Just used an ATM in Libya 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?
Happened to me too at an Aman Bank ATM in Misrata. “Accept” sounded safer, so I tapped it. My N26 card later showed a terrible conversion into euros not even close to the actual exchange rate. That’s because the ATM took over the currency exchange and built in a fee through the rate itself. If you’re using a travel card like Wise, N26, or Revolut, always Decline so your card handles the conversion. Way more transparent and cheaper.
Yes, it’s a common issue. I used a National Commercial Bank ATM near Martyrs’ Square, chose “Accept,” and regretted it later. My Monzo card showed I’d been charged in pounds at a bad exchange rate, with no clear fee just a higher amount. That’s classic DCC. It sounds like the safer option, but it’s just a quiet way for ATM providers to take more through the rate. I always Decline Conversion now when traveling.
Same thing happened to me in Benghazi using a Sahara Bank ATM. I accepted the conversion and my Revolut statement showed a worse rate than expected. That’s how DCC works the ATM offers to convert the amount to your home currency but uses its own inflated exchange rate. I tested it again a day later, hit “Decline,” and saved a decent amount. If the ATM shows your balance in GBP or USD, that’s a sign to Decline.
Yes, that’s unfortunately pretty normal I experienced the same at a Jamahiriya Bank ATM in Tripoli. I selected “Accept” thinking it meant fewer surprises, but when I checked my Wise account, the exchange rate was terrible. That’s because you triggered Dynamic Currency Conversion (DCC) the ATM converted the amount using its own rate, which usually includes a hidden markup of 5-7%. Next time, always Decline Conversion so your card provider applies the rate it’s almost always better.