Which is better - choosing With or Without Conversion at ATM in Hong Kong?
Happened to me at an HSBC and Standard Chartered ATM at the airport. I was in a rush and clicked accept when it asked about conversion. The receipt showed I had paid around six percent more than if I had let my card do the exchange. After that I always chose without conversion and had no issues. Just look for the option that says something like charge in local currency or decline conversion and you’ll be fine.
I was using a Wise card at a Bank of China ATM in Central and the screen asked if I wanted to be charged in my home currency or HKD. I remembered from a travel group to always decline conversion and it worked out well. I checked the final rate after the withdrawal and it matched what Wise showed in the app. When you accept conversion the ATM decides the rate and it’s almost always worse.
Just got back from a trip to Hong Kong and had this option come up every time I withdrew cash. The first time I chose with conversion and lost quite a bit to a bad exchange rate. It showed a guaranteed rate on screen but it was much lower than what my Revolut app showed. The second time I declined the conversion and got a much fairer rate. Rule I follow now is to always pick without conversion no matter what country I’m in.
I used my US debit card at a Hang Seng Bank ATM near Tsim Sha Tsui and it asked if I wanted to be charged in USD or HKD. I picked USD thinking it would save me fees but the rate was terrible. I later found out that choosing conversion means the ATM does the currency exchange and usually adds a huge markup. Since then I always choose without conversion and let my bank handle the exchange. The rate is way better that way.