I withdrew cash at an ATM in Comoros and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Yep, happened to me as well in Comoros. I withdrew cash from a BDC (Banque de Developpement des Comores) ATM and selected “Accept.” Sounded like the safer option, but my Monzo account later showed I lost a decent chunk to a bad exchange rate. It’s that Dynamic Currency Conversion trick ATM operators convert the currency and slip in extra fees. From now on, I always Decline Conversion and let my bank handle it. Cheaper, simpler, and smarter.
Just came back from a trip to Comoros and learned this the hard way at a SNPSF ATM in Moroni. I hit “Accept Conversion” thinking I’d avoid surprises, but then my N26 card was billed at a terrible rate in euros. It turns out “Accept” gives control to the ATM network, not your bank and they bake in a markup. Always choose Decline, especially when using travel cards that already offer strong FX rates.
Same thing happened to me on Grande Comore last month. I withdrew cash from an Exim Bank ATM near the port in Mutsamudu and chose “Accept” because I wasn’t sure. Big mistake my Wise statement showed I got charged at a horrible rate, about 6% worse than mid-market. That’s DCC. The moment you see your home currency on the ATM screen, hit Decline it means the ATM’s trying to do the conversion, and they never give you a fair rate.
Yes, that's unfortunately normal. I used a BFC (Banque Federale de Commerce) ATM in Moroni and made the same mistake hit “Accept Conversion” thinking it was the standard or secure option. But when I checked my Revolut account later, I saw I got a really poor exchange rate. That’s Dynamic Currency Conversion (DCC) it lets the ATM set the rate instead of your card provider, and they usually add hidden fees. Always Decline conversion to get your bank’s (usually much better) rate.