Bank of New Zealand has announced the launch of CurrencySelect EFTPOS. The new digital product converts New Zealand Dollar sale prices into overseas credit cardholders’ home currency at point of sale.

Bank of New Zealand general manager, Glenn Patrick, said, “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.”

Customers can see the exchange rate being used and any currency conversion fees applying to purchases.

The speed at which the technology spreads in New Zealand remains to be seen, as shops will need to acquire new terminals with built-in CurrencySelect functionality

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.

Foreign currencies initially available are: Australian Dollar, Great Britain Pound, United States Dollar, Japanese Yen, Canadian Dollar, Chinese Yuan, Hong Kong Dollar, Korean Won, Singapore Dollar, Swiss Franc, the Euro and South African Rand.