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DCC Bank Rates --- A New Twist to ACCEPT or DECLINE

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DCC Bank Rates --- A New Twist to ACCEPT or DECLINE Empty DCC Bank Rates --- A New Twist to ACCEPT or DECLINE

Post by Plan B Mon Apr 10, 2023 10:40 am

DCC Bank Rates --- A New Twist to ACCEPT or DECLINE Screen14 --- taken from a FB post in another Mexican location.

"Instead of the usual accept or decline, they asked if I wanted my pesos in the equivalent of USD or a marked up peso amount."

Has anyone experience this at the ATMs locally, being used in other locations. Not sure what game the banks are playing? Which option is most cost effective?

Thank you.
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Post by BisbeeGal Mon Apr 10, 2023 11:20 am

Yes, this is at BBVA at Ajijic Plaza.  

The rule is, no matter country you are in, to always want LOCAL currency.  Say NO if it asks if you want USD.

https://wise.com/gb/blog/choose-local-currency-at-foreign-atm

When it asks which currency to charge you in, there's only one right answer... In the Eurozone, that answer is euros. In Sweden, Swedish krona. In Britain, pounds. In Australia, AUD. In the US, dollars.

Always, always, always choose to be charged in the local currency of the country you're in. If a Spanish ATM asks if you want to be charged in GBP, say no. Don't let the machine do your currency conversion.

Here's why you shouldn't let an ATM do conversion for you:
Foreign ATMs and card machines often say nice things like: This ATM offers conversion to your home currency.

On the surface, that seems pretty generous. It looks like you'll know exactly what you're paying, and in amounts you're way more familiar with.

Nice, right?

But, in reality, paying in your home currency is hidden-fee-hell.

It's a scam that goes by the name of Dynamic Currency Conversion (DCC). DCC means you effectively ask a foreign ATM provider or bank to gleefully make up an exchange rate for you. And the only thing more likely to screw you over than your bank, is a foreign bank.

This isn't a kind-hearted service. It's something banks use to take more of your money without you knowing.
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Irish Gal, ferret, Plan B and dvinton like this post

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Post by CanuckBob Mon Apr 10, 2023 12:59 pm

I think just about every ATM gives this option now with the exception of Intercam.

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Post by mudgirl Mon Apr 10, 2023 5:49 pm

"Yes, this is at BBVA at Ajijic Plaza."

Of course, over on TOB, there's a couple of know-it-all dummies saying this isn't true, based on nothing but it having been posted on Facebook.

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