Anyone have a link to these proposed changes on the 18th January?
Citibank Australia
https://citibank.com.au/global_docs/pdf/Citi-Prestige-Signature.pdf
Anyone have a link to these proposed changes on the 18th January?
Secondly, this all appears to stem from what they call "Dynamic Currency Conversion" (DCC), which is a term I first heard in hospitality. Simply put, if say you are an American tourist travelling in Melbourne. At a hotel, when this tourist pays, he/she may be offered to be charged in local (AUD) currency or in their native currency (USD). If he/she then chooses USD (native), then the DCC will trigger resulting in a known charge in USD dollar that is MORE expensive than he/she would have been charged had he/she declined to be charged in USD (native) currency. The key word is he/she MUST opt to be billed in USD (that is, he/she chose to be billed in USD, thus triggering DCC). In short, DCC actually costs customer more but this fact is not disclosed at the time of transaction.
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