Just used an ATM in Bermuda 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?
I was just in Bermuda in May and used a Clarien ATM in Dockyard. Chose “Accept” because it sounded more secure, but it ended up costing more. My N26 card got hit with a poor rate and I suspect a hidden markup. This is typical with DCC ATMs convert the amount themselves instead of your card doing it. Always choose Decline Conversion to avoid inflated rates. It’s one of those travel tips that’ll save you money across multiple countries.
I made that mistake at a Butterfield ATM near Horseshoe Bay Beach. The machine offered to convert the amount to USD and I chose “Accept,” thinking it was part of the normal process. But when I checked my Wise account, the exchange rate was terrible way worse than the mid-market rate. What I learned: if the ATM shows your home currency and gives you a rate, Decline. That allows your card provider to convert the funds at a fairer rate, with fewer surprises.
Same thing happened to me in St. George’s. I used a Clarien Bank ATM and hit “Accept Conversion” because I didn’t fully understand what it meant. Later on, my Monzo app showed the rate was off by nearly 6%. That option lets the ATM apply its own rate, and it’s rarely in your favor. Since then, I always Decline especially if I see the amount shown in my home currency. Let your bank handle the conversion; it’s almost always better.
Yep, that’s the classic Dynamic Currency Conversion (DCC) trick. I withdrew from a Butterfield Bank ATM in Hamilton a couple of months ago and chose “Accept” too. It felt like the safer option at the time, but I later saw my Revolut statement and realized I got a worse exchange rate with some extra hidden fees. Always go with “Decline” that way, your card issuer (especially travel cards) does the conversion, and the rate is way more favorable.