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Frequently Asked Questions 1. What is Dynamic Currency Conversion (DCC)? DCC is mode of payment for transactions in Singapore Dollars on foreign websites or in a foreign country. For example, when checking out of a Hong Kong hotel, if given the choice whether to pay the hotel bill in HKD$2,376 or S$407.86 for the hotel stay and you choose to transact in Singapore dollars (S$407.86), this transaction will be a Dynamic Currency Conversion transaction (DCC). In the second example, when purchasing a gift in Seoul, South Korea, if given a choice whether to pay in KRW (Korean Won) 22,000 or S$26.49, and you choose to transact in Singapore dollars (S$26.49), this transaction will be a Dynamic Currency Conversion transaction (DCC).
2. What are the fees levied should I choose to transact using DCC? Transactions in Singapore dollars in a foreign country or on a foreign website, a charge of 0.8% will be levied on the converted Singapore Dollar amount. For example, if you choose to pay a Hong Kong hotel bill of HKD$2,376 in Singapore Dollars (S$407.86), this will attract a charge of 0.8% on S$407.86. The final amount shown on the card account statement will be S$411.12 [S$407.86 + S$3.26 (0.8% of S$407.86)].
Note that you will not see the 0.8% DCC admin fee until the transaction is posted to the account. The charge slip only show the amount converted to SGD. The 0.8% will be incorporated into the final amount reflected on the statement. Illustration below: Charge slip you signed for is S$940.38. But the statement will show S$947.90 [$S940.38 + S$7.52 (0.8% of S$940.38)].
3. Why is there a charge for this currency conversion? In line with the current industry practice, DBS will fall in line with the industry on 1 November 2013. 4. What are the communication channels to announce this to customers? Communications to customers include: Messages in statements, from 1 October 2013 onwards
DBS Website – Recent Updates http://www.dbs.com.sg/personal/cards/usefulinfo/recent‐updates/default.page
5. What is the alternative should I choose not to transact using DCC? In a foreign country or foreign website, if you choose not to pay in Singapore dollars (via DCC), you may continue to effect the payment in the foreign currency of the country or website. For example, if you are in Hong Kong, you may choose to settle your hotel bill in HKD$2,376 instead of the equivalent S$407.86 (see examples above). The HKD‐SGD conversion will be subject to the rates determined by Visa or MasterCard. 6. What is the benefit of charging DCC vs normal currency conversion? DCC allows you to see the SGD equivalent of your transaction (before the 0.8% charge). For example, when checking out of a Hong Kong hotel if you have the choice whether to pay the hotel bill in HKD$2,376 (normal currency conversion) or S$407.86 (DCC) for the hotel stay. Choosing to charge via DCC allows you to see the amount will be charged in Singapore dollars, which is S$407.86 (before the 0.8% charge). The final amount shown on the card account statement will be S$411.12 [S$407.86 + S$3.26 (0.8% of S$407.86)]. 7. I made an online transaction on Groupon Singapore website, and got charged in SGD. How do I know if it is a DCC transaction? Yes, it is a DCC transaction as Groupon is a foreign merchant. You may want to clarify with the operator/website directly before making a purchase. If you purchase an item for S$15.00, the amount posted in your statement will be S$15.12.
MERCHANTNAME MERCHANTCITY
Groupon (including Groupon Singapore) Zurich
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