The Hungarian competition authority, GVH, has issued guidance for consumers planning to use foreign cards while traveling or shopping online. This advice focuses on Dynamic Currency Conversion (DCC), a service that allows cardholders to choose whether to pay in the local currency or their home currency, such as the Hungarian forint.

DCC is available at retail locations, online payment platforms, and ATMs, enabling consumers to see the transaction amount in their own currency. However, this convenience can come with hidden costs, as the exchange rates offered through DCC are often less favorable than market rates.

Consumers may find themselves pressured to make quick decisions without fully understanding the implications of their choice. The GVH aims to educate consumers on how to make informed decisions regarding DCC, emphasizing the importance of checking exchange rates and understanding any associated fees before completing a transaction.

While DCC offers transparency by displaying costs in the consumer's currency, it can also lead to higher expenses due to unfavorable exchange rates. The GVH encourages consumers to compare DCC rates with current market rates and to inquire about any fees before proceeding with a transaction.

For more information, consumers can visit the GVH website, which provides additional resources on making informed choices regarding Dynamic Currency Conversion.