Just used an ATM in Uzbekistan 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?
Just got back from Uzbekistan and had the same issue at a Kapitalbank ATM in Nukus. I accepted conversion thinking it was safer, but my N26 card was billed at a poor EUR rate. DCC lets the ATM convert the currency with an inflated rate that includes hidden fees. I tested declining conversion on a second withdrawal and saved a good chunk. From now on, I always Decline Conversion.
I was in Samarkand recently and used a Hamkorbank ATM. Hit “Accept” without thinking and later saw my Monzo account was charged in pounds at a terrible rate. That’s the DCC trap the ATM sets the exchange rate, and it’s rarely in your favor. When I declined conversion on my next withdrawal, the rate was much better. Always decline conversion when traveling abroad.
Same thing happened to me at an Uzpromstroybank ATM near Chorsu Bazaar. I pressed “Accept” thinking it would prevent fees, but my Revolut statement showed a bad rate in GBP. DCC lets the ATM do the currency conversion and adds a hidden markup in the exchange rate. I withdrew again, selected “Decline,” and the difference was clear. Rule of thumb: if the ATM shows your home currency, always Decline.
Yes, that’s a classic Dynamic Currency Conversion (DCC) situation. I withdrew cash from a National Bank of Uzbekistan ATM in Tashkent, chose “Accept,” and my Wise card later showed a terrible exchange rate, nearly 6% worse than mid-market. When you accept, the ATM converts your withdrawal at its own inflated rate, not your card provider’s. Always Decline Conversion so your bank handles it it’s almost always cheaper.