Just used an ATM in Israel and it asked me to accept or decline conversion. I chose Accept but now Im not sure if I paid extra fees. Can someone explain what this means and whats the right option?
Yes, it’s totally normal but definitely not ideal. I used a Mizrahi-Tefahot ATM in Eilat, and after selecting “Accept,” my N26 card showed I’d been charged using a really inflated rate. It’s the DCC trick if the ATM offers to convert to your home currency (USD, GBP, EUR, etc.), they apply a steep markup in the background. From now on, I always Decline Conversion and let my card provider handle it way more transparent and cheaper.
Happened to me last month in Haifa at a Discount Bank ATM. I picked “Accept” because the screen made it sound like the smart choice. But my Monzo account was charged at a bad rate and that’s when I learned about DCC. The ATM does the currency exchange, and it’s never in your favor. Next withdrawal I chose “Decline” and saved noticeably. Best tip: Decline every time the ATM asks to convert.
Same here I used a Leumi ATM near the Western Wall in Jerusalem and pressed “Accept.” Thought I was playing it safe, but my Revolut statement showed a horrible exchange rate. What they don’t tell you is that Accept means the ATM does the conversion and charges more through the rate itself. Always Decline your travel card (Wise, Monzo, etc.) will convert at a more favorable rate with fewer surprises.
Yes, that’s a typical Dynamic Currency Conversion (DCC) situation. I withdrew from a Bank Hapoalim ATM in Tel Aviv and chose “Accept” thinking it would reduce fees. Later, my Wise card showed a poor exchange rate, about 5-6% worse than usual. When you accept, the ATM converts the money using its own inflated rate, not your card provider’s. Always Decline conversion so your bank handles it you’ll get a much better deal.