I used my US card in Sao Tome & Principe & the ATM just asked me Accept or Decline Conversion - I feel like I should choose Accept coz it seems more appealing but it had these super confusing numbers on the screen saying 8% markup so not sure. What should I do?
I learned the hard way that accepting the conversion in Sao Tome means paying extra. Stick to decline, especially at major ATMs like those at Banco Internacional. Cash is king outside the capital, so prepare accordingly.
My advice: decline that conversion. That 8% markup is part of Dynamic Currency Conversion, a sneaky fee to watch for. I withdrew cash from Ecobank ATMs and always declined. Bring a Visa or Mastercard with low foreign fees to save more.
I totally get why ‘Accept’ feels easier, but in Sao Tome, accepting that conversion usually means a bad exchange rate and a big markup. Declining hands the job over to your bank, which is fairer. Also, use Bank of Sao Tome ATMs when possible; they are more reliable.
In Sao Tome, I always hit ‘Decline’ on those ATM conversion screens. Accepting means the ATM does the currency conversion, often with a hidden 8% fee or more. It looks nice upfront but costs way more in the end. Let your Visa or Mastercard handle the conversion-they usually give better rates.