Just used an ATM in Nigeria 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 had the same issue at a UBA ATM near Kano airport. I thought “Accept” meant fewer surprises, but my N26 card was charged at a terrible rate. That’s DCC it looks helpful but ends up costing more. The ATM converts the currency and pockets the difference through an inflated exchange rate. From now on, I always Decline Conversion and let my bank do the exchange especially when traveling with a multi-currency card.
Just back from Nigeria withdrew cash at a First Bank ATM in Victoria Island and chose “Accept.” My Monzo account got charged in pounds, but the rate was awful. DCC is the issue it gives the ATM control over the currency exchange and sneaks in a markup you won’t see. When I selected “Decline” the next day, I got a much better result. Always decline if you’re using cards like Monzo, Wise, or N26.
Same thing happened to me in Abuja at a Zenith Bank ATM. I accepted the conversion, thinking I was locking in something secure, but my Revolut statement showed I paid a lot more than expected. That’s DCC the ATM converts to your home currency and adds hidden fees into the rate. I withdrew again later, hit “Decline,” and got a noticeably better deal. Now I always decline if the ATM shows anything in GBP or EUR.
Yes, that’s unfortunately quite normal it’s called Dynamic Currency Conversion (DCC). I used a GTBank ATM in Lagos, chose “Accept” because it sounded safe, but my Wise card later showed a terrible exchange rate, about 6% higher than market. When you accept, the ATM applies its own inflated rate instead of letting your card provider handle it. Always Decline Conversion your bank will nearly always give you a better rate.