Just used an ATM in Grenada 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?
Yup, this is unfortunately very common. I hit “Accept” at a Scotiabank ATM in Grenville and my N26 card got charged at a poor rate. The ATM showed the amount in EUR, which should’ve been a red flag. That’s DCC and it usually means you’re paying extra without realizing it. When I withdrew again and chose “Decline,” I got a way more favorable rate. Rule I now follow: if it shows my home currency, I always Decline Conversion.
Just came back from Grenada and faced this at an RBTT ATM near the Carenage. I used my Monzo card and pressed “Accept,” only to later realize I’d been overcharged due to a bad conversion rate. That option hands over the conversion to the ATM, and they usually add a hidden markup. If you decline, your card does the currency exchange and if you’re using a travel-friendly bank, the rate is far better. Now I always decline when prompted.
Same here I withdrew cash from a Grenada Co-operative Bank ATM in Grand Anse and accepted the conversion. Looked safer at the time, but my Revolut card was charged at a poor rate, worse than market by a good margin. When ATMs show your home currency and ask you to accept, that’s DCC. It sounds helpful, but it’s a fee-loaded exchange. I did another withdrawal later and hit “Decline” way better outcome. Lesson learned!
Yes, that’s the classic Dynamic Currency Conversion (DCC) trap. I used a Republic Bank ATM in St. George’s last month and hit “Accept” thinking it was the standard choice. But when I checked my Wise account, the rate was terrible I paid around 6% more than I should have. Accepting lets the ATM convert to your home currency using their inflated rate. Always hit Decline so your card provider does the conversion at a fairer rate.
Yes, that’s the classic Dynamic Currency Conversion (DCC) trap. I used a Republic Bank ATM in St. George’s last month and hit “Accept” thinking it was the standard choice. But when I checked my Wise account, the rate was terrible I paid around 6% more than I should have. Accepting lets the ATM convert to your home currency using their inflated rate. Always hit Decline so your card provider does the conversion at a fairer rate.