MexConnect.com Forums: General: General Forum: Avoiding bank fees for ATM withdrawals: Page 4

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La Isla

Sep 6, 2009, 7:38 PM

Post #76 of 83 (5259 views)

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Re: [judithnpups] Avoiding bank fees for ATM withdrawals

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That's the case for me. I've never been charged a service fee when using my Bank of America card to withdraw pesos from either a Scotiabank or Santander Serfin bank machine. At least, this is what happens in Mexico City.

judithnpups

Sep 6, 2009, 9:06 PM

Post #77 of 83 (5252 views)

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Re: [judithnpups] Avoiding bank fees for ATM withdrawals

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Ooops. I mean $7.25 MN (not %).
Judith in the DF (formerly in Morelia)

mazbook1

Sep 6, 2009, 10:10 PM

Post #78 of 83 (5248 views)

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Re: [judithnpups] Avoiding bank fees for ATM withdrawals

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It's 7.25 pesos not % and it's charged on all cards except BoA at the Scotiabank or Santander ATMs. Naturally, if you're using a Scotiabank card at a Scotiabank ATM there is no charge nor is there when using a Santander card at a Santander ATM.

esperanza

Sep 7, 2009, 7:40 AM

Post #79 of 83 (5230 views)

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Re: [mazbook1] Avoiding bank fees for ATM withdrawals

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Gee whiz, mazbook1, for years and years I've used ATMs at various banks all over Mexico to withdraw funds with a USA bank's ATM card. For example, until recently I used a Wells Fargo card at both Banamex and HSBC, neither of which has a relationship with Wells Fargo. That little notice about 7.25 pesos always pops up on the screen, I always click 'OK'--and I've never seen the charge on a receipt. The exchange rate I get at ATMs is always equal to or better than that day's rate posted on XE.com, so it doesn't appear that they're taking the 7.25 pesos out of the money the machine spits out, either.

How do you think the banks get the 7.25 pesos? How did you find out where it comes from? I've always been curious.

http://www.mexicocooks.typepad.com

mazbook1

Sep 7, 2009, 1:16 PM

Post #80 of 83 (5202 views)

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Re: [esperanza] Avoiding bank fees for ATM withdrawals

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esperanza, Yep, the 7.25 pesos comes out of the money from your U.S. account, but since it is a charge from a Mexican bank it doesn't get itemized by the U.S. bank. For instance if you ask the Mexican ATM for $3,000 MXN, the system asks your U.S. bank for $3,007.25 MXN which is them converted to USD at whatever the moment's exchange rate is. Since the $7.25 MXN is only 0.24% of the transaction, you will probably not see it when computing your actual exchange rate.

Now if you ask the Mexican ATM for only $50 MXN, the $7.25 is 12.66% of the transaction and you would definitely see it when computing your actual exchange rate.

Axixic

Sep 7, 2009, 3:10 PM

Post #81 of 83 (5192 views)

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Re: [judithnpups] Avoiding bank fees for ATM withdrawals

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I think that is what Mexliving wrote that he/she is not charged the Scotia Bank ATM charge with a BoA card but thinks sometimes he/she might be charged by BoA for making too many withdrawals in a month.

Rolly

Sep 9, 2009, 3:26 PM

Post #82 of 83 (5122 views)

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Re: [mazbook1] Avoiding bank fees for ATM withdrawals

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Mazbook1 in post #80 is correct. I verified that today by using my Bank of America debit card at Scotiabank. I made consecutive withdrawals of $3,900 pesos and $100 pesos. I went to my online statement to calculate the exchange rates. Just as David said, there was a tiny difference -- 0.002507. The $100 peso withdrawal cost about US25 cents more than the large withdrawal.

Rolly Pirate

johanson

Sep 9, 2009, 5:56 PM

Post #83 of 83 (5107 views)

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Re: [Rolly] Avoiding bank fees for ATM withdrawals

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I looked at the above comparison made by Rolly.And I want to confuse things even more, I went to my stockbroker at Actinver-Lloyd a few weeks ago and asked him to give me the spot rate of exchange. (what ever that means) he did it for me seven times in a row, I'm guessing once every minute or so and each time the buy/sell Compra/Venta amount was a little different. And the difference between the buy and sell amount also changed. Shown below is the data my broker gave me.
Compra---Venta----difference
13.0275--13.0575---diff.0300
13.3084--13.3143---diff.0059
13.3101--13.3171---diff.0071
13.3115--12.3162---diff.0047
13.3135--13.3198---diff.0063
13.3161--13.3218---diff.0057
13.3200--13.3235---diff.0035
you get the point, it's darn confusing

Why did I do this? Because I was hoping to figure out what the commission or fee was when I wired money down to my Brokerage account. I was looking for an offsetting tax deduction to the gains I had to declare. My CPA up here in Seattle was not impressed.

What's my point? Really I have very little idea what I am talking about other than to say that it would appear that the exchange rate bounces all over the place and apparently unless you do both transactions at the same time or very very close to the same time that there is no way to know for sure what the real difference is, when making one withdrawal after the other.

Signed

Confused

It's time for a beer

(This post was edited by johanson on Sep 9, 2009, 7:12 PM)

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