Everlink's Dynamic Currency Conversion Program Offers a New Revenue Stream for Credit Unions & FIs Looking to Service International Cardholders

As the Canadian economy continues to recover from the effects of the pandemic, international tourism to Canada has been on the rise throughout the year. According to Statistics Canada, in March 2022, almost 148,900 overseas visitors arrived in Canada. In the same timeframe, U.S. visitors to Canada increased by almost five times from the previous year.

So, what does this mean for ATM owners? Credit Unions (CUs) and Financial Institutions (FIs) have a unique opportunity to capitalize on the increase in travel and tourism by catering to the needs of international cardholders who require cash on hand. Everlink’s Dynamic Currency Conversion (DCC) service enables cardholders to complete transactions in their home currency by having the ATM present the withdrawal amount in both Canadian dollars and the home currency of the cardholder. Offering ease and transparency, DCC helps CUs and FIs establish trust with cardholders as they understand exactly how much they are withdrawing. The service even generates receipts that accurately match statements, creating familiarity and a positive brand experience for international cardholders.

As an avenue for generating new revenue with no impact to domestic cardholders, DCC allows customization of DCC margin rates and the foreign currency exchange guarantee, thereby eliminating the uncertainty of fluctuating foreign exchange rates. In addition, it empowers CUs and FIs to accept over 150 foreign currencies at their ATMs.

To enable the DCC service, Everlink clients can use their existing ATM assets at no additional service cost. Eligibility simply requires that ATMs are running on Windows 10 software. A typical implementation can take as little as 30 days upon signing the DCC agreement.

CUs and FIs seeking to enable DCC to maximize opportunities and generate new revenue from international cardholders can reach out to their Everlink Account Executive for more information.

Everlink Payment Services Inc. is a leading provider of comprehensive, innovative, and integrated payments and digital solutions and services for financial institutions and service providers across Canada. In addition to supplying best‐in-breed technology infrastructure and payment network connectivity, we offer a comprehensive range of integrated payments Lines of Business including Payment Network Gateway, ATM Managed Services, Card Issuance & Management, Fraud Management Solutions, Mobile Payments, Retail & SME Solutions, Digital Solutions and Professional Services.

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For additional information contact:
Christopher Minos, Marketing Manager
Everlink Payment Services Inc.
[email protected]