The problem of determining the magnitude of the atomic magnetic moments in compounds with rare-earth and transition elements using the X-ray magnetic circular dichroism (XMCD) is investigated. The standard sum rules approach usually gives the moment values by several times smaller than their bulk values obtained from the direct magnetic measurements. We attribute this to the strong spin fluctuations in the surface layer which actually formed the soft XMCD signal. A method of determining the value of the local magnetic moments in the presence of strong fluctuations is proposed. The magnetic interactions in La0.5Pr0.2Ca0.3MnO3 are investigated by x-ray absorption spectroscopy, XMCD and bulk magnetization measurements. The proposed procedure is used to determine the values of atomic magnetic moments of transition and rare-earth elements as well as net magnetization on the surface and in the bulk from experimental Mn L2,3 and Pr M4,5 XMCD spectra. •Strong spin fluctuations at the surface (TEY depth 10nm) reduce the XMCD spectra.•The Mn L2;3 XMCD decomposition show two signals from up and down magnetic moments.•The sum rules give the Mn and Pr magnetization at the surface and in the bulk.