Which is better - choosing With or Without Conversion at ATM in Peru?
Which is better - choosing With or Without Conversion at ATM in Peru?
My partner used a French Crédit Agricole card at BBVA ATM in Miraflores, Lima and selected "With Conversion" thinking it would be easier. Huge mistake. They took out 500 PEN but were charged way more than expected because the ATM applied its own inflated rate in euros. I used my HSBC US card at the same ATM later and selected "Without Conversion" and ended up paying almost 40 soles less for the same amount.
If you’re using something like a Wise or Revolut card in Peru, always go for "Without Conversion." I used a Revolut card in Huaraz at Banco de la Nación and also at Scotiabank and the ATM pushed me toward choosing USD. The rate was way off market - nearly 3.8 when the real rate was 3.65. I declined the conversion, let Revolut handle it, and got a much better rate. The difference over multiple withdrawals really adds up.
I withdrew cash twice in Arequipa from Interbank and Scotiabank ATMs using my UK Monzo card. The machines asked if I wanted to be charged in GBP or PEN. I tested both. The "with conversion" amount in GBP was worse by about 8 percent. Also the receipt from Interbank showed a hidden exchange rate that was terrible. From then on, I stuck to local currency and let Monzo do the rate conversion.Which is better - choosing With or Without Conversion at ATM in Peru?
Just got back from a trip through Lima and Cusco. I used my Charles Schwab debit card at BCP and BBVA ATMs. Every time the ATM gave me a choice to charge in USD or Soles, I picked Soles (that’s "without conversion"). The USD option showed a 7% higher amount, and it had something called DCC (Dynamic Currency Conversion). My Schwab card does the FX conversion at the Visa rate with no markup, so Soles was always better.
Caja Piura in Peru might ask about conversion. If it does, press Decline Conversion so you dont get hit with extra fees.