I withdrew cash at an ATM in Trinidad and Tobago and selected Accept Conversion because it sounded safer. Later I saw the rate was terrible. Is this normal?
Yes, this is exactly what happened to me at a RBC ATM in Chaguanas. “Accept” seemed like the cautious option, but my N26 card showed I paid more in EUR than expected. DCC is sneaky you give the ATM control of the currency exchange, and they take a cut by offering a worse rate. I retried with “Decline” and it made a noticeable difference. Rule of thumb: if the ATM shows your home currency, always decline conversion.
Just got back from Trinidad used a Scotiabank ATM in San Fernando, and chose “Accept” without thinking. My Monzo card got hit with an awful conversion to pounds. That’s DCC for you the ATM operator gets to set the exchange rate, and it’s rarely in your favor. When I selected “Decline” on my next try, I got a much better deal. Best advice: always decline conversion and let your travel card do its job.
I had the same issue in Tobago, using a First Citizens ATM near Crown Point Airport. I hit “Accept” because it sounded safer, but when I checked my Revolut app, I realized I was charged in GBP at a really bad rate. That’s how DCC works the ATM does the conversion and adds a hidden markup. I withdrew again the next day, chose “Decline,” and the exchange was much better. Now I always decline if my home currency pops up.
Yes, that’s unfortunately normal I did the same at a Republic Bank ATM in Port of Spain. I selected “Accept” thinking it would avoid hidden fees, but my Wise card later showed a terrible exchange rate, almost 7% worse than what I saw online. This is called Dynamic Currency Conversion (DCC). When you accept, the ATM converts the amount to your home currency at its own inflated rate. The correct option is always to Decline Conversion so your card provider handles it fairly.