I had a very disappointing experience with a payment service for transactions to Malaysia. When trying to make a card payment, the service compelled the transaction to be processed in my home country’s currency instead of the destination currency (Malaysian Ringgit). This eliminated the cardholder’s ability to pay in the local currency and allowed the service to impose its own exchange rate. Consequently, I was charged a significantly higher conversion rate, resulting in an unjustified increase in the total amount paid. This enforced dynamic currency conversion lacks transparency and leaves the customer with no option to refuse it. Globally, standard card payment practices are well established: the transaction is processed in the destination currency, and the cardholder’s bank handles the currency conversion. This allows customers to benefit from regulated bank exchange rates and avoid unnecessary third-party fees. The service's approach disregards this standard practice and effectively forces customers to bear excessive conversion charges. Given the absence of choice, transparency, and cost fairness, I cannot recommend this payment service for international card transactions. I strongly encourage the service to give customers the option to pay in the destination currency and allow issuing banks to manage conversion, as is standard in the payments industry.
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Flywire is a global payments enablement and software company. Flywire combines its proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for clients and their customers.
Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, so organizations can optimize the payment experience for their customers while eliminating operational challenges.See more
