But using the dynamic currency conversion to pay the restaurant bill directly in euros would end up costing them €107.60. Despite the high fees, our research shows that more than half of international customers still choose to pay in their familiar home currency. The companies which provide dynamic currency conversion options earn significant conversion revenues – a portion of which is often shared with the business where the transaction takes place. It's better to make electronic payments using the local currency. PeopleImages/iStockphoto/Getty ImagesGreater transparencyAnd despite the high conversion fees involved with dynamic currency conversion, most government regulators around the world have been hesitant to intervene.

Source: CNN June 16, 2023 04:37 UTC