Just used an ATM in Argentina 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?
Totally get itI made the same mistake in Bariloche using a Santander Río ATM. I accepted the conversion, and my Wise card statement showed I paid way more than expected. In Argentina, it’s even trickier because of the different exchange rates (official vs. MEP vs. blue rate). ATMs use the worst possible official rate when you accept. Always Decline conversion so your card uses the international rateit won’t be perfect, but it’ll save you quite a bit.
Same thing happened to me last month in Córdoba at a BBVA ATM. It asked if I wanted conversion and I accepted. My N26 account later showed a terrible rate and extra ATM fee. The ATMs here usually offer you a rate in USD or EUR when they detect your foreign card, but always say noDecline lets your own card issuer convert the pesos. I now only use ATMs that don’t force DCC or that let me choose decline, especially with how volatile the Argentine peso is.
Yes, this is a common ATM trick. I used a Banco Patagonia ATM in Mendoza and was offered a rate in GBP since I’m from the UK. I pressed “Accept” thinking it was safer. Turns out I lost about 7% in hidden fees compared to a later withdrawal where I hit “Decline.” With cards like Wise or Monzo, you should always declinethey give a better exchange rate than the local bank’s inflated one. Learned this the hard way!
I had this exact issue in Buenos Aires at a Banco Galicia ATM near Palermo Soho. I chose “Accept” the first time and noticed later on my Revolut account that the exchange rate was much worse than expected. That’s due to Dynamic Currency Conversion (DCC)the ATM gives you a rate in your home currency, but it includes hidden markups. Next time, Decline conversion so your bank or card provider handles it. Especially in Argentina, where exchange rates fluctuate wildly, it's better to avoid DCC.