ATM withdrawal With or Without conversion - Accept or Decline ?
What is the difference between withdrawing the money from ATM with conversion and without conversion ?
Should I choose accept conversion or decline conversion ?
The difference between money withdrawal from ATM with conversion and without conversion may look "not big", but one of them could cost you quite a lot of money. Usually you can see these two options when trying to withdraw a foreign currency abroad.
ATM money withdrawal without conversion - means your home bank or credit card company does the currency conversion.
ATM money withdrawal with conversion - means the bank or company that operates the ATM does the currency conversion. This option may be more expensive than money withdrawal without conversion, because of fees. When withdrawing the money with conversion, the information about transaction fees should be visible on ATM's screen. For a currency conversion, there can be applied percentage charge, flat fee etc.
You have to choose the option which you need or which is better for you. I would say the better option is the one, that cost you less money. ATM money withdrawal with currency conversion is often more expensive than withdrawal without currency conversion.
Money withdrawal from ATM with conversion can be sometimes much more expensive than withdrawal without conversion.
In some cases, there can be applied both percentage charge and also a fixed fee, when withdrawing the money with currency conversion. If you are withdrawing smaller amount of money, the total charge for conversion can be even around 25%.
On money withdrawal from ATM without DCC conversion, foreign currency will be deducted from your account and your bank's exchange rate will be applied.
But on money withdrawal from ATM with DCC conversion, the bank or company that operates the ATM does the currency conversion and then converted amount will be deducted from your bank account. In this case, some additional fees may be applied and used exchange rate can be not so good in comparison to withdrawal without DCC.