Just used an ATM in Uruguay 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?
Just back from Uruguay withdrew cash at an Itaú ATM in Montevideo and selected “Accept” because it seemed like the safe choice. Later, my N26 statement showed I paid a much worse EUR rate than market. That’s the DCC trap the ATM sets the rate and pockets the difference. When I declined conversion on a subsequent withdrawal, I saved a good amount. Always trust your travel card and decline if offered conversion.
I was in Colonia del Sacramento and used a BBVA ATM, pressed “Accept” without realizing it meant the ATM would handle the currency conversion. My Monzo account showed a much worse rate than expected. DCC lets the ATM do the exchange, and they typically add a 5-7% fee hidden inside the rate. When I declined conversion on my next withdrawal, the difference was significant. Always Decline Conversion when traveling.
Same thing happened to me in Punta del Este at a Scotiabank ATM. I selected “Accept” thinking it was just confirming the withdrawal, but my Revolut card was charged in GBP at a poor rate. That’s DCC the ATM applies its own exchange rate with a hidden markup. I withdrew again later and chose “Decline,” and the rate was much better. Rule of thumb: if your home currency shows up, always decline.
Yes, that’s a classic Dynamic Currency Conversion (DCC) situation. I withdrew cash at a Banco República (BROU) ATM in Montevideo, chose “Accept,” and my Wise card later showed a terrible exchange rate nearly 6% worse than mid-market. When you accept, the ATM converts the currency to your home currency at its own inflated rate instead of your card provider’s. The safest option is to always Decline Conversion to let your bank handle the exchange.