I withdrew cash at an ATM in Zimbabwe and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Just got back from Zimbabwe and made the same mistake at a ZB Bank ATM in Mutare. I selected “Accept,” and my N26 card showed a poor EUR conversion rate. The ATM was doing the conversion instead of my bank, and they charged me more via a worse rate. On my next withdrawal, I declined and saved a lot. Rule of thumb: if the ATM offers conversion and shows your home currency, always Decline Conversion.
I was recently in Victoria Falls and used a FBC Bank ATM. I pressed “Accept” without knowing it meant the ATM would handle the currency conversion. My Monzo account later showed a very poor rate in pounds. DCC means the ATM sets the exchange rate, often with a 5-7% hidden fee. When I declined conversion on my next withdrawal, I got a much better deal. Always Decline Conversion when traveling abroad.
Same thing happened to me at a Standard Chartered ATM in Bulawayo. I chose “Accept” thinking it would reduce fees, but my Revolut card was charged at a really bad GBP rate. That’s the DCC trap the ATM converts your withdrawal and adds a hidden markup in the exchange rate. I withdrew again later and selected “Decline,” and the difference was immediately noticeable. Always decline conversion if the ATM shows your home currency.
Yes, that’s unfortunately quite normal. I withdrew cash from a CBZ Bank ATM in Harare, selected “Accept” because it sounded safer, but my Wise card later showed a terrible exchange rate, almost 6% worse than the mid-market. That’s Dynamic Currency Conversion (DCC) when you accept, the ATM converts the amount using its own inflated rate instead of your card provider’s. Always Decline Conversion to let your bank or travel card handle the exchange fairly.