Just used an ATM in Latvia and it asked me to accept or decline conversion. I chose Accept but now Im not sure if I paid extra fees. Can someone explain what this means and whats the right option?
Yes, very common issue in Latvia. I used a Luminor ATM in Daugavpils, and like you, I chose “Accept” thinking I was avoiding a surprise fee. Instead, I ended up getting a worse exchange rate my N26 account confirmed it. DCC is behind it the ATM locks in a rate and includes a hidden markup. Since then, I’ve made it a rule to always decline when an ATM offers to convert to my home currency. The savings really add up.
I just got back from Latvia and faced this at a SEB ATM in Jurmala. Accepted the conversion and later noticed my Monzo card had been billed in GBP at a pretty bad rate. That’s DCC when you accept, the ATM converts using its own rate, not your bank’s, and it’s rarely in your favor. I tried again the next day, hit “Decline,” and the difference in the rate was clear. Now I always decline conversion, no matter where I am.
Same thing happened to me last month at a Swedbank ATM near Riga Central Market. I hit “Accept” because the prompt made it sound like the right thing to do, but my Revolut statement later showed I paid significantly more than I should’ve. That’s the DCC trick the ATM converts to your currency and adds hidden fees inside the exchange rate. Always Decline and let your card convert it especially if you’re using a travel-friendly one.
Yes, that’s unfortunately pretty normal I had the same experience at a Citadele Bank ATM in Riga Old Town. I chose “Accept” thinking it was the safe or default option, but later my Wise app showed I got a really poor exchange rate. That’s Dynamic Currency Conversion (DCC) the ATM converts the amount to your home currency using its own inflated rate. Always Decline Conversion so your card provider (like Wise, Revolut, etc.) handles it with a fairer rate.