ATMs in Monaco keep asking Charge in EUR or Charge in USD - what does that mean? Shows high charges for this
Used a Barclays machine inside the Metropole Shopping Center and got the same screen. It looked reassuring with “recommended USD,” but when I did the math later, it was almost 9% higher than the proper Visa rate. If you’re using a Wise, Revolut, or Monzo card, decline conversion and let them handle it. The ATM option is never in your favor. Monaco is expensive enough already-you don’t want to give away extra money on hidden fees.
I was at a Crédit Agricole ATM near Port Hercule, and it flashed a “guaranteed rate in your home currency” option. I pressed yes once with my US card and regretted it-ended up paying $11 more on a $150 withdrawal. The trick is called DCC. Just decline it and get billed in euros. Monaco uses the same system as France, so stick to EUR for the best rate. Your bank back home will always beat the ATM’s rate.
Happened to me at a BNP Paribas machine by the train station. It said something like “Do you prefer to be charged in dollars?” Very sneaky wording. If you pick USD, the ATM applies its own inflated rate. If you choose EUR, your own bank or card company does the conversion at the fair market rate. My Revolut card gave me a perfect interbank exchange when I declined. Rule of thumb in Monaco: always select local currency (EUR).
In Monte Carlo I used a Société Générale ATM near the casino and it popped up asking if I wanted to be billed in USD instead of EUR. That’s Dynamic Currency Conversion (DCC). It pretends to help by showing you the amount in your home currency, but the rate is awful. Always stick with EUR in Monaco. When I compared, my Chase card did the conversion at the proper Visa rate and saved me nearly €12 on a €200 withdrawal.