple times - they try hard to use your bank account and DCC that. God I hate PayPal...
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Originally Posted by AllieKat
(Post 24195325)
Ah, "other conversion options" - that's it. But you also have to select a credit card first. A couple times - they try hard to use your bank account and DCC that. God I hate PayPal...
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AE to allow DCC (or is Amex HK brainless?)?
http://www.hongkongcard.com/forum/fo...p?id=13932&p=1 #2
https://www.americanexpress.com/hk/e...df/HKDA_EN.pdf page 7: "Fees relating to Settling Foreign Currency Transaction in Hong Kong Dollars Customers may sometimes be offered the option to settle foreign currency transactions in Hong Kong dollars at the point of sale overseas. Such option is a direct arrangement offered by the overseas merchants and not the card issuer. In such cases, customers are reminded to ask the merchants for the foreign currency exchange rates and the percentage of handling fees to be applied before the transactions are entered into since settling foreign currency transactions in Hong Kong dollars may involve a cost higher than the foreign currency transaction handling fee. Effective from November 2014" The glaring difference though is the other banks will either issue Visas or Mastercards or both, Amex HK issues AE cards only. So why issue this notice? Did AE really change their network, or is Amex HK being hopelessly clueless/brainless ("I sent it cos the regulator told me to"?)? (I did ask the Amex HK agents where this may happen; the staff simply suggested "it might". Can go either way.) |
I think they are referring to when a foreign merchant will allow you to be charged in more than one currency. I.e on planes etc.
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Originally Posted by reclusive46
(Post 24199246)
I think they are referring to when a foreign merchant will allow you to be charged in more than one currency. I.e on planes etc.
But a fee is *never* applicable for Muti-Currency Processing. |
If anyone's wondering, the one instance of DCC I encountered in Japan actually went as well as DCC could go. I'll upload receipts later, but the gist of it is:
1. Foreign card inserted, terminal asks if merchant would like to perform DCC. 2. Terminal prints out a "Service information" slip. It clearly lists the JPY amount, home currency amount, the exchange rate applied, and says to push OK on the PIN pad to accept or Cancel to decline. It very clearly says "transaction will be based on Reuters Wholesale Interbank exchange rate and includes a 3.50% margin". 3. If you decline, a DCC-free slip prints out. If you accept, you get a slip that shows the exchange rate, transaction currency, and transaction amount in home currency. I was using my CAD credit card at the time and basically did it to see how it worked. |
Originally Posted by jamar
(Post 24200294)
If anyone's wondering, the one instance of DCC I encountered in Japan actually went as well as DCC could go. I'll upload receipts later, but the gist of it is:
1. Foreign card inserted, terminal asks if merchant would like to perform DCC. 2. Terminal prints out a "Service information" slip. It clearly lists the JPY amount, home currency amount, the exchange rate applied, and says to push OK on the PIN pad to accept or Cancel to decline. It very clearly says "transaction will be based on Reuters Wholesale Interbank exchange rate and includes a 3.50% margin". 3. If you decline, a DCC-free slip prints out. If you accept, you get a slip that shows the exchange rate, transaction currency, and transaction amount in home currency. I was using my CAD credit card at the time and basically did it to see how it worked. It doesn't tell you the rate on the pad though. |
It looks like Amex do allow DCC as this was posted:
"From 21 March 2015, transactions charged and billed in pound Sterling at non-UK merchants will no longer attract 1 additional Membership Rewards point for every equivalent £1 spent. This includes transactions that are converted into pound Sterling by the merchant before being charged and billed (known as “dynamic currency conversion”). Please note that we will not remove any additional Membership Rewards points that have been awarded to you for such transactions up to and including 20 March 2015." |
Reclusive46: uh oh. Maybe Amex HK's notice is an omen of bad things to come rather than stupid spam.
I received the notice as a standalone notice on 22 January 2015, with effective date 1 November 2014 http://f.email.americanexpress.com/i...6676_pdf01.pdf |
If DCC starts happening on Amex cards, one of the HUGE benefits of Amex goes away... and yes, it sounds like Amex is going to start allowing Dynamic Currency Conversion. I hope that is not the case.
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Found more on the message:
http://www.headforpoints.com/2015/01...ith-amex-gold/ Back in December 2013 I wrote a piece entitled ‘When is £ credit card spend treated as foreign spend?‘. The list of companies who processed your £ transactions outside the UK, thus triggering double points on the Amex Gold card, included Apple, iTunes, Amazon, easyJet, hotels.com, ebookers, American Airlines, Hotelopia, lastminute.com, Ocado and Paypal. Information regarding additional Membership Rewards® points earned for spend at non-UK merchants It has come to our attention that you may have previously earned additional Membership Rewards points where a transaction was charged and billed in pound Sterling at non-UK merchants, although such transactions do not attract a bonus under the Membership Rewards programme linked to your Card. From 21 March 2015, transactions charged and billed in pound Sterling at non-UK merchants will no longer attract 1 additional Membership Rewards point for every equivalent £1 spent. This includes transactions that are converted into pound Sterling by the merchant before being charged and billed (known as “dynamic currency conversion”). Please note that we will not remove any additional Membership Rewards points that have been awarded to you for such transactions up to and including 20 March 2015. You are (and will remain) eligible to earn an additional 1 Membership Rewards point for every equivalent £1 spent on non-Sterling transactions. If your transaction is converted into pound Sterling before submitting to us, you will earn at your normal rate. Transactions charged and billed in pound Sterling at merchants registered outside of the UK do not attract 1 additional Membership Rewards point for every equivalent £1 spent. |
Originally Posted by percysmith
(Post 24229625)
This sounds more like multi-currency processing rather than DCC on V/M as we know it. Probably still a false alarm. Amex UK has just joined Citi HK in mislabelling a foreign transaction/cross-border transaction as DCC.
I think a similar thing was happening here where people were getting double points on GBP-denominated foreign spend. While I did read some of the comments on that linked article, I didn't see any glaring examples of DCC having occurred over AmEx's network. |
Originally Posted by Majuki
(Post 24231733)
I am still thinking this is mislabeling. This is like when British Airways charges a USD card in USD even though the processing is done overseas. The evil thing about this is even if you're using the US website and all prices are quoted in USD natively, you still get hit with a foreign transaction fee if the card has one.
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Originally Posted by rgAAFT
(Post 24254016)
Been there,done that. (lucky this happened on my Citi card,and they reversed the forex fee without issue) Now; had this happened on a Chase card,they would probably fight me to death. Chase is just too darn cheap, when it comes to actual account "servicing")
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We have a case where Citi HK attempted to collect 0.4% FTF on a local BR ticket purchase with its Amex (in its notification of changes pamphlet Citi labelled the FTF as DCC and claimed the fee was collected by Amex).
Cardholder tried to get the fee reversed but Citi CS went and chargebacked the amount and compromised the ticket. Cardholder got into contact with BR HK who contacted Amex merchant services who confirmed Amex will not collect any 0.4% fee. Cardholder is also trying to get the scale of charges revised: http://www.hongkongcard.com/forum/fo...p?id=11968&p=7 |
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