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Visa 12.3 - Incorrect Currency

Transaction was processed in a different currency than displayed or agreed to by the cardholder.

Overview​

Currency mismatches occur when the currency charged differs from what was shown to the cardholder at checkout, or when conversion is applied incorrectly.

When This Code Applies​

  • Charged in different currency than shown
  • Dynamic Currency Conversion (DCC) applied without consent
  • Incorrect conversion rate
  • Currency code mismatch in processing

Conditions for Valid Dispute​

Issuer Must Verify​

  1. Currency charged differs from agreed
  2. Cardholder did not consent to currency change
  3. Financial impact to cardholder

Common Scenarios​

ScenarioIssue
Checkout showed USD, charged EURCurrency mismatch
DCC without opt-inUnauthorized conversion
Wrong currency codeProcessing error
Rate manipulationIncorrect conversion

Time Frames​

ScenarioDispute Window
Standard120 days from transaction date

DCC (Dynamic Currency Conversion)​

Proper DCC Requirements​

  1. Disclosure - Clear display of both currencies
  2. Consent - Cardholder must opt-in
  3. Rate display - Show exchange rate and markup
  4. Receipt - Both currencies on receipt
  5. Opt-out - Easy way to decline DCC

DCC Red Flags​

  • Pre-selected conversion
  • No rate disclosure
  • No opt-out option
  • Rate significantly above mid-market
  • Receipt only shows one currency

Representment Options​

1. Currency Was Correct​

Evidence required:

  • Transaction records showing correct currency
  • Checkout screenshot/logs
  • Currency displayed to cardholder
  • Order confirmation with currency

Evidence required:

  • DCC disclosure screen
  • Cardholder acceptance record
  • Receipt showing both currencies
  • Consent checkbox/signature

3. Pricing Was Accurate​

Evidence required:

  • Price as displayed at purchase
  • Currency matching order
  • No undisclosed conversion

Prevention Strategies​

Checkout Configuration​

  1. Clear currency display - Show currency code prominently
  2. Geo-based defaults - Match customer location
  3. Explicit selection - Let customer choose currency
  4. Confirmation screen - Show currency before final purchase

DCC Best Practices​

  1. Opt-in only - Never pre-select DCC
  2. Clear disclosure - Rate and markup visible
  3. Easy decline - Simple to use local currency
  4. Documentation - Log DCC choices

Technical Controls​

  1. Currency validation - Match auth to display
  2. ISO currency codes - Use correct codes
  3. Conversion logging - Track all rate applications
  4. Testing - Verify currency in test orders

Win Rate Expectations​

Defense TypeExpected Win Rate
Correct currency proven85-95%
DCC consent documented70-85%
Currency mismatch confirmedUnder 20%

Common Mistakes​

  1. DCC without clear consent - Major liability
  2. USD-only for international - Should offer local currency
  3. Currency code typos - EUR vs USD mismatch
  4. No receipt currency - Can't prove what was agreed
  • 12.2 - Incorrect Transaction Code
  • 12.4 - Incorrect Account Number
  • 12.5 - Incorrect Amount

See Also​