Declined Card Transaction - DCC Restriction, Reason Why Your Card Was Declined. i got a message from Guarantee Trust Bank with regards to
gtbank declined Card Transaction :
DCC Restriction. DCC simply means
Dynamic Currency Conversion.i want to believe many of us must have been experiencing this same error from most banks in Nigeria because when you try to make use of your atm naira MasterCard you got from either Gtbank, Stanbic ibtc, diamond bank, UBA Africard etc for online shopping or payment on website that accept naira equivalent such as google play store, facebook, amazon etc, it gives you invalid card number error and you may receive a transaction declined message from your bank and you don't know why this
Dynamic Currency Conversion is affecting your payment.
let me show you what i mean because i also received the same message from gtbank when i tried using my gtb naira mastercard online to make payment on google play store. Here is exactly what i got
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" Dear Valued Customer "
Declined Card Transaction : DCC Restriction .
Thank you for using your
GTBank Naira MasterCard. Please be informed that your transaction with the details below could not be completed because you have selected the DCC payment option (Dynamic Currency Conversion) that allows you to pay in Naira, which has been temporarily restricted on all our cards. Please reattempt the transaction and select the currency of the country you are transacting in.
Card Number : 53******4 Account
Number : ******8715 Merchant
Name : GOOGLE *SERVICES g.co/payhelp#CAUS
Amount : USD0.61 (NGN 200.00 )
Here Is Why You Get This Error ( Declined Card Transaction : DCC Restriction ) From Your Bank.
From my observation.the recent upgrade on most foreign website that have added the Naira Currency as means of payment for their service is the cause of this error. If you take a look at most of the foreign website that accept naira currency, you would noticed that when ever you try to make use of your card, you will always get invalid card number or details and immediately your bank will send you an auto generated email, telling you that your card was declined due to DCC restriction, which stands for Dynamic Currency Conversion.
This usually happens on Facebook, when you try to make payment for your ads. It also happens on google pay store when you try to make payment for their app or developer console. It also happens on amazon when you try to make payment for shopping directly on their website.
The simple reason is because the site i have mentioned has upgraded their payment gateway to accept Naira currency and as such, it is affecting the bank's
dollar to naira exchange rate. how Do i Mean?
This is what happens when you try to make payment in naira from those website. At times even when the currency is set as USD, the site will automatically use Naira Conversion for the payment since it has already been added as payment gateway.
Due to this naira currency conversion, the bank's have decided to restrict any payment on such website because the website will convert the Dollar To Official Naira CBN Exchange Rate and when that happens, the bank will decline it because the conversion rate is not same with what the bank is charging.still don't Understand right?, let me explain further.
Lets say official CBN Exchange Rate is #199 per $1 and the bank you are using is charging maybe #250 per $1. Each time you make use of the website i have mentioned, the site will convert the USD to naira and use official CBN exchange Rate of #199 per $1 to charge you for the payment instead of using what your bank is charging, which is #250 per $1 and this is causing war against both side. Your bank will not allow them to cut short their profit they will make from the exchange rate because if that happens, you will be paying #199 per $1 instead of #250 to a dollar.
So due to this, both the website and the bank is not at equilibrium. There is conflict in the figure and thus it won't work
back then, when making payment with naira MasterCard or visa card on the website i mentioned, it used to work smoothly without error but now that they have upgraded their payment gateway by adding naira Currency Conversion, this is causing problem since there is conflict in the exchange rate.
The website has already programmed their Naira Currency Conversion to charge Nigerians the normal CBN Official Exchange rate while the bank has already programmed their card to charge their own exchange rate and if none of them is agreeing, then the card will be declined. I hope you understand.so to fix this error, you can try to apply for A US Dollar MasterCard or Visa Card from your bank. That is what i did to fix this problem and it works. Cheers.
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How can you request a US Dollar card when u don't have a US Dollar account?
ReplyDeleteyou will need to have a dom account before you can apply for it
DeleteThen, how do you get your account funded in Dollars.
ReplyDeletei do transfer from my dom account to the card account or better still, you can buy from black market and deposit into the card account
DeleteThank you for this explanation.
ReplyDelete