Barclays Bank of Kenya has introduced the Dynamic Currency Conversion (DCC) for its cardholders.
This allows the conversion of the purchase price for goods or services into a currency the customer is more familiar with.
Trading in a currency best understood by the buyer is meant to ease transactions for international customers so as to make deals and accounts simpler.
“The pilot for the new service has proven that DCC will offer relief to our customers from the pressure that comes with trading in foreign currency and the often misunderstandings that arise,” said Barclays Bank director of retail and business banking, Zahid Mustafa.
DCC will be a merchant offered currency conversion service, to the traders that accept foreign card transactions.
The merchants will use DCC to convert currency at the point of sale.
The bank said unlike a credit card company, a DCC operator will be mandated to disclose the exchange rate used for conversion at the time of the transaction. Rates will be pre-agreed between the bank and the merchant.
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Credit: Business Daily