I withdrew cash at an ATM in Tanzania and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Same issue here. Used a Stanbic Bank ATM in Moshi, chose “Accept,” and my N26 card was billed in euros at a poor rate. DCC is sneaky it sounds like you're confirming the withdrawal, but you’re actually letting the ATM set the exchange rate, which is rarely in your favor. Always choose Decline Conversion so your card provider applies their standard rate, which is usually much fairer, especially with travel cards like N26, Wise, or Revolut.
I was recently in Zanzibar and used an Exim Bank ATM in Stone Town. Pressed “Accept” by instinct and got burned my Monzo account was charged in pounds at an awful rate. DCC allows the ATM to do the conversion, not your bank, and they profit from it. When I tried again the next day and selected “Decline,” my card handled the exchange and the rate was significantly better. Since then, I never accept DCC at any ATM.
I made the same mistake at a National Microfinance Bank (NMB) ATM near the ferry terminal in Dar es Salaam. I pressed “Accept” thinking it would prevent extra fees, but my Revolut card showed a really bad GBP rate afterward. That’s the DCC trick the ATM handles the currency exchange instead of your card, and adds a hidden markup. On my next withdrawal, I selected “Decline,” and got a way better rate. Always decline when your home currency is shown.
Yes, unfortunately that’s quite normal. I withdrew from a CRDB Bank ATM in Arusha, chose “Accept,” and my Wise card later showed a terrible exchange rate, nearly 7% worse than the mid-market. That’s called Dynamic Currency Conversion (DCC) when you accept, the ATM converts the transaction using its own inflated rate. The correct option is to Decline Conversion so your card provider does the exchange it’s almost always cheaper and more transparent.