Dynamic Currency Conversion. (i) If your Cash Withdrawal, Cash Advance or Card Transaction (including online and overseas transactions) is converted into Singapore dollars via dynamic currency conversion (a service offered at certain ATMs and merchants which allows a cardmember to convert a transaction denominated in a foreign currency to Singapore Dollars at the point of withdrawal/sale), you acknowledge that the process of conversion and the exchange rates applied will be determined by the relevant ATM operator, merchant or dynamic currency conversion service provider, as the case may be. You acknowledge that we do not determine whether a transaction will be converted into Singapore dollars via dynamic currency conversion and, where your card transaction is for a retail purchase, you may have to check with the relevant merchant whether such conversion was done.
(ii) In addition, the Cash Withdrawal, Cash Advance or Card Transaction will be subject to an administrative fee of 2.5% on the converted Singapore dollar amount levied by VISA/ MasterCard International if it is a VISA/ MasterCard International transaction.
Dynamic Currency Conversion. You may not perform dynamic currency conversion. This means that you may not list an item in one currency and then accept payment in a different currency. If you are accepting payments in more than one currency, you must separately list the price of each product or service in each currency.
Dynamic Currency Conversion. A Merchant that offers Dynamic Currency Conversion services must comply with all applicable Operating Rules including without limitation those set forth or referred to at Visa International Operating Regulations, Chapter 6, under “Dynamic Currency Conversion”. Merchant must not misrepresent, either explicitly or implicitly, that its Dynamic Currency Conversion service is a Visa service. The copy of the transaction receipt provided to the Cardholder must have the card expiration date and all but the last four digits of the card number suppressed.
Dynamic Currency Conversion. 12.1. Where you have been approved for dynamic currency conversion as specified on your Customer Summary, the provisions set forth in this Article XII shall apply.
12.2. You confirm that you will not hold EVO liable for any losses which may occur as a result of your processing any dynamic currency conversion transaction (including but not limited to losses arising due to currency conversion rates).
12.3. You confirm that you understand that Card Scheme Rules require that your customers must:
a. always be advised before a transaction is completed as a dynamic currency conversion transaction in a currency other than the currency of the country in which the sale is being carried out; and
b. be given the option of having a transaction completed in the currency of the country in which the sale is taking place.
12.4. You agree that you will be liable for any Card Scheme fines arising from infringements of Card Scheme Rules resulting from the use of dynamic currency conversion processing.
12.5. Where a transaction is to be completed as a dynamic currency conversion transaction you provide to your customer information about any fees or charges that are payable because the transaction is taking place in the other currency and the exchange rate to be used.
Dynamic Currency Conversion. 8.1 If you offer and provide dynamic currency conversion or any other currency conversion services to your customers who use Cards, you must:
(a) obtain our approval prior to offering dynamic currency conversion to your customers who use Cards;
(b) inform your customers who use Cards that dynamic currency conversion is optional;
(c) not impose any additional requirements on a customer who uses a Card to have the Transaction processed in the local currency;
(d) not use any language or procedures that cause a customer who uses a Card to choose dynamic currency conversion by default;
(e) not misrepresent, either explicitly or implicitly, that its dynamic currency conversion service is a service of a Payment Card Network;
(f) comply with any other requirements regarding dynamic currency conversion that we may notify you of from time to time.
Dynamic Currency Conversion. The following definition shall form part of Clause 1 (Definitions) of the Merchant Establishment Agreement:
Dynamic Currency Conversion. (a) Bank may provide DCC facility if requested as per Annexure B (1). Merchant will settle DCC transactions on a daily basis initiating settlement procedure on the PoS. Subject to international payment schemes rules, all transactions will be processed as follows:
(i) Bank shall pay Merchant as per Annexure B(1), the aggregate amount of the transactions in Local Currency in respect of all such Transactions submitted; (ii) Bank advises exchange rates to merchants through the Service Provider and Merchant updates exchange rates on a daily basis at the start of day; (iii) foreign card holder makes payment using his foreign card; (iv) Merchant swipes/dips card on DCC enabled terminal; (v) terminal identifies home currency of card and prompt for DCC service or showing the exchange rate and xxxx-up; (vi) on acceptance, Merchant completes the transaction after obtaining relevant proof of identification; (vii) Cardholder signs chargeslip to confirm transaction, and (viii) at end of day, Merchant performs settlement procedure.
(b) Merchant shall assist the Bank in case of any requirement for disputed transactions and shall promote SBI DCC and ensure that its employees comply with the recommended good practice communicated by Bank to the Merchant.
(c) Bank shall pay incentives if agreed in writing, of transaction value (less refunds) processed using SBI DCC facility in local currency.
(d) Bank shall not be liable in the event of a failure/delay to process payments provided that such event may result from amendment, modification or mistreatment of DCC application/software by Merchant or functioning of DCC application/Software being affected due to other software/hardware and/or networks not provided/authorized by the Bank or Operating errors on the part of the Merchant, its employees or any third party or for any reasons which can be attributed to its or its employees negligent conduct.
Dynamic Currency Conversion. (a) Before processing a Credit Card Transaction using Dynamic Currency Conversion, you must inform the Cardholder that:
(i) the Cardholder has a choice of a range of currencies in which a Credit Card Transaction may be processed and use of Dynamic Currency Conversion is optional; and
(ii) if the Cardholder selects a currency, that choice is final once the Cardholder completes the purchase in that currency (subject to the right to reverse the transaction).
(b) We will ensure that any Credit Sales Voucher issued via Switching Services with Dynamic Currency Conversion will contain the following information:
(i) Credit Card Transaction or Alternative Payment Transaction date;
(ii) the local currency price of the Credit Card Transaction or Alternative Payment Transaction, including the local currency symbol;
(iii) the Credit Card Transaction or Alternative Payment Transaction amount in the currency selected by the Cardholder or Consumer (Transaction Currency), including the Transaction Currency symbol;
(iv) any disclosure notices as agreed between us and the Bank, or set by us;
(v) the exchange rate used to calculate the amount of the Credit Card Transaction in the Transaction Currency; and
(vi) any applicable currency conversion fee or commissions that we or the Bank are obliged to disclose under applicable Laws, Card Scheme Rules or Alternative Payment Scheme Rules.
(c) We will notify you from time to time of the currencies offered by us.
Dynamic Currency Conversion. (a) Dynamic Currency Conversion allows a Cardholder to be offered a choice to perform the Card Transaction in their preferred currency.
(b) If we provide you with Dynamic Currency Conversion on your POS Terminal and/or we approve you to perform e-Commerce Dynamic Currency Conversion, you must do so in accordance with our training materials and other instructions provided by us to you from time to time.
(c) You must ensure that you provide the Cardholder with an active choice to accept or decline the Dynamic Currency Conversion offer.
Dynamic Currency Conversion. 10.1 If you offer and provide dynamic currency conversion or any other currency conversion services to your customers who use Cards, you must:
(a) obtain our approval prior to offering dynamic currency conversion to your customers who use Cards;
(b) inform your customers who use Cards that dynamic currency conversion is optional;
(c) not impose any additional requirements on a customer who uses a Card to have the Transaction processed in the local currency;
(d) not use any language or procedures that cause a customer who uses a Card to choose dynamic currency conversion by default;
(e) not misrepresent, either explicitly or implicitly, that its dynamic currency conversion service is a service of a Payment Card Network;
(f) comply with all of the Transaction Record requirements required by us from time to time; and
(g) comply with any other requirements regarding dynamic currency conversion that we may notify you of from time to time.
