I withdrew cash at an ATM in Malta and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Just got back from Malta and had the exact issue at a Lombard Bank ATM in Mdina. I pressed “Accept” when it offered to convert the amount, but my N26 account later showed I lost a good chunk to a poor rate. It’s DCC the ATM converts the money and adds hidden fees into the exchange rate. Since then, I always hit Decline and let my card issuer do the conversion. The difference in cost is very real.
Yep, happened to me in St. Julian’s at an APS Bank ATM. I picked “Accept” because it seemed safer, but my Monzo card got billed at a terrible rate in GBP. That’s the classic Dynamic Currency Conversion scam the ATM looks like it’s helping you, but it’s really locking in a rate that benefits the provider, not you. Always choose Decline Conversion, especially when using travel cards like Monzo, N26, or Wise.
I had the same thing happen at an HSBC ATM in Valletta near the Triton Fountain. The ATM asked me to accept or decline conversion and I chose “Accept” without thinking. My Revolut statement later showed a much worse rate than expected. This is the DCC trick the ATM applies its own inflated exchange rate, often with 5-7% hidden fees. Now I always Decline so my card handles the currency conversion it’s always better.
Yes, that’s pretty common I made the same mistake at a Bank of Valletta ATM in Sliema. I hit “Accept” because it sounded like the safe or official option, but my Wise app later showed a very poor exchange rate, about 6% off. That’s Dynamic Currency Conversion (DCC) when you accept, the ATM converts the currency at its own rate, not your bank’s. Always Decline Conversion to let your card provider apply their fairer rate.