I withdrew cash at an ATM in Eritrea and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Yup, I had the same thing happen at a Commercial Bank ATM in Keren. I thought “Accept” sounded safer wrong! My N26 card was hit with a poor rate and I only realized later it was due to Dynamic Currency Conversion. Accepting lets the ATM apply a rate that’s usually much worse than your card’s own rate. I now always Decline, especially in places where ATM fees and FX rates are less regulated. Definitely a good lesson to learn early.
I was in Massawa recently and used a Himbol Financial Services ATM. When it gave me the “Accept or Decline Conversion” prompt, I chose “Accept” out of caution. Big mistake. My Monzo card was charged more than expected, and the rate was significantly worse than mid-market. It’s a trick known as DCC, and it’s spreading even in lesser-visited countries like Eritrea. Always hit Decline so your bank or card provider sets the rate it’s way more transparent.
Same happened to me last month at the airport in Asmara used a Housing and Commerce Bank ATM and pressed “Accept.” My Revolut statement later showed the rate was awful. What I didn’t realize then is that “Accept” activates DCC, where the ATM converts your money to your home currency using their own inflated rate. I did another withdrawal later and chose “Decline” much cheaper. So yeah, it’s common, but always go with Decline in future.
Yes, totally normal unfortunately. I withdrew from a Commercial Bank of Eritrea ATM near Harnet Avenue in Asmara and chose “Accept” too, thinking it meant fewer surprises. Later, my Wise card showed a really poor exchange rate. That’s because you triggered Dynamic Currency Conversion (DCC), which lets the ATM set the rate and they usually add a markup of 5-7%. Always Decline so your card provider handles the conversion at a much better rate.