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Currency Conversion

Welcome to the News View for "Currency Conversion".

Here, on these archive pages, you'll find all of the articles on Payments News for Currency Conversion listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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May 22, 2013

Chase Eliminates Foreign Transaction Fees on United MileagePlus Explorer Cards

Chase logo 140pxChase Card Services has announced that "effective June 1, all purchases made with the United MileagePlus® Explorer Card outside of the U.S. will no longer be subject to foreign transaction fees."

United MileagePlus Explorer cardmembers travel to a variety of destinations around the world,” said David Gold, general manager, Chase Card Services. “The MileagePlus Explorer Card offers a host of benefits designed to make traveling the globe much more enjoyable. With the enhancement of no foreign transaction fees, we can now provide cardmembers tangible savings when traveling outside the U.S.”
Chase says that one of its cardmembers spending $3,000 while traveling outside of the U.S. would save $90 as a result of this change.

November 14, 2012

Glenbrook Goes Global!

GP Logo Horizontal 140px

Glenbrook is pleased to announce availability of a new private payments workshop on Global Payments.

Focused particularly on cross-border payments, the course is designed to help payments professionals understand this rapidly changing, and highly lucrative, sector of the industry. The Global Payments course is an addition to Glenbrook's extensive list of available private workshops.

Glenbrook's Global Payments course is available as a one-day or two-day session, and can be conducted in person at your premises and/or via a private webinar to reach your global staff groups. The agenda includes:

  • Overview: Key Concepts, Regulation, Foreign Exchange
  • Country Payments Systems - Commonalities and Differences, Key Country Focus
  • Cross-Border Payments: Wires, ACH, Cards, Money Transfer Systems
  • Cross-Border Use Cases - Supplier Payments (B2B), Cross-Border eCommerce, Global Payouts (B2C and G2C), International Remittances

Private workshop clients can choose particular countries they are interested in for the "Key Country Focus" section, as well the particular use cases they want to concentrate on.

Interested? Please take our global payments survey to give us your general feedback. And contact Glenbrook's Elizabeth McQuerry to discuss scheduling a Global Payments workshop for your company.

September 19, 2011

Fiserv and Wells Fargo to Deliver Integrated Foreign Currency Exchange

Fiserv logo 60pxhFiserv and Wells Fargo have announced they are "delivering advanced foreign currency exchange capabilities through WireXchange from Fiserv, a flexible automated solution for completing end-to-end wire transfers."

January 18, 2011

Global Payments and Planet Payment Announce Multi-Currency Agreements for North America

globalpayments_logo-140px.jpgGlobal Payments and Planet Payment have announced agreements to provide multi-currency processing services. "The agreements include the offering of Global HomeCurrencyPay, an innovative multi-currency processing solution powered by Planet Payment, to Global Payments' base of ISO and merchant customers in the United States and Canada."

October 11, 2010

Visa Ends Dynamic Currency Conversion Moratorium

planet_payments_logo_140px.pngPlanet Payment, an international multi-currency payments processor, today announced that Visa has decided to end to its moratorium on Dynamic Currency Conversion ("DCC") with immediate effect. "As a result of this announcement, Planet Payment's acquirer customers are able to activate new accounts and new merchant locations for DCC on both Visa and MasterCard in all regions."

February 20, 2010

Credit Card Currency Conversion Fees Untouched by CARD Act

In an article titled "A Card Fee Still Hides in the Luggage", Ron Lieber writes for the New York Times how the Credit Card Accountability, Responsibility and Disclosure Act that is now US law does not address currency conversion fees charged on transactions outside the US. He fears that because "the banks stand to lose a lot of revenue" because of the new law that "they’ll want to make it up somewhere, so they may feel emboldened to raise the currency conversion fees further."

June 02, 2009

Elavon Expands Multi-Currency Acceptance Capabilities

Elavon has announced enhancements to its international processing platform that expands multi-currency, cross-border and Dynamic Currency Conversion (DCC) capabilities for merchants. Elavon’s network now has the ability to authorize in 89 currencies, settle in 16, and convert up to 48 currencies for DCC. In addition, Elavon has launched DCC in Germany, where the processor can currently convert 27 currencies, giving its merchants the ability to generate a new revenue stream by sharing in the conversion fees. READ MORE »

May 12, 2009

A Look at Fees for Overseas Credit Card Purchases

In an article titled "New Fees for Card Usage Abroad", Jane Kim writes for the Wall St. Journal about fee increases that credit card issuers are imposing on purchase transactions made while traveling abroad. She notes that American Express recently increased its fee from 2% to 2.7% and that Discover has just begun charging a 2% fee. Some issuers have also begun charging fees on purchases even when made in US dollars at overseas merchants. Kim notes that Capital One and Charles Schwab are two issuers that are not currently charging any fees on overseas purchases.

April 22, 2009

The Bancorp Bank, Planet Payment Offer Multi-Currency Solutions

The Bancorp Bank and Planet Payment have announced an agreement to provide Planet Payment’s suite of products and services to Bancorp’s merchants and third party servicers in the U.S. payments market. As part of the business arrangement, Bancorp will utilize Planet Payment’s multi-currency processing platform to provide merchants with tools to increase their sales and operate their businesses more efficiently. READ MORE »

February 17, 2009

Global Payments Introduces Global HomeCurrencyPay in India

Global Payments Asia-Pacific Limited, a joint venture between The Hongkong and Shanghai Banking Corporation and U.S.-based Global Payments has introduced its Global HomeCurrencyPay service to merchants in India, following the earlier launch of this dynamic currency conversion service in China, Malaysia and Taiwan. READ MORE »

May 29, 2008

In 2008 Canadians Love to Shop in the US - with PIN Debit Cards

According to a press release from Acxsys and NYCE, during the four month period from December through March 2008, Canadian shoppers spent record amounts and made significantly more cross-border purchases in the US than last year. READ MORE »

October 09, 2007

Dynamic Currency Conversion in Action

Glenbrook's Russ Jones is in London this week - and files this field report on his first encounter with dynamic currency conversion in action - at Harrods.

October 22, 2006

Beware Credit Card Fees On Foreign Buys

Binyamin Appelbaum writes for the Charlotte Observer about fees imposed by credit card issuers on purchases made outside the US. Some issuers (Bank of America is the example he cites) are charging 3%. Others, including Capital One, don't surcharge at all.

September 12, 2006

First Data To Process Online Foreign Currency Payments For Chase Paymentech

First Data Corp. and Chase Paymentech Solutions have announced a five-year global e-commerce processing agreement in which First Data International, utilizing its OmniPay processing solution, will provide payment processing services to Chase Paymentech's portfolio of global e-Commerce merchants. The OmniPay merchant processing platform, located in Dublin, Ireland, will process transactions for Chase Paymentech's merchant portfolio, in most major currencies on a single platform in all markets where Chase Paymentech's merchants are based.

READ MORE »

July 26, 2006

$336 Million Settlement In Currency Conversion Litigation

Plaintiff law firms Berger & Montague and Lerach Coughlin have announced that a nationwide settlement agreement has been reached in a consolidated federal class action lawsuit about use of certain payment cards for foreign transactions. Defendants in the case include Visa, MasterCard, Bank of America, Bank One/First USA, Chase, Citibank, Diners Club, HSBC/Household, MBNA and Washington Mutual/Providian. MasterCard this morning has filed an 8-K with the SEC stating it "has agreed to pay $72.48 million, which constitutes its share of defendants' $336 million settlement." As an aside, MasterCard also reported that it had agreed to settle the "Schwartz Matter for $13.44 million, which is expected to be paid in 2007."

READ MORE »

June 25, 2006

Getting The Best Exchange Rate

What a mess the card industry has made of one of its former features - being able to use your bank cards when traveling internationally and knowing that they'd work and that you were getting the best possible deal on foreign currency conversion in the process. That simple and consistent value proposition went out the window a couple of years back when credit card issuers began aggressively surcharging international transactions and more recently as some bank debit card issuers have limited international acceptance and access to local cash at ATMs because of fraud concerns. David Kelly writes in today's New York Times Travel section about what the experts currently recommend for international travelers and their financial needs while on the road. Kathleen Pender also shares some tips for international travelers in the San Francisco Chronicle.

May 30, 2006

A Look At Bank Card Currency Conversion Fees

Sandra Block writes for USA Today on what consumers can do to manage the costs of currency conversion when traveling overseas and using bank cards.

May 07, 2006

A Look At Card Currency Conversion Fees

David Robinson writes for the Buffalo News about currency conversion fees applied to international card transactions by Visa, MasterCard, and, in additon, by many card issuers.

July 26, 2005

Using Plastic Abroad Gets Pricier

Jane Kim reports for the Wall St. Journal on the issue of currency conversion fees for credit card transactions overseas.

Although there are advantages to using plastic because of the favorable wholesale rate on currency exchanges, in some cases it may make sense to use an automated teller machine and pay cash instead, says Robert McKinley, chief executive of CardWeb.com, a payment-card industry Web site.

July 10, 2005

Paying In Dollars Costs More When Using Credit Card Abroad

Carol Pucci of the Seattle Times writes about the financial effects of dynamic currency conversion being increasingly used by merchants overseas.

April 14, 2005

Visa Launches Currency Conversion Website

Visa has announced the launch of a new currency conversion website to help cardholders prepare for international travel.

READ MORE »

March 27, 2005

Cashing In on Foreign Currency

David Lazarus reports in the San Francisco Chronicle about new currency conversion fees being imposed on credit card usage by US cardholders when they use their cards outside of the US.

March 14, 2005

Nova Introduces Dynamic Currency Conversion

Nova Information Systems has announced the availability of its dynamic currency conversion solution.

Dynamic Currency Conversion allows international cardholders in the U.S. the option to have their purchases instantly converted at checkout into their local currency. Currency conversion is calculated at a competitive exchange rate, and the U.S. dollar amount, conversion rate, and home currency amount are all printed on the receipt. Merchants, MSP's and other NOVA partners have the opportunity to share in the revenue generated from conversion fees.

March 13, 2005

Those Irritating Currency Conversion Fees

David Lazarus writes a follow-up to an earlier column in the San Francisco Chronicle regarding the currency conversion fees charged by credit card issuers.

Nearly all readers shared my bewilderment with how the likes of Bank of America and Wells Fargo justify tacking an extra 2 percent fee onto credit card transactions, above and beyond the 1 percent foreign-currency conversion charge levied by Visa and MasterCard.

March 09, 2005

Credit Card Currency Conversion Fees

David Lazarus writes in the San Francisco Chronicle about the various fees charged to credit card holders when they use their cards for purchases abroad.

Beginning next month, Visa is switching from charging 1 percent above and beyond any currency conversion costs to charging 1 percent simply for using your credit card in another country.

January 19, 2005

American Express Settles Currency Conversion Lawsuit

Tami Luhby reports in Newsday on American Express' settlement of a lawsuit that challenged Amex's disclosure of its 2 percent fee levied on foreign currency conversion.

The company agreed to pay up to $75 million to U.S. cardholders who made purchases in a foreign currency from Mar. 28, 1997 to Oct. 15, 2004, according to a preliminary class action settlement. In addition, the credit card company agreed to include information about the fees on its monthly statements and other mailings to cardholders.

September 07, 2004

Foreign Express Scheme Cuts Out Bank Card Issuers

Melbourne's Herald Sun reports on the launch by Travelex of a dynamic currency conversion system that allows travelers in Australia to pay by credit cards in their own currency. With the new system, revenues from currency conversion fees that used to go to the card issuers are now split between Travelex and participating merchants.

April 19, 2004

Vital Introduces Planet Payment Dynamic Currency Conversion

Vital has announced an agreement with Planet Payment to offer dynamic currency conversion services.

April 08, 2003

Reuters: Court rules Visa, MasterCard hid fees

Reuters reports on California Superior Court Judge Ronald Sabraw's decision today ordering MasterCard and Visa to pay millions in refunds to customers after failing to properly disclose currency conversion fees. Both MasterCard and Visa said they would appeal the decision.

February 10, 2003

New York Times: More on Visa, MasterCard fees

Jennifer Bayot reports in Tuesday's New York Times on the tentative ruling by a California judge regarding currency conversion fees.

Visa said in a statement that it was disappointed with the preliminary ruling in the case, Adam A. Schwartz v. Visa International, Visa International Service Association, Visa U.S.A. and MasterCard International. "The court decision flies in the face of common sense," said Stephen C. Theoharis, senior vice president of Visa U.S.A. "Visa pioneered today's currency conversion system that protects consumers from exorbitant rates when traveling abroad. The decision is fundamentally flawed, has no basis in fact or law, and we will appeal."

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