Choose "DECLINE CONVERSION."
Here's why:
The ATM exchange rate is bad: This ATM calculates at 1 USD = 58.22 PHP, so it would charge you 261.92 USD.
Market rate: The actual market rate is about 63.70 PHP/USD.
If you choose "Decline Conversion": You'll be charged in the local currency (15,250 PHP), and your own bank/card company (e.g., Visa/Mastercard) will handle the conversion. Even after factoring in the usual foreign transaction fees from your bank, it usually comes to about 240–245 USD, so you'd save roughly 15–20 dollars or more.
I always do that in every country. ATM currency conversion is a scam everywhere. It's the very basics of traveling abroad, and it's how you're supposed to do it.
If you use Wise, you save even more than that. Send it via GCash at 35 pesos and withdraw it at the ATM at 18 pesos.
I first saw it a few months ago at a 7/11 ATM too. At first I thought if I hit 'Decline Conversion' the card would just pop out and I wouldn't get anything. So I pressed it, and on a 15,000 peso withdrawal I saved about 12 to 14 dollars. So how dumb would it be to press the other one, though it depends on the bank.
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