Just used an ATM in Côte d'Ivoire and it asked me to accept or decline conversion. I chose Accept but now Im not sure if I paid extra fees. Can someone explain what this means and whats the right option?
I made the same mistake in Cocody when I used my Wise card at a UBA ATM. I hit “Accept” thinking it was just confirming the transaction, but it processed it in GBP instead of CFA. Later, I checked and the rate was terrible I basically lost out on £5 for a single withdrawal. Always read the screen carefully. “Accept” means you agree to the bank’s rate. “Decline” means your card provider sets the rate, which is almost always better. Lesson learned.
This happened to me last month in Grand-Bassam. I used a Societe Generale ATM, and it asked if I wanted to be charged in my home currency. I chose “Accept” out of habit, and only later found out that this is a dynamic currency conversion trap. It’s totally legal, but you end up paying extra because of a bad exchange rate and sometimes added fees. When you hit “Decline,” the ATM charges you in CFA francs, and your card company handles the conversion usually at a better rate.
I did the same thing at an Ecobank ATM in Abidjan near the airport chose “Accept” because I thought it meant I’d avoid fees. Turns out, when you accept the conversion, you’re letting the local bank set the exchange rate instead of your card provider. And their rate is usually terrible. I compared the rate later and realized I paid nearly 7% more than if I had just declined. Next time, always choose “Decline” and let your bank do the conversion you’ll get a much fairer deal.