ATMs in Lebanon keep asking Charge in USD or Charge in my home currency - what does that mean? Shows high charges for this
I remember a local telling me Lebanese ATMs’ USD or home currency charge prompt can be a money trap. Using my Mastercard at Fransabank, accepting USD charges hiked the withdrawal cost by at least $9. Declining sent it to my bank, which gave fairer rates and smaller fees. Lebanese banking fees are steep anyway, so playing smart by declining conversion saved me more than once.
Lebanese ATM prompts saying “Charge in USD or home currency” are linked to dynamic currency conversion (DCC). Accepting the local currency conversion means the ATM sets the rate and adds big fees-up to 10% sometimes. Best to decline and let your card handle it, especially if you have a card with low foreign exchange fees like Capital One or Revolut. Fees by Lebanese banks run high, around LBP15,000 (~$10), so budget accordingly.
I almost accepted charging in USD at a Byblos Bank ATM in Lebanon because it seemed easier. Big mistake. The conversion rates were bad, and the ATM fee was about $8. Declining and charging in my home currency meant my US bank handled the exchange, which gave better rates even with foreign transaction fees. Lebanese ATMs have high local fees, so always read the options carefully.
ATMs in Beirut, like those at Bank Audi and BLOM Bank, ask if you want to charge in USD or your home currency. Choosing USD often means you get a fixed exchange rate plus fees set by the ATM operator, which can hike costs. Charging in your home currency lets your card provider handle conversion, usually saving money. However, beware-they still add local service fees, sometimes around $7 per transaction from local banks.