Just used an ATM in Turks and Caicos Islands 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?
Yes, this is unfortunately common across the Caribbean. I used a TCI Bank ATM in Providenciales and hit “Accept.” My N26 card later showed an unfavorable exchange to EUR. When you accept conversion, you let the ATM control the exchange rate, which usually includes a hidden 5-7% fee. When I declined at a Scotiabank ATM later, my card gave me the mid-market rate. Rule of thumb for anywhere: if your home currency shows up, decline it.
I just got back from Grand Turk and had a similar issue with a Royal Bank of Canada (RBC) ATM. I chose “Accept” thinking I’d avoid any extra charges, but my Monzo card showed I was charged in pounds at a high rate. That’s DCC it sounds helpful, but you actually pay more because the ATM is doing the conversion with a markup. Second time I tried, I declined, and the difference was obvious. Always decline when asked!
Happened to me last month at a CIBC FirstCaribbean ATM near the airport in Providenciales. I selected “Accept” because it looked like the safer option, but my Revolut account showed a poor GBP rate compared to market rates. When you accept conversion, the ATM applies its own exchange rate not your bank’s, and it’s always worse. I withdrew again the next day, chose “Decline,” and it saved me a few bucks. From now on, I always decline when it shows my home currency.
Yes, I’ve been through the same! I used a Scotiabank ATM in Grace Bay (Providenciales) and selected “Accept,” thinking I was just approving the transaction. Later, my Wise card showed a terrible exchange rate with an extra 6% cost built into it. That’s Dynamic Currency Conversion (DCC) the ATM does the currency conversion instead of your bank and inflates the rate. Best practice is to Decline Conversion and let your travel card handle the exchange at a fair rate.