MNB: cash machines exchange currency abroad on unreasonably high prices
Abroad, an increasing number of POS and ATM recognize the currency of the bank cards and provide forint payments besides local currency payments, but this can result in unfavorable exchange rate calculation and high service fees.
According to the Magyar Nemzeti Bank’s announcement published on Monday, the conversion, known as the Dynamic Currency Conversion (DCC), makes purchasing and cash withdrawals more transparent as it displays the amount deducted in forints.
Conversion is still worth considering, as it is not mandatory and because of the extra costs it is much more expensive than paying in local currency – they added. (MTI)
Related news
MONEY.HU: Hungarians are optimistic about their financial situation
According to the latest quarterly population survey of the Magyar…
Read more >MNB vice president: there is no green transition without central banks
The energy transition is one of the world’s greatest challenges…
Read more >K&H: What happened to the HUF? What would be needed in Hungary and what can be expected in Europe?
Despite the weakening of the forint seen in recent days,…
Read more >Related news
VOSZ Barometer – 2024. II. quarter: mandatory optimism or real growth?
The perception of inflation is still present in domestic companies,…
Read more >Fidelity: Three themes shaping investments in Q3
Has the post-epidemic normalization that we have been waiting for…
Read more >Large companies are resistant to economic uncertainty
Restrained expectations characterize the domestic corporate sector for the next…
Read more >