Which is better - choosing With or Without Conversion at ATM in Chile?
I used a Santander ATM near Plaza de Armas in Santiago. It asked With or Without Conversion. I pressed Without, got pesos, and Revolut billed me fine. Met a backpacker at my hostel in Bellavista who pressed With - she was furious about the 9% extra she paid. Don’t fall for it, just hit Without in Chile.
Chile’s ATMs also add flat withdrawal fees (e.g., Banco de Chile, BCI ~6000 CLP). On top of that, DCC is the cherry on the cake. Always decline it. Press Without Conversion so your pesos are converted at Mastercard/Visa’s fair rate. Even if your bank charges a foreign fee, it’s better than the ATM’s inflated conversion.
At a BCI ATM in Valparaíso, I picked With conversion because it showed euros. Big mistake - my ING account statement showed I’d lost €12 on a $100,000 CLP withdrawal. Later at BancoEstado in Santiago, I pressed Without, and Mastercard gave me the mid-market rate. Chile is clear: always Without conversion.
Banco de Chile, BCI, and Santander ATMs often ask this. With Conversion = peso withdrawal converted at ATM’s inflated rate. Without Conversion = pesos, billed by your card network. I used my Chase card in Santiago at a Santander ATM - pressed Without, and got a clean rate. With would’ve added nearly 7%.