The National ATM Council (NAC) of the US has submitted a public petition to Visa calling for provision of dynamic currency conversion (DCC) services to international VISA cardholders who use ATMs in the country.
Submitted on behalf of consumers and the country’s ATM industry, the petition urges the card issuer to eliminate its current network rules that prohibit such services.
To support the petition, NAC provided Visa with data that indicated successful DCC for Mastercard transactions at US ATMs, as well as for Visa cards in other markets where the firm currently allows the services.
In addition, NAC also provided information revealing that significant percentage of cardholders repeatedly use DCC services wherever they are permitted, resulting in repeat business.
NAC executive director Bruce Renard said: “DCC services provide the transparency and real-time information needed by consumers from abroad to better understand their cash withdrawals from US ATMs in terms of the cardholder’s home currency.
“Importantly, with DCC, the cardholder is given this consumer-friendly information, along with an opportunity to opt out of the transaction once the currency conversion information has been provided.”
The petition seeks authorisation for DCC services on VISA transactions at ATMs in the country from 1 April of this year.