Pay abroad only for
what you’re actually buying

With Expobank CZ a.s., it will never happen that you unintentionally agree to an unfavorable exchange from the local currency to Czech crowns when paying by card or withdrawing from an ATM abroad, and thus pay a higher amount. All you have to do is activate, conveniently and free of charge, the blocking of DCC transactions and surcharge fees (extra fees for using an ATM). More information about these new card services can be found below.

Expobank CZ a.s. is one of the first banks to come up with a great option: the NEO account can block DCC (Dynamic Currency Conversion).

Payment terminals in stores

The DCC service works in such a way that when paying by card abroad, a payment terminal offers the buyer to pay directly in Czech crowns. It might seem trustworthy, because it makes perfect sense. However, there is one big catch - the payment is then made with an exchange rate, which is often very disadvantageous for the payer.

"For a small card payment, the difference amounted up to CZK 320 for nothing. Watch out for DCC.” Mesec.cz.

Who will lose? The buyer. And not exactly a negligible sum - the difference in the charged fees can climb up to 10% of the total amount!

ATMs

Withdrawals from ATMs work similarly. After inserting the banking card, the ATM will ask if you want to credit the money in Czech crowns or local currency. If you choose the first option, you are again trapped by the DCC service, which can strip you of a good deal of money based on the abovementioned principle.

“The Ministry of Finance warns against using the DCC service” MFCR.cz.

Even in the Czech Republic, some companies, as terminal providers, support traders and entice them to profit from the increase in the exchange rate (i.e. the commission) if they offer the DCC service.

You will not lose money with a NEO account

In Expobank CZ a.s. we protect our clients from unfavorable DCC service and other unnecessary losses. With a NEO account, you can adjust your payment card options and easily block DCC from the comfort of your home.

Instructions on how to block DCC

You can find settings for changing the DCC option in the “Cards” section of the Internet banking.

  1.  In Internet banking, in the "Cards" section, select the card for which you want to block the DCC option and click on “Other options”
     

  2.  Select an option
    "DCC and other functions"
     

  3.  In the last step in the “Other options” section, select which service you would like to activate / deactivate.
    The change is valid immediately after authorization.

You can confirm deactivation (or activation) by an authorization SMS or in application.

A magnetic stripe can be costly

Payment card transaction can be executed in several ways - contactlessly, using a chip or, if the terminal does not support any of the previous options (these devices are practically no longer available in Europe, however outside Europe it is still a standard method of carrying out transactions), using a magnetic stripe, which is located on the side of the payment card.

A magnetic stripe has a lower level of security compared to the chip. A potential attacker can copy information stored on a magnetic stripe via a skimming device, which may be installed on an ATM, terminal, etc. Thus, the payment card may be misused. Such unauthorized use usually occurs abroad.

As in the case of blocking DCC, at Expobank CZ a.s. you can also block payments using magnetic stripe.

Trick #2: Surcharge fee

In addition to blocking DCC, you can also change the surcharge fee settings, i.e. a flat fee for using an ATM. In particular, foreign operators of some ATMs charge non-clients. Again, it's not just a “pocket change” - the amount of the fee ranges from tens to hundreds of CZK.

Changing a surcharge fee option is easy. In the “Cards” section, you can choose to block withdrawals from ATMs of providers who charge this fee. Authorization is made via SMS or in application. Once you activate this option, you will not be able to make withdrawals abroad from the ATMs which charge the surcharge fee.

Glossary:

Dynamic Currency Conversion (DCC) is a service that is used for cash withdrawals from ATMs or for non-cash card payments abroad. DCC allows you to immediately carry out a withdrawal/payment in the currency of your account/card (usually in CZK), according to the exchange rate of the ATM/terminal.

Surcharge fee is a flat fee for the use of an ATM, which can be charged by foreign operators of some ATMs to non-clients who use the ATM.