ATMs in Sri Lanka keep asking Accept or Decline Conversion - what does that mean? Shows high charges for this
In Hikkaduwa and Kandy I used several ATMs and almost all asked this. The first time I hit Accept because I didn’t know what it meant and ended up getting charged nearly 8 percent extra. After that I always hit Decline and just let my home bank do the math. My Wise card handled it perfectly. If you want the best exchange rate and lowest fees, always choose Decline.
This is a scammy trick most ATMs use to get more out of tourists. I saw it at Commercial Bank and BOC ATMs too. It shows something like we’ll convert the amount for you at 300 rupees per dollar when the real rate is 330. Looks official but it’s just a bad deal. I declined it every time and paid way less. Even my bank warns me to never accept conversions at ATMs abroad.
I used a Revolut Visa at a Sampath Bank ATM in Colombo and saw that message. The screen showed a crazy low exchange rate and a warning about fees. I pressed Decline Conversion and still got my money, charged in rupees, and Revolut gave me a much better exchange rate. If you hit Accept, the ATM operator makes more money by converting it for you. Always Decline unless you want to lose extra money for no reason.
Happened to me every time I used an ATM in Sri Lanka. When it says Accept or Decline Conversion, it’s offering something called Dynamic Currency Conversion. Basically, if you accept, the ATM will charge you in your home currency like euros or dollars, but at a terrible exchange rate and with extra hidden fees. I always hit Decline. That way your home bank does the conversion, usually at a much better rate with fewer or no fees.