High currency conversion charges at ATMs in South Africa

When I first saw “Accept or Decline Conversion” at a Spar ATM in Stellenbosch, I thought accepting would make the process smoother - huge mistake. It showed some high charges and converted at a poor rate. After a local explained it, I always chose “Decline” after that. Even if the ATM says “Warning: unknown charges,” don’t panic - your bank will still convert, usually at a better rate. I’d say this prompt is the #1 thing tourists misunderstand when using ATMs in South Africa.

I stayed in Johannesburg for a month and tested this across different ATMs - FNB, Absa, Capitec. The “Accept/Decline Conversion” prompt is classic DCC. I used my Wise card, and every time I accepted the conversion, it showed a rate 5-8% worse than what Wise offered. Declining always gave me a better deal. Plus, Absa and Standard Bank ATMs charged lower withdrawal fees than Nedbank. If your card supports no-FX markup, always decline ATM conversion and let your card issuer do the math.

In Durban and again at OR Tambo Airport, I saw that conversion screen and it threw me off at first. When you press “Accept,” the ATM applies Dynamic Currency Conversion - not in your favor. I declined it and my Revolut card used the interbank rate, which was far better. It’s one of those sneaky ways banks try to make more off tourists. I now treat “Decline Conversion” as my golden rule when withdrawing abroad, especially in South Africa where some ATMs charge extra just to convert.

Used a Nedbank ATM in Cape Town in May 2024 and got that prompt. “Accept Conversion” means the ATM does the currency exchange for you at its own rate - and that rate is usually terrible. I declined and let my home bank handle the conversion, which saved me close to 10%. If you accept, you’re basically locking in their inflated exchange rate. Always hit “Decline” unless you love overpaying for cash. Also, check the fees - some ATMs sneak in a R50-R70 withdrawal charge on top.