Just used an ATM in Cyprus 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?
Yes, that’s totally normal but not ideal. I withdrew from an Alpha Bank ATM in Nicosia and chose “Accept,” assuming it meant fewer fees. But my N26 Euro account showed I was charged at a really bad rate. It’s all part of DCC, where the ATM does the currency exchange and adds a hidden markup. Always Decline Conversion so your bank applies the rate instead. Since then, I always double-check the screen before I confirm anything.
Same thing happened to me in Ayia Napa at a Euronet ATM (avoid those if you can). I hit “Accept” and got burned the exchange rate shown was awful, and I lost more than I expected. DCC is common across tourist-heavy areas in Cyprus. I use a Revolut card and now always Decline conversion so my card handles it. Pro tip: if you see an ATM showing the amount in your home currency, it’s a signal to decline and walk away if needed.
I just went through this in Paphos at a Bank of Cyprus ATM. “Accept Conversion” sounded official so I went with it turns out that means the ATM chooses the exchange rate, not your card provider. My Monzo card was charged about 6% more than when I later withdrew again and hit “Decline.” If the ATM shows you the amount in your home currency (EUR, GBP, USD etc), it's usually best to say no. Decline is the smarter option every time.
Yes, that’s a classic Dynamic Currency Conversion (DCC) situation. I made the same mistake last month at an Hellenic Bank ATM in Larnaca. Chose “Accept” thinking I was locking in a good rate, but my Wise account later showed I got a really inflated exchange rate. The ATM basically converted it into GBP with its own markup. Always hit Decline that way your bank or card (like Revolut or N26) does the conversion at a much better rate.