Shopping Made Easier for Overseas Visitors

11 January 2007
Media release

Shopping Made Easier for Overseas Visitors
Bank of New Zealand Launches CurrencySelect EFTPOS

Bank of New Zealand today announced the launch of CurrencySelect EFTPOS, New Zealand’s first foreign currency conversion facility that converts New Zealand Dollar sale prices into overseas credit cardholders’ home currency at point of sale.

The result of a partnership between the Bank and Pure Commerce, CurrencySelect EFTPOS provides payment familiarity and certainty to the country’s bourgeoning overseas visitor and tourist population.

Merchants with CurrencySelect EFTPOS offer improved customer service to visitors unfamiliar with our currency, says Glenn Patrick, Bank of New Zealand general manager, domestic and international payments.

“Sales conducted by Visa or MasterCard are converted into the customer’s home currency. The customer can then choose - by the push of a button - whether to pay in that currency or in New Zealand dollars.”

CurrencySelect EFTPOS advises customers of the exchange rate being used and any currency conversion fees applying to purchases.

Payment to the merchant occurs as usual in New Zealand dollars the next business day.
CurrencySelect EFTPOS also offers improved reporting via a web-based reporting console available through any Internet-enabled computer.

“CurrencySelect EFTPOS offers merchants a greatly improved customer experience, as international cardholders can know exactly* how much they are paying in the currency they know best – potentially leading to increased sales,” says Mr Patrick.

While new to New Zealand, foreign currency conversion capability is now a normal expectation of merchants and foreign visitors overseas, with uptake rates at around 95% among leading Australian retailers. Overseas experience shows that the transactions take no longer than standard card payments.

“Retailers in New Zealand can expect customers to increasingly regard this level of price certainty as commonplace, particularly with the volatility of foreign currency markets.”

The launch of CurrencySelect EFTPOS follows a successful pilot completed late last year with selected retailers.

Ross Cowie, general manager finance, Scenic Circle Hotels Group, one of the companies that participated in the pilot, says: “We were very keen to take up the option of offering our guests CurrencySelect EFTPOS. It is a well-established service internationally and we knew that we would be adding value to our guest experience by adopting it. We rolled out the option across all 17 of our hotels, located throughout New Zealand. Already we are getting very positive feedback from our guests who like the financial certainty that it offers and the ease with which it can be accessed.”

Foreign currencies initially available via CurrencySelect EFTPOS include: Australia, Japan, Canada, Great Britain, European Union, United States, South Africa, Hong Kong, China, Singapore, Switzerland and South Korea.

Merchants looking to reap the benefits of CurrencySelect EFTPOS will require new EFTPOS terminals with built-in CurrencySelect EFTPOS functionality, or an upgrade to existing terminals. Dial-up terminals can be leased or purchased.

ENDS

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