I used my US card in Malawi & 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?
I’ve traveled through Malawi using Citibank Visa and declined those conversion prompts every time. The 8% markup looked weird and costly. The ATMs at National Bank of Malawi are reliable and let me withdraw cash without surprises when declining conversion.
For Malawi, my advice is to avoid accepting that conversion. I used FDH Bank ATMs and always declined to dodge the nasty 8% fee. The convenience of the ‘Accept’ option isn’t worth the extra cost. Always check your bank app after withdrawing to monitor charges.
I was confused at first but learned that accepting the conversion in Malawi means the ATM picks the exchange rate and slaps on fees, sometimes 8% or more. Declining hands the conversion to Visa or Mastercard, which usually have lower fees. Also, make sure your bank doesn’t charge extra foreign transaction fees.
When I used my US card at Malawi ATMs, I always hit ‘Decline’ on that currency conversion popup. The 8% markup they show is a total ripoff called Dynamic Currency Conversion (DCC). It seems appealing, but letting your own bank do the conversion usually saves money. I stuck to Standard Bank ATMs in Lilongwe and always declined conversion for better rates.