Just used an ATM in Syria 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 unfortunately normal in many countries now. I was in Latakia, used a Byblos Bank ATM, and hit “Accept.” My N26 card was billed in euros at a rate that was at least 6% worse than what I saw online. With DCC, the ATM sets the exchange rate, not your bank, and it’s rarely in your favor. When I selected “Decline” later on, I got a far better deal. Rule of thumb: if it shows your home currency, always decline.
I had a similar experience in Aleppo using a Syria International Islamic Bank ATM. Thought “Accept” was the safe route, but my Monzo account showed an awful conversion. DCC is misleading it looks official, but really just gives the ATM control over the exchange rate. When I declined it later, Monzo handled the conversion and the rate was much better. Always choose Decline Conversion if you want to avoid silent charges through inflated rates.
Same thing happened to me at a Banque Bemo ATM near Bab Sharqi. I selected “Accept” because it sounded like it would prevent surprise fees, but my Revolut card was charged in GBP at a very bad rate. That’s the DCC trick the ATM does the conversion, not your bank, and it adds a hidden markup in the rate. I withdrew again a few days later, selected “Decline,” and the rate was noticeably better. Now I always decline when given the option.
Yes, that’s a textbook case of Dynamic Currency Conversion (DCC). I used a Commercial Bank of Syria ATM in Damascus and chose “Accept” too, thinking it would simplify things. But my Wise card later showed a terrible exchange rate, way below the market rate. DCC allows the ATM to convert the currency to your home one at its own inflated rate. The correct option is always to Decline Conversion your card provider will usually give you a much better rate.