Dynamic Currency Conversion - DCC

Dynamic Currency Conversion is a service through which the holders of Visa, MasterCard and Maestro cards, with currency other than euro (€), may make their transactions in the terminals of your business in euro (€) or in their own currency. DCC offers to your customers the choice to view and compare at the same time the amount to be charged on their card in their currency, in comparison to euro (€).

The necessary technology for the recognition of cards issued in alternative to euro (€) currencies is integrated in the terminal held by the business

The steps followed for the use of the service by the customer and the business are simple.

• The trader inserts the card in the wire or wireless POS terminal
• Consequently, it inputs the amount of the charge
• The screen of the terminal automatically shows the message “DCC Offer Acceptance”
• The customer is informed of the amount in euro and respectively of the amount in the currency of their choice
• Consequently, the customer chooses if they shall complete their transaction by using the DCC (Yes/No)
• The transaction is completed

• Zero commission
  The charges completed in a foreign currency by using the service have zero commission for the trader. On the contrary, when a transaction with a card of foreign currency is completed in euro (€) (without the use of DCC), then the commission charged to the business is according to the agreement signed.
• Activation and use of the service for free
  The activation of the DCC service does not impose any additional charge to the business and, while using it, the trader enjoys zero commission cost for the transactions with cards in foreign currency.
• Increase of sales and of the customers’ satisfaction
  Most customers, who carry out their transactions in currencies besides euro, know the abilities and the convenience of DCC and they prefer businesses in which they have the flexibility to pay in the currency of their choice. The use of the DCC service contributes to better service and experience of customers, as they do not have to calculate themselves the current currency exchange rate.
• Reduction of risk of doubt of transactions
  By using the DCC service, the customers know at the time of transaction the exact amount they will pay. On the contrary, in the cases that the transaction is completed in euro (€) the customer finds out the cost of the transaction when they receive their card statement, in which they can see the respective conversion.

• They know the actual cost at the time of the transaction
  The customer does not need to calculate what the transaction will cost them, nor to know the exchange rate of the currency. At the time of the transaction, the customer knows the amount in euro, the price based on which the conversion is made, together with the commission they will be charged and the exact amount they will pay in their own currency.
• They do not have to obtain foreign currency
  The customer is not required to have foreign currency, since they can always use their cards and complete the transactions in the currency of their choice.

Do I need to have a foreign currency account to use the service?
No, the trader is not required to have a foreign currency account for the use of the service. All transactions, either in euro (€) or in another currency shall be credited to the commercial account in euro (€).

If I activate DCC, do I have to use it in every transaction with a foreign card?
The customer is the one to decide in which currency they shall complete their transaction. The business shall inform the customer on the available choices. On the side of the trader, it is not obligatory for them to use the service, however, by its use they benefit of zero commission in comparison to the completion of the same transaction without the use of DCC.

Does the DCC service also work for contactless services?
No. The service works only for transactions made through the insertion of the card into the POS terminals (CHIP & PIN transactions).

I have a Cardlink terminal, can I activate the service?
DCC service can be activated only in wire or wireless terminals provided directly by Piraeus Bank.

Are there limitations in currencies/countries?
The service is automatically activated for all Visa, MasterCard and Maestro debit, credit and pre-paid cards regardless of the country of issue, with any currency besides euro (€).