I withdrew cash at an ATM in Ghana and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Same thing happened to me in Cape Coast used an Ecobank ATM and chose “Accept” because I didn’t know better. Later, my Monzo app showed a bad rate and the total cost was higher than expected. DCC gives the ATM control over the exchange and they use a worse-than-market rate with hidden fees. Now I always Decline Conversion and let my card do it. It’s one of those travel tips that ends up saving a lot over time.
Yep, I learned this the hard way at a Stanbic Bank ATM near Kotoka Airport. I accepted the conversion and ended up paying way more than I should’ve my N26 statement confirmed the rate was way off. DCC is designed to benefit the ATM operator, not the traveler. If the ATM asks to convert to your home currency, always hit Decline. Let your bank handle it especially if you're using travel cards like Wise or Monzo.
I had the same issue in Kumasi at a Zenith Bank ATM. I pressed “Accept” because it sounded like the safer choice, but my Revolut account later showed I lost money to a bad exchange rate. That’s what DCC does it shows you a rate in your home currency but bakes in markup you won’t see directly. I tried again a day later, chose “Decline,” and got a significantly better rate. Since then, I always decline if the ATM shows anything in USD or GBP.
Yes, it’s unfortunately quite normal that’s Dynamic Currency Conversion (DCC) at work. I used a GCB Bank ATM in Accra near Osu and hit “Accept,” thinking it meant fewer surprises. Later, my Wise card showed I got a terrible exchange rate about 6% worse than the market. What happens is the ATM does the conversion instead of your bank and adds hidden fees in the rate. Always Decline conversion to let your card provider use their own, much better rate.