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How the card network sets its conversion rate abroad

Paying or withdrawing cash in another currency involves a conversion you don't control directly. Here is who sets the rate, when it is applied, and which choice at the terminal keeps it in your favour.

Published September 30, 2026 · 2 min read

How the card network sets its conversion rate abroad
Key takeaways
  • The card network converts foreign payments at its own rate, applied at the time of the transaction.
  • The rate is not locked in before you pay, so the final amount can differ slightly from an earlier estimate.
  • Accepting home-currency pricing at a terminal (dynamic currency conversion) usually gives a worse rate.
  • Choosing the local currency keeps the network's rate instead of the terminal's markup.

Which exchange rate does my card use when I pay abroad?

When a purchase or ATM withdrawal is made in a currency different from your card's, the card network performs the conversion using its own rate. It is the rate in force at the time of the transaction. You do not negotiate it, and the shop or ATM does not set it if you pay in the local currency. This is why the same purchase can cost a slightly different amount on different days.

Is the conversion rate locked in before I travel?

No. The network's rate is applied at the moment of the transaction, not pre-locked in advance. Checking a rate before a trip gives you an idea of the cost, not a guarantee. If you need a predictable budget, treat any pre-trip calculation as an estimate and leave a small margin on the balance.

What is dynamic currency conversion and should I accept it?

Dynamic currency conversion is the offer to pay in your home currency instead of the local one. It looks convenient because you see a familiar amount on the screen. In practice, accepting it replaces the network's rate with a usually worse one. As a rule, the better answer is to decline and pay in the local currency.

Which currency should I choose at the terminal or ATM?

Choose the local currency. That keeps the conversion with the card network at its own rate, instead of the terminal's markup. The prompt may be worded as a helpful option, such as “pay in your currency”, so read the screen before confirming. The table below sums up the choices.

Choices at a foreign terminal or ATM and what they mean for the rate
ChoiceWho sets the rateLikely resultWhat to do
Pay in the local currencyCard network, at the time of the transactionNetwork's rate without the terminal's markupChoose this option
Accept home-currency pricingThe terminal, through dynamic currency conversionUsually a worse rateDecline it
Withdraw cash in the local currencyCard network, at the time of the transactionNetwork's rate, plus any fees shown for the withdrawalChoose this option and check the ATM screen
Accept a home-currency offer at an ATMThe ATM through dynamic currency conversionUsually a worse rateDecline it

How does this work with a Nexus Pay card?

Nexus Pay is a crypto wallet with a Visa card, so foreign payments go through the card network like any other Visa card. The card spends only the available balance, with no credit or overdraft. Nexus Pay charges 0% on purchases, 0.1% to move money from the wallet balance to the card, and 0.25% per ATM withdrawal. An ATM owner may add its own fee, which appears on the ATM screen before you confirm.

How can I keep the cost of spending abroad predictable?

A few habits help, and none of them requires guessing the rate.

  • Decline home-currency pricing and pay in the local currency.
  • Make one larger ATM withdrawal instead of several small ones, because the ATM fee is charged per withdrawal.
  • Check the ATM owner's fee on the screen before confirming.
  • Keep a small buffer on the card, since the final rate is set at the time of the transaction.

If you hold several coins in a Nexus Pay wallet, swapping between them inside the wallet costs 0% at a rate with no markup, and the amount you receive is shown before you confirm. That is a separate step from the network's conversion at the till.

Common questions

Can I find out the exact rate before I pay?
Not exactly. The network applies its rate at the moment of the transaction, so any earlier figure is only an estimate.
Why does the terminal show my home currency?
This is dynamic currency conversion. It is an offer to pay in your home currency, and accepting it usually means a worse rate than the network's.
Does paying in the local currency remove all fees?
No. It keeps the network's rate rather than the terminal's markup, but other fees still apply, such as an ATM owner's fee, which is shown on the ATM screen.
Does the Nexus Pay card charge for purchases abroad?
Nexus Pay lists 0% on purchases. Moving money to the card costs 0.1% and an ATM withdrawal 0.25%; the ATM owner may add its own fee.
Can I freeze my card if I lose it while travelling?
Yes. In the Nexus Pay app the card can be frozen and unfrozen in one tap.

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Related reading

Fee calculatorWhat reaches the card and how much cash you get from your amount — at our rates. What is a card's settlement currency, and what does it mean when you pay abroad?Your card settles in a base currency; abroad, the card network converts each purchase at payment time. Learn what that means and which currency to choose. Dynamic Currency Conversion at the ATM: The On-Screen Choice That Costs You MoreDynamic currency conversion offers to charge you in your home currency at the ATM, but the exchange rate is typically worse than your card network's rate. How… How currency conversion is calculated when you withdraw cash at an ATMThe ATM pays out local cash, the card network converts your balance at its rate, then fees apply. Here is how the final amount is worked out, step by step.

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