Just used an ATM in Saint Lucia 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 Saint Lucia I withdrew from a Scotiabank ATM near Hewanorra Airport and pressed “Accept” thinking it meant no extra fees. But my N26 statement showed I paid more than expected. That’s how DCC works the ATM handles the currency conversion, not your bank, and adds a markup. When I hit “Decline” on a later withdrawal, I was charged less. If you’re using Wise, Revolut, or similar, always decline conversion.
I was in Soufriere last month and used a FirstCaribbean ATM near the waterfront. Selected “Accept” by mistake and later saw my Monzo card got a bad exchange rate in pounds. That’s DCC the ATM converted the currency at its own rate, and it definitely wasn’t in my favor. When I declined on a second try, I got the fair rate through my card provider. From now on, I always choose Decline at ATMs abroad.
Same thing happened to me in Rodney Bay at a Republic Bank ATM. I thought “Accept” would avoid extra fees, but my Revolut card got charged at a much worse rate in GBP. That’s the catch with DCC it sounds helpful but the ATM sets the rate, not your bank, and it’s usually inflated. Next time I selected “Decline” and the amount was way better. Always decline if the ATM shows your home currency.
Yes, that’s unfortunately quite normal it’s called Dynamic Currency Conversion (DCC). I withdrew from a Bank of Saint Lucia ATM in Castries, hit “Accept” thinking it was safer, and my Wise card later showed a really poor exchange rate, around 6% worse than mid-market. When you accept, the ATM does the conversion instead of your bank, and they add a hidden fee into the rate. Always Decline Conversion so your card provider handles the exchange you’ll save money.