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The European Union is taking a closer look at the transparency and costs of cross-border currency transactions for consumers.
Part of this process is an examination of the practices around Dynamic Currency Conversion (DCC), the service that offers consumers the choice to pay in their home, familiar currency (as opposed to the local or foreign currency). The European Parliament and the member states are currently negotiating on the draft legislation, proposed by the European Commission in March.
To truly achieve benefits for the consumers though, it is essential that policymakers take a holistic view of the currency conversion market, including credit cards and card issuers, and not only DCC. The currency conversion market is one market and should be considered
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