ATMs in Guyana keep asking Accept or Decline Conversion - what does that mean? Shows high charges for this
Guyana’s ATM conversion fees can be a nasty surprise. I tried accepting conversion at Demerara Bank once and regretted it-the fees and exchange rates were way worse than letting my bank process it. Always decline to save money. Visa and Mastercard work fine at most places, but fees around $5 per transaction are common. Pro tip: use cards like Wise when possible to avoid inflated charges.
Using an ATM in Guyana was a bit of a headache with the accept/decline conversion question. If you accept, the cost can skyrocket due to ATM surcharges and poor exchange rates. I declined on a ScotiaBank ATM and my bank charged me less, even considering foreign transaction fees. Local fees are still a thing though-expect $5 to $6 per withdrawal. Not a lot of fee-free ATMs, so check your limits and have some emergency cash.
At Guyana’s Banks DIH ATMs, the conversion prompt confused me at first. Turns out, if you accept, you get dinged by the ATM operator with up to 10% extra fees and a lousy rate. I always decline now, let my Chase Visa handle the exchange at its fair market rate. Still, Guyanese ATMs aren’t cheap; there’s often a $5 local fee no matter what. Be prepared and bring a multi-currency card if you can.
ATMs in Georgetown, especially at Republic Bank and Guyana Bank for Trade & Industry, will ask if you want to accept or decline the currency conversion. Accepting means the ATM does the conversion with a sometimes inflated exchange rate and added fees-my withdrawal once had a surprise $8 fee. Declining sends the transaction back to your card provider, usually giving a better rate. Just watch out because local ATM fees still hover around $5-$7.