I used my US card in United Kingdom & the ATM just asked me Charge in USD or Charge in GBP - I feel like I should choose USD coz thats the currency in my bank account but it had these super confusing numbers on the screen saying 8% markup so not sure. What should I do?
Had this panic at a Gatwick ATM! The screen showed:
"Get $138 USD for £100? [ACCEPT] or [DECLINE FOR GBP]."
I hit DECLINE, and my Wise card only took $126.50 from my account. DCC is legal robbery.
Exceptions: Only say "yes" to USD if your card has no foreign transaction fees and you verify the rate matches Google’s (it never does).
The math doesn’t lie:
ATM’s USD option: £100 = $138 (8% fee + bad rate)
Your bank’s conversion: £100 = $127 (1-3% foreign transaction fee + Visa/Mastercard’s real mid-market rate)
I worked for a UK bank - we made millions off travelers who didn’t know to refuse DCC. Always cancel the conversion and let your card’s network process it.
This is a classic tourist trap! Those ATMs (usually Euronet or Travelex) make it seem like picking USD is easier, but it costs you way more. Here’s what to do:
Press "DECLINE" or "CONTINUE IN GBP" when asked about conversion.
Let your US bank (Chase, Capital One, etc.) handle the exchange.
Check your statement you’ll see the real rate was 3-5% better than the ATM’s offer.
Protip: Use bank ATMs (Barclays, HSBC) they rarely push DCC as hard.
ALWAYS CHOOSE GBP (LOCAL CURRENCY)! That "8% markup" is a Dynamic Currency Conversion (DCC) scam. If you pick USD, the ATM operator (not your bank) sets the exchange rate - and it’s always terrible. By selecting GBP, your US bank will do the conversion at their much fairer rate. Example: I withdrew £100 last week - DCC wanted to charge me $138, but my bank (Charles Schwab) only charged $127.I used my US card in United Kingdom & the ATM just asked me Charge in USD or Charge in GBP - I feel like I should choose USD coz thats the currency in my bank account but it had these super confusing numbers on the screen saying 8% markup so not sure. What should I do?
Decline currency conversion at Lloyds-no fees otherwise.
HSBC said 0 fees but charged me 5.26%-because I accepted conversion. My bad!
HSBC is great-but make sure to decline conversion to avoid extra fees.
Scotiabank ATM was easy to use. Just remember to decline currency conversion.