The mistake that can cost you money when using an ATM abroad

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There are several reasons that may lead you to prioritize the use of a credit card over cash, both practical and for security reasons, as well as to reduce certain costs. However, it is advisable to carry a sufficient amount of money to at least cover unforeseen events and major expenses that may arise. Otherwise, and even then, it is likely that at some point you will have to withdraw money from an ATM, and that is when you can make a mistake that will almost imperceptibly cost you money . When a person withdraws money from an ATM in a foreign country—beyond the euro zone, where the same currency is shared—the screen offers them DCC, or Dynamic Currency Conversion . The DCC is a service provided by ATMs and businesses (stores and restaurants) to the card holder to carry out a transaction (withdraw money or pay) abroad in the billing currency or in the local currency of the country.

of destiny. This is the safe and fast way to withdraw money at an ATM if you don't have a card ATM screens that offer DCC must meet a series of requirements , such as offering the option to select the currency in which you want to complete your transaction, presenting information on the requested cash refund amount indicated in both currencies and a message that Cyprus Phone Number List clarifies that The costs may be different depending on what is chosen. However, when asked if they accept the exchange rate offered, many people may answer yes because they are not paying attention, due to ignorance, or because they think it is a good offer. "What most travelers don't know is that, in most cases, the exchange rate from their bank or credit card is better ," warns Explore , a travel industry publishing platform.



Thus, when faced with this question, it may be interesting to mark 'Reject' or 'Do not accept', both because of the worse exchange rate it implies and because it is possible that they charge more hidden commissions, including those derived from transactions abroad, he points out. Tips for withdrawing money and paying abroad If you don't want to withdraw money at an ATM abroad, alternatives include asking your bank for currency from the country you're visiting, planning ahead to ensure a beneficial exchange rate — this can change daily, for better or worse. in your interest—, or change money at a local bank once you arrive at your destination, after confirming that they do not charge you a commission and that the exchange rate is similar, the medium recommends.