Visa Enables Dynamic Currency Conversion At ATMs Globally, Expands Network Services

Posted On: 9/28/2018

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FOSTER CITY, CA -- In a victory for ATM operators, Visa is updating its rules and expanding Visa/Plus ATM network services to permit acquirers and ATM operators the option to perform Dynamic Currency Conversion (DCC) on international ATM transactions globally.
 
The National ATM Council (NAC) petitioned for the global approval of DCC at ATMs. NAC executive director Bruce Wayne Renard hailed the decision as one that will benefit consumers and independent ATM providers in the U.S.
 
The revised rules, effective April 13, 2019, will help acquirers and ATM operators leverage investments in modernized ATMs and realize incremental revenue by providing additional banking services to customers.   
 
DCC is an optional service offered by a merchant or an acquirer/ATM operator that enables a cardholder -- when traveling abroad -- to choose if the transaction should be conducted in the local currency or their home currency. If a cardholder accepts a DCC transaction at the ATM, the acquirer/ATM operator may assess a conversion- related commission to convert the transaction amount in the cardholder’s home currency and dispense in local currency. Visa currently allows DCC on POS transactions globally and on intraregional ATM transactions in the Europe region.
 
Changes will be made to the DCC program rules for ATM transactions to help ensure a consistently positive cardholder experience at ATMs, including adequate disclosures and choice.
 
Separately, effective April 13, 2019, Visa will create an ATM network solution that expands the types of banking services that acquirers and ATM operators can offer to cardholders globally to provide added convenience. ATM operators and acquirers will be able to subscribe to the following turnkey ATM services, designed to enhance the cardholder experience:
 
Shared deposits:  Eligible cardholders will have the ability to make domestic cash or check deposits at participating ATMs, even if those ATMs are not in the cardholder’s bank network.
 
Access fee-free service: Eligible cardholders will have a convenient way to access cash without fees at participating ATMs when traveling internationally.
 
Account-to-account transfers: Eligible cardholders will have a trusted way to transfer money across their bank accounts at participating ATMs, even if the ATM is not part of the cardholder’s bank network.
 
Mini-statements: Eligible cardholders will have the ability to maintain visibility into their account activity with the option to view or print the last five transactions on their selected account at participating ATMs.
 
PIN change and unblock: Eligible cardholders will have the ability to unblock or change their PIN without visiting a bank branch.
 
Visa helps connect 2.6 million ATM locations with consumers carrying 3.2 billion Visa/Plus cards from over 11,000 financial institutions globally. Visa periodically reviews its policies to ensure it is investing in its infrastructure in order to deliver solutions that help clients enable new revenue opportunities and grow their businesses.
 
The U.S. ATM industry and the millions of consumers we serve daily across America will greatly benefit from VISA making DCC available at ATMs in America on an expedited basis, and we appreciate VISA's prompt and positive consideration of this important and time sensitive industry request.