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How is the card supposed to know the limit in a foreign currency? The real question is whether the banks will accept the transaction.
by Guvante 12y ago
How is the card supposed to know the limit in a foreign currency?
The real question is whether the banks will accept the transaction.
- mey 12y agoIt could simply deny transaction requests in foreign currency.
- tormeh 12y agoThat doesn't sound like something the EU would be glad to hear...
- mey 12y agoWhat's worse, additional steps to validate the transaction via swipe or unlimited purchase side by changing currency? It's an insecure design, I'm suggesting a simply approach that doesn't require the card to be more intelligent about international financial markets and exchange rates in real time.
- dwild 12y agoSet a limit for each currency and if it's not on that list, deny it.
- Guvante 12y agoWhat about currency's that fluctuate? The rate can change a lot in the several years a card is in consumer hands.
- TheLoneWolfling 12y agoOr, you know, it could simply not do financial transactions over wireless.
- Guvante 12y agoWhy? The only way it is going to post is if the bank accepts it. Since the card can't know the conversion rate "allow anything" is a perfectly reasonable action.
- zaroth 12y agoBingo! They didn't test the back end system, but what happens is the conversion is done to local currency and seeing that it's greater than the limit, it's denied. A non-story.
- lxgr 12y agoExactly. They seem to overlook that there are rules for the merchant as well; high-value transactions without a CVM are almost certain to raise flags (or be denied right away) at the merchant acquirer.