ATMs in Mongolia keep asking Accept or Decline Conversion - what does that mean? Shows high charges for this
Outside a guesthouse in Ulaanbaatar, I used a Capitron Bank ATM and nearly pressed accept because the option was in big green letters. Luckily, I asked another traveler there who said: “Always decline.” Sure enough, when I checked rates after, it would have cost me nearly 10% more to accept. These ATMs aren’t broken; they just push DCC really aggressively. Always decline conversion, and you’ll save a lot on cash withdrawals in Mongolia.
When I traveled out to Darkhan, the Trade and Development Bank ATM tried the same thing. It offered to charge me in GBP directly, which seemed convenient. But I remembered the DCC trick from Europe and hit decline instead. Later checked my Monzo app and saw I got the official Mastercard rate. So basically: never accept conversion in Mongolia. Just choose local currency (MNT) and your own bank does the conversion fairly.
Had this at a Khan Bank ATM close to Sukhbaatar Square. The screen made it sound like a good idea: “Confirm in your home currency for safety.” But if you press yes, the ATM adds its own rate, which is terrible. Better to decline and get charged in MNT. Then Visa or Mastercard does the conversion at the standard exchange. I learned the hard way with a $200 withdrawal-it cost me $15 extra when I pressed accept.
Used a Golomt Bank ATM in Ulaanbaatar near Peace Avenue, and it asked if I want to accept conversion to euros. That’s Dynamic Currency Conversion again. If you accept, you’re billed in your home currency but with an inflated rate. I declined, got my cash in tugrik (MNT), and my home bank handled it properly. The difference was huge-like 8% less when I let my bank do it. So always decline conversion in Mongolia.