Currency and currency conversionU.K.
This section has no associated Explanatory Memorandum
57.—(1) Payment transactions must be executed in the currency agreed between the parties.
(2) Where a currency conversion service is offered before the initiation of the payment transaction—
(a)at an automatic teller machine or the point of sale; or
(b)by the payee,
the party offering the currency conversion service to the payer must disclose to the payer all charges as well as the exchange rate to be used for converting the payment transaction.