Dynamic currency conversion is used to describe the process (or con in my language) by which credit / debit card holders, when making a payment abroad, have the cost of a transaction converted to their home currency at the point of sale.

I thought it would be worth touching on this as even the most diligent of individuals can get caught out (and I have been very recently although the exchange rate was ok).

I would have still preferred to pay in the local currency, and I was presented with an invoice that led me to believe I would.

In essence, when you are abroad and pay by card you may / may not be given the opportunity to pay in the local currency or GBP sterling. If you are charged in sterling, you will usually be given a worse exchange rate in favour of the retailer.

Always insist at the point of payment that you want to pay in the local currency to get the best exchange rate given by your card provider.

An alternative would be to use a Revolut card. This card lets you spend abroad in over 150 currencies with the interbank exchange rate (which means you get the perfect exchange rate every time). No fees apply in 29 currencies up to £5K a month. You can find out more at www.revolut.com.

I cover various aspects and real-life scenarios involving the Consumer Rights Act 2015, Consumer Credit Act 1974, Misrepresentation Act 1967 and other legislation including the Road Traffic Act complete with templates based on real-life test cases that work in my book now on sale via Amazon as an e-book and paperback priced £2.99 / £7.99.

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