Barclays Bank of Botswana continues to improve the financial services terrain with innovative offerings all the time. This time, the Bank which in 2029 will officially be renamed Absa has introduced Dynamic Currency Conversion. This is the bank’s commitment to introducing new solutions and platforms to add value to its consumers. With the recent launch of its Dynamic Currency Conversion (DCC), the bank says foreign travelers will be able to pay for goods and services at Merchant outlets in Botswana with their Visa or MasterCard in their home currency.
Whilst making payments using the Barclays Point of Sale machines, the device will be able to detect the currency of the Card and provide an option for the customer to either pay in Botswana Pula or in the Cardholder’s home currency. The advantage here is that the customer will know in real time the amount that would be charged in the home currency of the Card including the currency conversion charge of 3%. The Bank has partnered with FEXCO which would be providing the Foreign Currency rates and conversion.
Speaking to the media during the launch, the Barclays Bank of Botswana Retail Director, Brighton Banda said, “As a financial services provider, we always seek ways in which our payment solutions bring the convenience that customers need and expect. Spending in a currency best understood by a customer is meant to ease transactions for international customers so as to make their shopping experience more convenient.”
This functionality has been in use in other markets particularly those with high volume tourism and commerce, such as London and Dubai. It’s one of the many firsts by Barclays in Botswana to avail a similar International Shopping experience.
For international travelers visiting Botswana, budget management is easier as DCC makes them aware of the amount being spent in their local currency. They will be able to relate to the exact amount spent in their home currency with what would appear in their Bank statement.
Furthermore, the International Cardholder has full transparency in terms of real time FX rates inclusive of conversion fees, and can make an informed decision whether or not to use the Dynamic Currency Conversion option. For the merchants, for every transaction converted to DCC they would be incentivized with a rebate at rates pre-agreed with the bank. Also for the Bank, DCC helps combat Currency fluctuations since settlement is made in USD for all International transactions by Visa and MasterCard. This is a Win-Win solution for all parties in the transaction.
“The many benefits of this solution are all part of our growing efforts to enhance customer experience, and how foreign travelers experience Botswana. We are also pleased to be able to, in this way, further support local businesses, primarily in the retail and hospitality sector as the key servicer providers of foreign travelers. We remain committed to introducing innovative and relevant solutions that allow our customers, communities, businesses and economy to prosper, and this is one such effort,” Continued Banda.