2023-10-29 05:02:09
Japan is the first choice for Taiwanese people to travel. (Photo/Dazhi/Associated Press)
Many people swipe their cards when traveling abroad for shopping, but if you are asked which currency you want to use to check out, you should pay more attention to avoid losing money in your wallet. Lin Shibi, a travel expert in Japan, reminds you that if you go to Japan to swipe your card and are asked “which currency to use to settle the bill,” you must choose Japanese currency. Some netizens once chose the currency of their home country and were charged an extra 5% handling fee. .
Lin Shibi posted an article on the fan blog “Japanese Self-guided Travel Poisoner” and pointed out that if you are asked which currency to use to pay when you go to Japan to swipe your card, please choose Japanese yen instead of Taiwan dollars. The “DCC” dynamic currency conversion mechanism is Items are relatively rare in Japan, but very common when you go to Hong Kong or European countries. After swiping your card, the store will sometimes ask you “Do you want to pay in New Taiwan Dollars?” Many people intuitively think it is more cost-effective, but when you return to Taiwan, you will receive the bill. Only later did I realize that the exchange rate was ridiculously expensive
Lam Thi Pik said that the DCC mechanism allows cardholders to choose to settle in “local currency” or “home country currency”. If they choose to settle in “home country currency”, the exchange will be settled immediately at the exchange rate between the store and the local acquirer on the day. , the biggest difference between the two is the point at which the exchange rate of foreign currency is determined to be converted into “domestic currency”. In the traditional mechanism, the foreign currency consumption payment of credit cards is determined when the international credit card organization requests payment from the card-issuing bank, while the DCC mechanism is determined as soon as the card is swiped.
Lin Shibi further explained that the most important thing is that the current currency exchange also includes an additional service fee. This is not the 1.5% of the overseas card swiping fee, but another fee. He gave an example from a netizen. The foreign exchange rate was 0.2284. On that day, the spot and cash foreign exchange sales at the Bank of Taiwan were 0.218 and 0.2195 respectively. This exchange rate was probably increased by 5%. Lin Shibi once again reminded that when you go abroad to swipe your card, if you are asked, please remember to use the local currency.
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