Just used an ATM in Ecuador 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?
Decline is the better choice..... Accept is just the ATM taking a cut off your withdrawal with a bad exchange rate. Been there, lesson learned.
Decline is the better choice, even if the screen makes it look risky. Accept is just the ATM taking a cut off your withdrawal with a bad exchange rate. Been there, lesson learned.
Happened to me in Cuenca. I accepted the conversion thinking it was safer and later saw I lost a few dollars to the ATM’s exchange rate. The screen shows weird numbers but if it says anything like markup or guaranteed rate, it’s usually a bad deal
Yeah, “Accept” sounds good but it’s a trick. You basically gave the ATM permission to overcharge you a little. Always decline that stuff.
When you hit “Accept,” the ATM converted the amount for you using their rate, not your bank’s. That’s why it probably cost you more. It’s called dynamic currency conversion. Next time, always choose “Decline” and take the money in local currency. Your bank will give you a better rate most of the time. 🙂