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)