I withdrew cash at an ATM in Russia and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Just back from a trip to Russia withdrew at an Alfa-Bank ATM at Sheremetyevo Airport, and chose “Accept” because it sounded secure. But my N26 card was charged at a really poor EUR rate. DCC is behind it the ATM sets its own rate, which is usually worse than what your bank would offer. When I declined conversion on another withdrawal, I saved a few euros. From now on, I always decline when that screen pops up.
Yep, same story here. Used a Gazprombank ATM in Kazan, pressed “Accept,” and my Monzo account got hit with a bad exchange rate in pounds. The ATM converted the rubles instead of my card provider, which led to extra fees hidden in the exchange. Next time, I declined and let Monzo handle it big difference. Always Decline Conversion when traveling, especially in Russia where DCC is getting more common.
I had this happen in St. Petersburg at a VTB ATM near Nevsky Prospekt. I accepted the conversion thinking it would avoid fees, but my Revolut card got billed in GBP at a ridiculous rate. That’s DCC it sounds helpful but is really just a clever way for ATM operators to slip in hidden costs. When I withdrew again and selected “Decline,” I got a way better deal. Always decline if the ATM offers to convert for you.
Yes, that’s a common issue I did the same at a Sberbank ATM in Moscow, and my Wise card later showed a terrible exchange rate, almost 7% off the mid-market rate. That’s Dynamic Currency Conversion (DCC) it lets the ATM convert your withdrawal to your home currency using its own inflated rate, not your card provider’s. Always Decline Conversion to let your bank or travel card apply the exchange it’s much more favorable.