I used my US card in Cape Verde & the ATM just asked me Accept or Decline Conversion - I feel like I should choose Accept coz it seems more appealing but it had these super confusing numbers on the screen saying 8% markup so not sure. What should I do?
Happened to me at a Caixa ATM in Espargos. Screen popped up with “Do you accept our guaranteed rate?” which sounded good, but when I looked closely it was 8% above the real rate. I pressed Decline, got escudos, and my Wells Fargo card did the conversion properly. At my hostel in Mindelo, another traveler hit Accept and was so annoyed at losing €12 equivalent on the same withdrawal. Rule in Cape Verde: Decline always wins.
This is called DCC (Dynamic Currency Conversion). You’ll see it at BCA, Caixa, and even Banco Interatlântico machines across Cape Verde. Always Decline conversion. Even if your bank charges a foreign transaction fee, it’s still cheaper than letting the ATM lock you into its own USD rate. A lot of backpackers in Praia hostel areas complain about this because they press Accept and get hit with hidden fees. Declining means you’re billed in CVE and the exchange is done fairly.
I made the mistake at a Caixa Económica ATM in Sal airport. Hit Accept because it showed USD and I thought it’d be easier. When I checked my Bank of America statement, I realized I lost nearly $15 on a 10,000 CVE withdrawal. Later at a BCA ATM in Santa Maria, I pressed Decline and got the escudos billed at a much cleaner rate. Learned the hard way - Decline every time in Cape Verde, no matter how “official” the numbers look.
At Caixa Económica ATMs in Praia, the “Accept conversion” option comes with a hefty markup. It looks safer, but you’re paying 7-9% more. The correct choice is always Decline, which means the machine gives you escudos (CVE) and your card network (Visa/Mastercard) handles the conversion at a fairer rate. I used my Capital One card at Banco Comercial do Atlântico in Mindelo, declined conversion, and the numbers matched the Google rate almost perfectly. Choosing Accept would’ve cost me extra for the same cash.