Just used an ATM in Sweden 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?
I was staying at City Backpackers Hostel in Stockholm and went to the Nordea ATM nearby with my HSBC Visa card. The ATM asked me if I wanted to convert to GBP or stick with SEK. I accepted the conversion without thinking, and when I checked my bank app later, the exchange rate was terrible. The total cost was definitely higher than if I had declined. Since then, I always decline conversion and let my own bank do it. Same thing happened at a Bankomat near Östermalmstorg. Always choose local currency.
Oh yes, this totally confused me too when I arrived in Kiruna and used a ATM near the Best Western hotel. I used my Revolut card and accepted the conversion, thinking it was required. Turned out I paid almost 4 percent more. The ATM was Euronet, which I later heard is notorious for this. In Uppsala I declined conversion at a Handelsbanken ATM and got the real exchange rate, way better. Rule of thumb from now on: always decline ATM conversion prompts no matter which bank you're using, whether it’s Nordea, Swedbank, or SEB.
I ran into the same thing at a Bankomat ATM near the central station in Malmö. It gave me an option between being charged in SEK or in my home currency (AUD). I hit Accept because it sounded safer but later found out I got a worse rate. Apparently, the trick is to decline conversion and just take the charge in local currency. Used my ING card after that with the option declined and the rate was way better. Even the machine in ICA supermarket in Gothenburg tried the same thing. Always go local currency.
Yeah, that’s Dynamic Currency Conversion. Happened to me last month at Stockholm Arlanda Airport using a Deutsche Bank Mastercard. If you hit Accept, it means the ATM converted the amount into your home currency right there, usually with a much worse exchange rate than your bank would give you. So yes, you probably paid a few extra percent. Next time always hit Decline and let your own bank handle the conversion. I only use Bankomat machines now, and I always decline the conversion pop-up. The difference on a 2000 SEK withdrawal can be as much as 10 to 15 euros.