ATMs in Venezuela keep asking Accept or Decline Conversion - what does that mean? Shows high charges for this
Venezuelan banks love that accept or decline conversion stuff because it lets them charge more. I saw fees jump nearly 15% on Banco Mercantil withdrawals when I accepted conversion. Declining shifts costs to your card provider, usually a better deal. Cards like Wise make this even cheaper. Just beware local ATMs often limit withdrawal amounts, and cash is essential for many places.
Using Venezuelan ATMs like Banesco or Mercantil can be frustrating thanks to those conversion prompts. Accepting means a poor exchange rate and fees that can add up to $8 per withdrawal. I declined and let my Visa card handle it, even with its own foreign transaction fees. Still, Venezuela is known for having pricey ATM fees, so always factor in a $5-$7 local surcharge. Cash is king there, so withdraw wisely.
I got caught by the accept conversion in a Banco de Venezuela ATM once, and it cost me a fortune. The ATM’s exchange rate was terrible, and fees piled up quickly. Declining conversion saved me a lot on later withdrawals. Visa and Mastercard are accepted widely, but fees are steep and you still pay local surcharges. Bring a multi-currency card like Revolut if you want to avoid some of these issues.
ATMs in Caracas, especially those from Banco Mercantil and Banesco, ask if you want to accept or decline conversion, and this means Dynamic Currency Conversion (DCC). Accepting charges a super high fee-sometimes 12% or higher-since the ATM sets its own exchange rate plus a markup. Declining means your card issuer handles the exchange, which is cheaper, even though Venezuelan ATMs charge local fees (about $5-$7). Always decline to keep costs down.