Just used an ATM in Somalia 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?
Yes, this is very common across countries where foreign cards are accepted. I used an ATM in Bosaso and selected “Accept” out of habit. My N26 card was charged in EUR, but at a rate that was way off market. With DCC, the ATM operator sets the rate, and you end up paying more. I tested both options “Decline” gave me a significantly better deal. Since then, I never accept the conversion. Always let your travel card handle it.
I was in Hargeisa and used a Dahabshiil ATM. Pressed “Accept” by mistake and regretted it when my Monzo app showed a worse-than-expected rate. DCC lets the ATM convert your money instead of your card provider and they sneak in extra costs by tweaking the rate. I retried with “Decline” and the difference was clear. Moral of the story: always decline conversion, even if it sounds more secure.
Same happened to me last month at a Premier Bank ATM near KM4 junction. I accepted the conversion assuming it would be safer, but my Revolut card was billed in GBP at a really unfavorable rate. That’s DCC the ATM applies its own currency exchange, not your bank's, and adds a hidden markup. I withdrew again later, selected “Decline,” and saved a few bucks. Now I always decline whenever that option shows up.
Yes, that's a typical Dynamic Currency Conversion (DCC) situation. I withdrew from an Amal Bank ATM in Mogadishu, hit “Accept” thinking it meant fewer surprises, but later saw on my Wise card that I got a terrible exchange rate. When you accept, the ATM does the conversion using its own rate and it's usually much worse than your card provider’s. From now on, I always Decline Conversion to avoid hidden fees baked into inflated rates.