I used my US card in Myanmar & the ATM just asked me Accept or Decline Conversion - I feel like I should choose Accept coz it seems more appealing but it had these super confusing numbers on the screen saying 8% markup so not sure. What should I do?
At Mandalay airport, the KBZ Bank ATM pushed a conversion option that almost fooled me. Big bold text “lock in rate now,” tiny text “markup applies.” I chose decline instead, got charged in kyat, and my Monzo card handled the exchange fairly. A British couple beside me picked accept and couldn’t believe how much extra they paid for the same withdrawal. It feels backwards, but the trick is always decline. Locals even told me to avoid accept entirely.
Pulled cash at an AYA Bank ATM near Inya Lake in Yangon. The machine offered to charge me in USD, which seemed logical since that’s my card currency. But then I noticed the markup line saying around 8%. That’s the scam part. I declined, got charged in MMK, and my Chase statement matched mid-market rates. I learned the hard way in Mandalay when I accepted once-ended up paying way more. Avoid “accept,” even if it looks safer.
I ran into the same thing at a CB Bank ATM in Bagan, right outside my guesthouse. The screen wording is designed to make you think “accept” is safer, but it’s just Dynamic Currency Conversion. If you accept, the ATM sets a terrible exchange. I asked a hostel mate at Ostello Bello and he told me to always decline and stick to kyat. Wise confirmed I was charged correctly when I did that. Don’t overthink-decline is the way.
In Yangon, I used a KBZ Bank ATM near Sule Pagoda. It flashed “accept conversion” in bright green and showed a USD amount that looked reassuring. But the fine print was an 8% markup. I pressed decline, got billed in kyat, and Revolut gave me the correct rate. When I tested accept earlier at a CB Bank machine in Mandalay, I lost $14 on a 200,000 MMK withdrawal. Always decline in Myanmar, and try KBZ or AYA Bank ATMs-they’re generally more reliable than the smaller regional banks.