The cardholder’s choice of currency is final, however DCC regulations do not affect the cardholder’s right to seek a refund of the purchase price.
According to the Visa regulations, in order to reduce disputes and cardholder enquiries, it is recommended that the refund is processed in the currency of the original transaction, i.e. if the cardholder paid in US$ then the refund should be in US$.
The Monex system has the capability to support refunds if required.
Every bank has a unique retrieval, chargeback and re-presentment processes.
Monex will work within existing processes in accordance with a banks code of practice. Retrievals, chargebacks and re-presentment are an integral part of the reporting information Monex provides to clients.
Exchange rates are consistently electronically updated ensuring that accurate and current conversion rates are available at the time of each transaction.
Cardholders can conduct business with confidence, knowing the exact amount of the transaction, in their home currency.