ATMs in China keep asking Accept or Decline Conversion - what does that mean? Shows high charges for this
At Pudong Airport in Shanghai, a China Construction Bank ATM asked the same thing. If you accept conversion, you’re basically donating money to the ATM. If you decline, you’re charged in RMB, and your bank handles it fairly. I compared later-accepting cost around ¥150 extra on a ¥3,000 withdrawal. Always decline.
In Guangzhou, I used an Agricultural Bank of China ATM. The “accept conversion” button was large and green, while “decline” was tiny. That’s how they trick tourists. I pressed decline, and my Monzo card billed me correctly in yuan. A friend pressed accept and paid nearly 9% more. Always choose decline in China.
At an ICBC ATM in Shanghai, I saw the same screen. The wording was sneaky: “Lock in today’s guaranteed rate.” I hit accept once-big mistake. The rate was awful. Next time I declined, and my Revolut card gave me the normal market rate. In China, always decline conversion and let your card provider do the math.
Used a Bank of China ATM in Beijing. It flashed “accept conversion to USD.” That’s DCC. If you accept, the ATM applies its own bad rate. If you decline, you’re billed in RMB (CNY), and your bank converts at the proper rate. On a ¥2,000 withdrawal, accepting cost me about $25 more. Always decline.