What is DCC? Will ICBC credit card be DCC?

DCC (DynamicCurrencyConversion), also known as dynamic currency conversion. It refers to a payment method that instantly converts the consumption amount into the local currency of your credit card when using a credit card for transactions (consumption, pre-authorization confirmation, etc.).

Warm reminder: Since the merchant may charge additional fees for this service, it can only be carried out with the consent of both you and the merchant. (The above content will be answered by "Gong Xiaozhi", ICBC's intelligent customer service, on January 17, 2020. In case of business changes, please refer to the actual situation)

What is DCC? How to avoid the DCC trap when using credit cards overseas

DCC refers to "dynamic currency conversion". That is to say, during the process of swiping a card overseas, the acquiring bank converts the local currency into the currency selected by the cardholder in real time (usually the cardholder's accounting currency or national currency). The original intention is to reduce the cardholder's time between the transaction date and the repayment date. exchange risk. However, when converting currencies, a currency conversion fee of about 3% is usually added to the real-time exchange rate, so it is much higher than the normal exchange rate.

If you use a dual-currency credit card for overseas consumption, it is best to use Master to pay in local currency. You may lose 0-1.5% when using UnionPay, and more than 3% when using DCC, so you want to avoid DCC when using the card. , firstly, insist on using the currency of the country where the card is swiped, and secondly, choose UnionPay card or American Express card.

Basic knowledge of credit cards: What is DCC

DCC is the abbreviation of Dynamic Currency Conversion, which appears in overseas credit card transactions. DCC transactions are to convert the local currency (LocalCurrency) into the cardholder's accounting currency in real time, thereby reducing the cardholder's exchange risk between the transaction date and the repayment date.[img]

What is Credit Card DCC?

The full name of DCC is Dynamic Currency Conversion. It is different from the currency conversion fee. Currency conversion is jointly charged by the credit card organization and the issuing bank of the credit card, while DCC is charged by an independent company. Generally speaking, DCC's exchange rate is 5.45% higher than the card organization's exchange rate.

Because the transaction process of DCC is only recognized by Visa and Mastercard, other credit card organizations have not signed agreements with the DCC organization. Therefore, you may encounter DCC only when using Visa and Mastercard dual-currency cards or dual-currency cards. Pay special attention to dual-currency cards here. Yangyangzhu has emphasized many times that you should not use dual-currency cards overseas. You have to tell the merchant every time that you want to use UnionPay. If the merchant accidentally leaves V/M and returns DCC, you have to explain. long time.

Although it is so dangerous to use the V/M network, there are many V/M activities, the points are often multiplied, the exchange rate is often better than UnionPay, and swiping the V/M network is helpful for card maintenance, and more What's more, some merchants' POS machines only support V/M. You know you are likely to encounter DCC, but you still have to bite the bullet.

This ends the introduction to dcc credit card and DC credit card. Have you found the information you need?