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IRISH PEOPLE WHO take out money from cash dispensers in foreign countries are being “ripped off” according MEP Brian Hayes.
Hayes has highlighted the lack of awareness of ‘dynamic currency conversion’ (DCC) – the practice of paying in one’s own home currency – and said Irish people who do not know this is the more expensive option are losing out.
“When people travel to a country which uses a different currency, the cash dispensers may give you the option to withdraw money in their own currency or the local currency,” he explained.
“Most people will opt to withdraw the cash in their own currency, as they prefer to know exactly how much they are debiting from their account.”
If a person pays in their own currency, an exchange rate is applied that is almost always worse than standard rates.
“The consumer has no way of realistically comparing the two options, as they rarely have instant access to each exchange rate to do a quick calculation – especially while they are a queue,” Hayes said.
DCC is simply not worth it for the consumer. Unless you like paying a convenience fee of up to 5% of the total transaction just to know how much you will be billed, you should always decline DCC and ask to be billed in local currency when handing over your card.
Hayes said early this year the regulation of cross-boarder payment fees will be under review in the European Parliament. He said he will be arguing for more stringent regulation of these practices to ensure travellers to the European Union are getting a fair deal.
“The default setting in ATMs should be in the local currency, with an option presented to customers to withdraw in their own currency, should they have a specific need to do so,” he said.
“Consumers need to be the priority here – the banks are making enough dividends through general withdrawal charges without customers being hit by charges potentially twice in the one transaction.”
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Ah Jesus, I can’t even get a broadband connection over 2mb with eircom, how am I to stream ultra hd?
Sure whats the point when tv stations cant keep up with full hd unless you pay a premium
Agree Brian why pay extra for better reception. Remember the days when you had to move the rabbit’s ears about to get a good picture.
The HD we get from tv channels isn’t even full HD. It’s 1080i or 720p.
Jaysus how much will SKY charge for Ultra HD??
Can’t believe they still charge for HD should be a given now with Netflix etc etc
Get on with Smell-o-vision!
HD 1080p is enough.
Heard the same when 1080p Blu-ray Discs came out.
All this technology and nothing worth watching. Why don’t they just make some decent programmes
Who are “they”? IMO the past ten years has seen some of the best TV output…assuming “they” doesn’t mean RTE :-)
Ugh, enough already…jasus, how clear does it have to be?
We would probably be all still sitting in a cave if everyone had your attitude..
Bit of a jump from sitting in front of an Ultra HD television to going back living in a cave
Ha true, but you get the point! Keep seeking better man, then eventually when the aliens attack us we will be able to battle them with our advanced techno…
S##t I did it again.
When it burns through your retinas and out the back of your feicin head.
Peter boy.. How many times have I told ya? Lasers are not the same as HD!
I’m sold! And I had better gat a better pair of eyes while I’m at it to.
buy one and you’ll have ultra Happy Days!!!!
God im fast.green thumbs pls
Couldn’t bring myself yo give you a green thumb, but here’s your coat.
dan your so mean there like. i bet your like patricia ann mccarthy moore and you think poor people and peasants have rights. i wouldnt allow the poor or religious people to use and ipad.
More likely to dump the TV altogether in next few years and use tablet only. Traditional TV is on its last legs.
Because the whole family loves sitting around a 7″ screen?
You will be able to see up BOSCO’s skirt next!
President and COO of Sony Electronics?
What’s your question?
Chief Operating Officer?
He’s a surgeon is he?
The ordinary working person will not buy until the price really comes down to under a thousand euro,plus to see 4k u won’t be watching sky tv as hd on tv is only 1080i and then to stream it your broadband connection gotta be really strong ok if your living in Dublin but i’m sure down the country that won’t be the case
Ultra ultra ultra no end to this crap ….we is going to have to get our selfs new eye balls to cope
have your say