Just used an ATM in Togo 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, that’s unfortunately common in West Africa now. I used a UBA ATM in Lome, selected “Accept,” and my N26 card was charged in euros at a rate that felt off. Turns out DCC lets the ATM convert the transaction, and they make a margin off the bad rate. After switching to “Decline,” I saw a significant improvement. Pro tip: if the ATM shows your home currency decline it. Let your travel card do the work.
I was in Kara last month and used a Banque Atlantique ATM. Pressed “Accept” because I wasn’t sure, but later saw my Monzo account got hit with a pretty bad rate. DCC is misleading it sounds secure, but it gives the ATM control of the currency exchange. That usually means hidden fees in the exchange rate itself. I tested “Decline” on my next withdrawal and it was much better. Always decline when traveling even if it feels counterintuitive.
Same thing happened to me near the Grand Marche in Lome, using an Ecobank ATM. I chose “Accept” thinking I was avoiding fees, but my Revolut statement showed a bad GBP rate. That’s how DCC works the ATM processes the exchange and slips in extra charges via a worse rate. I withdrew again the next day, hit “Decline,” and immediately noticed a better result. Now I always decline if the ATM offers to convert to my home currency.
Yes, that’s a classic case of Dynamic Currency Conversion (DCC). I withdrew cash from a Bank of Africa ATM in Lome, hit “Accept,” and my Wise card later showed a really poor exchange rate, at least 6% off the market rate. When you accept, the ATM converts the amount to your home currency using its own inflated rate, not your card’s. The best move is to always Decline Conversion your bank or card provider will usually give you a much better deal.