I withdrew cash at an ATM in Bangladesh and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Yes, sadly that’s very common. I was in Chittagong recently, used an HSBC ATM, and selected “Accept” because I wasn’t sure what it meant. My N26 Euro card ended up getting a bad exchange rate with extra charges baked in. If you ever see an ATM showing your home currency, that’s a sign it’s doing DCC. Best move is to Decline Conversion and let your card provider do itespecially if you’re using a travel-friendly one like Wise or Revolut.
I withdrew cash from a City Bank ATM at Hazrat Shahjalal International Airport and chose “Accept” because I thought it meant fewer surprises. Turns out it was more expensive. My Revolut account showed I got a poor exchange rate, almost 6% worse than what I expected. The screen had shown the amount in USDthat’s always a red flag. From now on, I decline whenever it asks. Let your bank or card issuer do the conversion, not the ATM.
Same happened to me in Sylhet using a BRAC Bank ATM. I used my Wise card and pressed “Accept” because the screen said something like “lock in this rate.” Bad idea! Wise later showed I paid significantly more than when I withdrew again and hit “Decline.” DCC is a trick where the local ATM sets the rate (and adds a hidden margin). In Bangladesh especially, where margins are steep, it’s always better to decline and let your card handle it.
Yes, unfortunately that’s normal when you hit “Accept Conversion.” I did the same thing last month at a Dutch-Bangla Bank ATM near Gulshan 2 Circle in Dhaka. It offered me the amount in GBP with a “guaranteed rate” and I accepted, thinking it was more secure. My Monzo card later showed I lost around 7% compared to the actual market rate. It’s called Dynamic Currency Conversion (DCC)it’s best to always Decline and let your card provider do the conversion. Way better rates that way.