I withdrew cash at an ATM in Costa Rica and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Can confirm this is a common trap. I used a Banco Nacional ATM near San Pedro and chose the “Accept Conversion” option because it said something like “guaranteed rate.” Sounded smart at the time. When I looked later, the rate was inflated and I lost about 7 percent. Revolut even shows you a breakdown of the loss. You’ve got to select the local currency, not your home one. The ATM provider applies their own rate if you accept conversion, and it’s almost always worse.
Just got back from Costa Rica and made the rookie mistake of accepting conversion when withdrawing cash at a BCR ATM in Santa Teresa. It sounded safer, like they were doing me a favour showing the amount in CAD. Turns out it was a horrible deal. I checked later and the rate they used was way worse than what my Scotiabank Visa would’ve given me. Never again. Always decline the conversion and take out money in colones. You’ll save way more, trust me.
So here’s what happened to me in Costa Rica, Playa Flamingo area. Used a BAC Credomatic machine with my Wise card. I was in a rush, hit accept on the conversion to GBP without thinking. Later realised I got ripped off big time. The exchange rate was garbage compared to what Wise usually gives. Local currency is the way to go. These ATM conversion offers are designed to make you feel in control, but they quietly shave off a good chunk with bad rates.
I’m Costa Rican but live in the US now. When I visit home and use my US card, I always ignore the “accept conversion” suggestion. It’s actually a trick. My Chase Sapphire does the conversion at a better rate automatically. But when my husband picked USD at a Davivienda ATM in Escazú, he ended up paying way more than he should’ve. It’s better to go with CRC and let your card company do the math.