Just used an ATM in Panama 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?
Just back from Panama and experienced the same thing at an HSBC ATM in Albrook Mall. I chose “Accept” and later saw on my N26 card that I got a really poor EUR rate. It’s DCC the ATM converts at its own rate, not your bank’s, and usually adds a hidden fee in the exchange rate itself. Since then, I always Decline Conversion, and the difference in cost is very noticeable. Always trust your travel card over the ATM’s rate.
I was in Boquete recently and used a Scotiabank ATM. I chose “Accept” without really thinking it through, and my Monzo account was charged at a bad rate. Even though Panama uses USD, the ATM still triggered DCC and converted from GBP. That’s the catch it’s not about the local currency, but who’s doing the conversion. Best option is to Decline, especially with travel cards like Wise, Revolut, or N26.
Happened to me in Casco Viejo at a BAC Credomatic ATM. I hit “Accept” because it sounded safer, but my Revolut statement came back with a really poor rate in GBP. That’s how DCC works the ATM sets the exchange rate and bakes in a hidden markup. I withdrew again the next day, selected “Decline,” and the rate was way better. If you see the ATM showing your home currency, that’s a red flag always Decline.
Yes, that’s unfortunately very normal I had the same issue at a Multibank ATM in Panama City. I selected “Accept” thinking it would prevent surprise charges, but my Wise card later showed a terrible exchange rate, around 5–6% worse than usual. That’s due to Dynamic Currency Conversion (DCC) when you accept, the ATM converts the currency using its own inflated rate, not your bank’s. Always Decline Conversion to let your card provider handle the exchange at a better rate.
Yes, that’s unfortunately very normal I had the same issue at a Multibank ATM in Panama City. I selected “Accept” thinking it would prevent surprise charges, but my Wise card later showed a terrible exchange rate, around 5–6% worse than usual. That’s due to Dynamic Currency Conversion (DCC) when you accept, the ATM converts the currency using its own inflated rate, not your bank’s. Always Decline Conversion to let your card provider handle the exchange at a better rate.