Dynamic Currency Conversion
Dynamic Currency Conversion (DCC) is the conversion of the purchase price of goods or services from the currency in which the purchase price is displayed to the cardholder's billing currency. That currency then becomes the transaction currency, regardless of the merchant's local currency.
DCC is not a Visa / Master service, but merchants and ATMs offer it through their acquiring bank. At checkout, the merchant or ATM may convert the advertised price to the currency agreed by the cardholder, and usually assesses a conversion-related markup (over a wholesale exchange rate or government-mandated rate). The cardholder must be offered a choice to accept or decline the DCC and must actively choose the DCC option prior to the merchant or ATM processing the transaction. The merchant or ATM must accept the cardholder's choice; if the cardholder refuses DCC, the merchant or ATM must process the transaction in their local currency
Multi-Currency Transactions – LKR
Transactions performed locally in LKR at merchant outlets/websites but the Acquiring Bank of the Merchant is not a Locally registered Bank. Hence the Bank to Bank settlement is in Foreign Currency.