The new service, also known as dynamic currency conversion, allows international cardholders using eligible cards to see the final amount of a cash withdrawal in their home currency at the time of the transaction.
Without Pay in Your Currency option, if an international cardholder withdraws US Dollars from an ATM, the transaction will be subsequently converted to their home currency by their bank or card issuer, said Fifth Third Processing.
Given the timing of the conversion, the cardholder will not able to determine the final withdrawal amount until they receive their account statement from their financial institution.
According to Fifth Third Processing, if the cardholder chooses to have the transaction converted, the amount in their local currency that they see on the ATM screen is the exact amount that will appear on their financial institution’s account statement.
Fifth Third Processing Solutions president for Financial Institution Services Royal Cole said that the Pay in Your Currency is another example of the ongoing commitment to provide solutions to the processing clients that help deliver greater profitability and an overall better customer experience for their valued customers.
Fifth Third Processing Solutions and Planet Payment, a multi-currency and data processor, have been offering a Dynamic Currency Conversion service to retailers in the US market since 2004.
Through this expanded relationship, the service will be available on the 11,000 ATMs which Fifth Third Processing Solution manages on behalf of their current customer base of almost 2,000 financial institutions across the US.
The targeted launch date of the service is early in the third quarter of 2011.
