When you travel, there are so many opportunities for you to part with your money and this Dynamic Currency Conversion scam, which I have written numerous times, is one of the worst ones.
This means that the merchants credit card machines spits out a slip that shows the transaction in the currency of your card and not the local one. This usually includes a fee of 3% to 5% for this “service” (really just a scam).
You can access the website of InterContinental Semiramis Cairo here.
So, I was checking out from the InterContinental Semiramis hotel in Cairo. The rate displayed on the reservation was in USD and it was then displayed in both the Egyptian pounds and Euros on the invoice.
I gave them my card that was actually issued in Germany and the machine would have wanted me to accept the USD charge in Euros, which was 129.42.
Of course, I was not given a choice between the currencies used, regardless of what was said on the receipt. It also displayed the foreign exchange rate used and their margin of 3.85%.
Obviously, I refused to pay this and the entire credit card transaction was voided. Then I was charged in Egyptian pounds without the currency conversion scam. The amount that came through from this transaction to my bank was 124.64 euros.
At the time, when I was presented this invoice, I calculated that the real rate was jacked up by 4.6%.
I just hate this Dynamic Currency Conversion scam that these processors are selling to merchants as an easy way to get more money (they split the profits).
This Dynamic Currency Conversion is NEVER EVER beneficial for the consumer. Most of the credit cards and/or charge cards add their own foreign transaction charge in top of this DCC, so some consumers get hit twice.
Never sign a slip such I have above. Request a clean one that only shows the local currency and no conversions to the currency of your card. Most of the clerks claim that you are charged in the local currency, although this is not the case.