Monex currency conversion comes to Portuguese ATMs

Source: Monex Financial Services

Monex Financial Services announces that its Dynamic Currency Conversion (DCC) solution is now live across the SIBS network of 14,000 ATMs throughout Portugal.

This new Monex partnership with SIBS allows International card holders to withdraw funds at Portuguese ATMs while conveniently being charged in the home currency of their card, demystifying the actual amount which will appear on their card statement and clarifying the visitors overseas spend.

"This partnership with Monex, allowed us to enhance the Multibanco network functionalities available to users, delivering greater convenience to travellers that use our network." said Luís Flores, SIBS Executive Director, adding that "Multibanco offers a large range of services to its users and we are continuously working to offer more services to ease everyday life".

DCC has become an increasingly popular service worldwide at ATM machines and is particularly utilised by the business traveller as the FX value is determined at the time of transaction allowing for faster expense claim submissions.

Greg Kane, Commercial Director for Monex states "We are very excited to partner with SIBS and offer DCC across the entire ATM network in Portugal. We're continuing to develop further initiatives to deliver ancillary revenue to SIBS and its Clients. SIBS has an excellent reputation as an innovative and progressive company within the payments Industry and Monex was eager to deliver DCC as a value add service to their ATM & Merchant network"

The project to roll out the Monex DCC solution at Point of Sale across the SIBS Merchant portfolio is currently underway. 

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