I used my US card in Paraguay & 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?
In Ciudad del Este, a Sudameris ATM asked the same. Decline is always the correct choice. Accept means the ATM sets its own terrible exchange rate. If you decline, your bank (Chase, Revolut, etc.) handles it fairly.
At a BBVA ATM, the “accept” option was highlighted in green. Looked safe, but it was a trick. Always decline. My Wise statement confirmed that decline gave me the proper interbank rate, while accept added nearly 9% markup.
Banco Continental machine near the bus terminal gave me the same option. The wording is very misleading. Accept = expensive USD rate. Decline = pay in PYG, bank does fair conversion. I tested it-accepting cost me $22 more on a 1,000,000 PYG withdrawal.
In Asunción, I used a Banco Itaú ATM. Same “accept conversion” screen. Accept looked like the safe choice, but in reality it’s DCC. That 8% markup is the extra fee. Decline instead-you’ll be charged in guaraníes (PYG) and your card will handle it.