Please be informed that for transactions executed with Visa cards and settled by the Bank from 14 May 2014 the settlement currency will be PLN.
The change refers to the following banking products issued within corporate banking: Visa Business Debit payWave card, Visa Business Prepaid Card and using bearer prepaid cards issued by mBank S.A. in the form of electronic money instrument, that is Visa eMoney, Visa payWave card, and the Client does not need to submit any instructions.
In accordance with the newly introduced provisions, Visa will directly convert every transaction in a foreign currency with one of the above listed cards into PLN. Thus, the number of currency conversions will be limited to one.
The only charge will be a currency conversion commission which amounts up to 5.9% for transactions executed in currency other than PLN. A currency conversion at the level of the Bank is eliminated. Client/Card holder will not incur the cost of the Bank's currency spread (about 3.09%), which used to be added to the transaction at the moment of the currency conversion from the former settlement currency (EUR) into the currency of the account of the card (PLN).
There is no currency conversion commission for Visa cards in the case a foreign transaction executed in PLN (DCC service - Dynamic Currency Conversion*).
At the same time, be informed that because of the change of the settlement currency for foreign transactions with Visa cards, only the rates of Visa will be used for transaction conversions – they can be checked in the calculator Currency Converter for Visa cards.
The above change does not include corporate cards with a monthly limit of expenditures, that is Visa Business payWave Card, Visa Business Gold payWave Card, Visa Business Platinum PayWave Card as well as prepaid cards in EUR/GBP/USD.
The amount of the currency conversion commission is specified in the Table of Banking Fees and Commissions of mBank S.A. for SME and Corporates and is also available here.
What is Dynamic Currency Conversion?
*DCC, that is Dynamic Currency Conversion, is the possibility of paying in PLN in the case of a foreign transaction. During a transaction, the client can decide if he/she wants to pay in the local currency or in the currency of the account (PLN). If the client chooses PLN, the approver will present him/her with an amount his/her account will be debited in PLN. In the case of such transactions the approver's conversion rate is used and the are no additional conversions in the transaction settlement. The approver's conversion rate can be increased by a currency spread amounting from a few to a dozen or so per cent, so one should check the proposed amount before accepting it.