Just used an ATM in San Marino 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?
Yep, it happened to me too withdrew at a Carisp ATM near the cable car station and selected “Accept.” My N26 statement later showed I got a lousy exchange rate in EUR. That’s how DCC works the ATM does the currency conversion at its own inflated rate, not your bank’s. I retried with “Decline” and the rate was way better. It’s safer to let your travel card handle the conversion. Always Decline Conversion when asked.
Just visited San Marino and got caught by this at an Intesa Sanpaolo ATM right outside the city walls. I chose “Accept,” thinking it would make things easier but my Monzo card was charged in pounds at a bad rate. DCC makes it seem like a good idea, but you end up paying more. I tested it again later and selected “Decline,” and the difference in how much I was charged was clear. From now on, I always decline.
Same thing happened to me at a Banca di San Marino ATM near the Basilica. I hit “Accept” thinking I was just confirming the transaction, but my Revolut card was billed in GBP at a terrible rate. DCC allows the ATM to control the currency exchange and sneak in hidden fees via the exchange rate. I withdrew again the next day, hit “Decline,” and the rate was noticeably better. Always decline conversion, especially with cards like Revolut, Wise, or Monzo.
Yes, that's Dynamic Currency Conversion (DCC) and it’s a common trap. I used a Credito Cooperativo ATM in San Marino’s old town, chose “Accept,” and my Wise card later showed a really poor exchange rate, about 6% worse than mid-market. When you accept, the ATM converts the currency to your home currency using its own inflated rate, not your card provider’s. The right move is always to Decline Conversion so your card handles it at a much fairer rate.