I withdrew cash at an ATM in Belize and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Yep, very common in Belize. I withdrew at a Scotiabank ATM in Corozal Town and chose “Accept” the first time. My N26 card got slapped with a terrible rateoff by around 6% compared to market. It’s misleading because it feels like you’re confirming something safe, but in reality, you’re just letting the ATM provider profit off your conversion. Ever since, I always Decline and trust my card provider to handle the currency exchange. It’s one of those little travel traps!
Same thing happened at the airport in Belize City using a Heritage Bank ATM. I used my Wise card and thought “Accept” meant I’d avoid issues. But then I saw the terrible exchange rate on the transactionlost nearly 7%! That’s DCC in action. If an ATM shows the amount in USD or GBP or EUR and asks you to accept it, that’s a red flag. Best to Decline and let your card do the conversion at a fairer rate, especially with international travel cards.
Happened to me in Placencia at a Belize Bank ATM near the pier. I pressed “Accept” because I didn’t want any surprisesbut that’s where they get you. DCC lets the ATM convert the money into your home currency, but they apply their own rate, which is inflated and includes hidden markups. My Monzo card was charged more than I expected. When I later withdrew cash and chose “Decline,” the difference was obvious. Always Decline Conversionyou’ll save more in the long run.
Yes, totally normalunfortunately. I withdrew from an Atlantic Bank ATM in San Ignacio and hit “Accept” because it sounded like the safer bet. Big mistake. My Revolut card showed I got hit with a terrible exchange rate, easily 5-6% worse than the rate on my next withdrawal when I selected “Decline.” That “Accept Conversion” option is Dynamic Currency Conversion (DCC), and it almost always favors the ATM, not you. Now I decline every time and get a much better deal from my bank.
At Atlantic Bank in Belize, select Decline Conversion if prompted to avoid extra charges. Works best that way.