Prepaid Multicurrency cards

Prepaid Travel Card Policy Change

There is an important rule change this week which means if you have a prepaid master card you will not be offered the option of paying in Pounds (which is much more expensive) -this “dynamic currency conversion (DCC)” leaves the bank to decide on the exchange rate and when pounds is chosen you can pay excessive fees.

We have always warned users of prepaid travel cards to make sure they always pay in the local currency to avoid paying ridiculous exchange rates, but now Mastercard has taken the lead and from Friday 12th April 2019, travellers with prepaid cards using the Mastercard network will no longer have the choice of paying in pounds, which means transactions will be processed in the local currency, meaning a much better deal.

A Mastercard spokesperson said: “We’ve recently made changes to our prepaid programmes. Dynamic Currency Conversion will no longer be offered for prepaid multicurrency Mastercard cards, as these cardholders have predetermined the currency they wish to pay in, before they travel and any purchases are made.” Please note this new rule will only apply to prepaid currency cards.

Prev Next