I withdrew cash at an ATM in Spain and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Just got back from a trip through Valencia and Granada and learned this lesson early. I used my SBI Visa debit card from India at a generic ATM near the train station and selected Accept Conversion because it seemed clearer. But the rate was terrible and there was a service charge on top. Later in Granada I used a Santander ATM and picked Without Conversion and got a much better deal. It’s a common trap for tourists. Always decline conversion and choose the euro option even if it feels counterintuitive. Your home bank’s rate is almost always better.
I had the exact same issue in Madrid outside Atocha station. I used my Revolut Mastercard and when the ATM asked me to choose between euros or conversion to GBP I picked conversion because I wanted to see the amount in pounds. Looked easy and safe but it was way worse than what Revolut usually gives me. After that I withdrew again two days later from a CaixaBank ATM and this time I chose to be charged in euros and the rate was almost spot on. Never accept conversion in Spain or anywhere else if you want to avoid hidden fees.
I was in Seville last month and withdrew 200 euros from a Bankia ATM using my Canadian Visa. The machine asked if I wanted to be charged in CAD and I accepted thinking it would help avoid surprises. Huge mistake. When the transaction cleared I saw I lost about 10 dollars to a bad exchange rate. My bank confirmed it was due to dynamic currency conversion. If you’re traveling in Spain always choose local currency when using an ATM. Accepting conversion means the ATM provider sets the rate and it’s never in your favor.
This just happened to me in Barcelona last week. I used a EuroNet ATM near Plaça Catalunya and when it asked if I wanted to accept conversion I hit yes because it showed the amount in pounds and I thought it would be safer. Later when I checked my Monzo app I saw the rate was awful. I basically paid around 7 percent more than what I would have with my bank’s exchange rate. I’ve since learned to always hit decline conversion and let my card provider do the currency exchange. Spain has a lot of these ATMs that push the conversion option so watch out.
With my Wise card at Kutxabank in Spain, I withdrew €200 with no fee or conversion prompt - it was a pleasant surprise. Choose Decline or without conversion if it asks for your card so you avoid extra charges
Be cautious with ING ATMs-they tricked me with currency conversion. Even after declining, it still processed the transaction.