Which is better - choosing With or Without Conversion at ATM in Iraq?
During my trip to Iraq, my rule was to almost always decline ATM conversion. The ‘With Conversion’ option adds hidden fees and poor rates. Banks like Newroz Bank and Al-Rafidain Bank have ATMs that let you select no conversion, which I recommend. Just let your Mastercard or Visa handle currency exchange-it’s cheaper and clearer.
Iraq’s ATMs, including those at Bank of Baghdad, offer those conversion prompts but ‘With Conversion’ is usually a ripoff. I stick with ‘Without Conversion’ every time to get a fairer rate through my card issuer. It’s a simple way to avoid extra charges, especially if you’re withdrawing large amounts in Iraqi dinars.
In Iraq’s main cities like Erbil and Basra, picking ‘Without Conversion’ is the better option at ATMs. The ATM’s conversion rates can be significantly marked up under Dynamic Currency Conversion. I used my Visa card at Trade Bank of Iraq ATMs and always declined conversion, which helped me avoid sneaky fees on my statement.
When withdrawing cash at ATMs in Baghdad, I always chose ‘Without Conversion’. The ‘With Conversion’ option usually triggers a DCC fee, which means the ATM operator decides the exchange rate and it’s often worse than your bank’s. I had better experiences using both Visa and Mastercard at Rasheed Bank ATMs by declining conversion and letting my bank do the math.