Just used an ATM in Jamaica 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?
Happened to me last month at a First Global Bank ATM in Ocho Rios. I hit “Accept” because it seemed like the standard option. Bad move my N26 card was charged way more than expected, with a poor conversion rate into euros. It’s a DCC trick that’s getting more common across the Caribbean. From now on, I always Decline Conversion if you're using cards like Wise, Revolut, or Monzo, they’ll handle it cheaper and more transparently.
I used an NCB ATM at Sangster Airport in Montego Bay and also picked “Accept.” Thought it meant fewer fees, but my Monzo account showed I lost money on the exchange. DCC gives the ATM control over the conversion and they usually bake in hidden fees through the rate. It’s best to Decline and let your card provider (especially if it’s a travel card) handle it they’ll give you a much more favorable rate.
Same thing happened to me at a JMMB ATM near the Bob Marley Museum in Kingston. I chose “Accept” because I didn’t know better, and my Revolut card got charged at a bad rate in GBP. That’s DCC the ATM converts your withdrawal into your home currency and adds a stealthy markup. When I withdrew again and hit “Decline,” the difference was obvious. Rule of thumb: always decline if the ATM shows your home currency.
Yes, that’s a pretty common trap it’s called Dynamic Currency Conversion (DCC). I withdrew from a Scotiabank ATM in Montego Bay and selected “Accept” thinking it was safer. Later, my Wise app showed I got a much worse exchange rate than expected around 6% higher than the mid-market rate. When you accept, the ATM sets the rate instead of your card provider. Always Decline Conversion to let your bank handle it at a fairer rate.
Yes, that’s a pretty common trap it’s called Dynamic Currency Conversion (DCC). I withdrew from a Scotiabank ATM in Montego Bay and selected “Accept” thinking it was safer. Later, my Wise app showed I got a much worse exchange rate than expected around 6% higher than the mid-market rate. When you accept, the ATM sets the rate instead of your card provider. Always Decline Conversion to let your bank handle it at a fairer rate.