🔸If you’ve ever paid for something in person using a credit card or debit card while abroad, you may have been given the option of choosing to pay in the local currency or your own home currency. For example, if you take a Indian-issued card and pay for a meal charged in euro in Italy, you’ll be handed a payment machine and given the choice between paying in EUR or INR
While it may be enticing and convenient to choose that home currency then and there, you should always choose local currency and not home currency.
The reason for that is that where the merchant or cash machine operator calculates a conversion rate to give you a home currency figure then and there to select, they will give you an awful rate, far below market exchange rates.
🔸But Why?
– Because they can pocket the difference. They can offer you any rate you want and if you accept it, they can process it at that rate and the savings they make against the market exchange rate is easy profit for them.
➡️Always select local currency. The rate will be significantly closer to the official market rate.
Source: The Points Guy, Times of India
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