Mexico Connect
Forums  > General > General Forum
First page Previous page 1 2 3 4 Next page Last page  View All


gpkgto

Aug 3, 2009, 10:22 AM

Post #1 of 83 (15030 views)

Shortcut

Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
 Re: Bank ATM fees--

I meant fees for using the Mexican bank's ATM or fees for making an ATM withdrawal from the US bank. With the Citibank/Banamex account I can make withdrawals free at any Banamex and the US acoount is not charged either. When I withdraw from my Wachovia/Wells Fargo account, I pay 3% plus a US$5.00 fee PER WITHDRAWAL. These fees were killing me!



Brian

Aug 3, 2009, 10:30 AM

Post #2 of 83 (15014 views)

Shortcut

Re: [gpkisner] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
CapitalOne Bank reimburses for any ATM charges incurred whenever one uses a non-network machine including those located in foreign countries. Their over 55 checking account offers online billpay through Quicken for which other banks customarily charge $10 per month.


bournemouth

Aug 3, 2009, 10:51 AM

Post #3 of 83 (15008 views)

Shortcut

Re: [Brian] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
Compass Bank, which now belong to BBVA, the owner of Bancomer, has an account that allows for fee free ATM withdrawals anywhere. The account draws no interest but we keep a money market account also and just transfer money over on line, when it is necessary.


Papirex


Aug 3, 2009, 12:06 PM

Post #4 of 83 (14995 views)

Shortcut

Re: [gpkisner] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
   
The 3% fee you were paying was probably the international monetary transfer fee. Everyone withdrawing money from a US bank using a ATM in México or any other non-US country pays a monetary currency transfer fee. The banks did not disclose those fees to their clients until about 3 or 4 years ago when by court order they were required to disclose them.


A few years ago, I had noticed that the apparent exchange rate I was getting for ATM withdrawals was always a little less than it should have been. I started doing some research and I finally found the answer on my credit unions website under the heading “international transactions.” There are a couple of companies that provide a service to banks to convert US Dollars to a foreign currency.


My credit union uses the Visa exchange service. Visa charges my credit union 1% of each transaction as their fee. My credit union stated that since they are a non-profit institution, they were just passing the 1% fee on to their members and not marking it up. If your bank used to charge you a 3% fee, they were probably dinging you for an extra 1 or 2%.


Since the courts forced disclosure of those fees, when I check my credit union account now, the ATM withdrawals are always followed by a transaction labeled “withdrawal ATM fee” if I click on it to see the details, they are “Int'l Transaction Fee Assessed by Visa.” It is always just 1% of the Dollar amount withdrawn, there are no other fees.


The Mexican Peso is a “floating”currency, the exchange rate is based on market conditions, that is, the ask/bid/and sell price of the Peso at any given time. It is not set by any government, or private agency, it changes every hour throughout the business day.


The posted exchange rates are the rate at the close of business on the previous business day, the posted rates do not change on weekends or holidays. The rates posted at banks, etc. are either the previous days rates, or whatever they wish to give you. If they are giving a lower rate than the current rate, that is not a crime if their customers are willing to accept it. The privately owned cambios always give a lower rate, it is the only way they can earn money and stay in business.


The exchange rates I get when using my credit union issued ATM/debit card are usually never precise, but are always within a few Cents of the amount that I calculate doing all the math. Sometimes the tiny difference is in my favor, sometimes not. It's a wash and I am never concerned about it.


The 1% exchange fee is not high enough for me to be concerned about it, and if I started using a regular US commercial bank it would probably be higher. Using a Mexican bank is not a viable option for me, since I was here when all the banks in México were nationalized and looted in the 1980s. One of my wife's well-to-do uncles had a US Dollar account in a Mexican bank for his retirement plan. After his untimely death before he could retire, the government owned bank told his widow that they had no record of him ever having an account with them, his money was all stolen. My wife's aunt lived the last years of her life in poverty, we all tried to help, but she was poor.


It will be a cold day in hell before I ever trust a Mexican bank with any important money.


Rex
"The supreme happiness of life is the conviction that we are loved" - Victor Hugo


gpkgto

Aug 3, 2009, 2:41 PM

Post #5 of 83 (14969 views)

Shortcut

Re: [Papirex] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
"The 3% fee you were paying was probably the international monetary transfer fee. Everyone withdrawing money from a US bank using a ATM in México or any other non-US country pays a monetary currency transfer fee."

This is why I changed to the Citibank/Banamex account--there are NO fees. I get the exact amount in pesos based on the Banamex exchange rate that day. Actually, the exchange rate floats all the time--I often get a different rate than what is posted in the bank window, but it is always close. However, banks in Mexico have their own weird policies--I have seen branches of the same bank in the same city at more or less the same time of day with different rates. This occurs especially in Mexico City where while on a bus I have passed 3 branches of the same bank with different rates.


chicois8

Aug 3, 2009, 5:39 PM

Post #6 of 83 (14935 views)

Shortcut

Re: [gpkisner] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
When Citi bank started charging the 3% when I used their ATM card in Banamex locations I also got a Banamex USA account, I can withdraw at Banamex ATM's without any fees..

RollyB, I also used both cards ( CITI and BanamexUSA ) in the same machine at the same time and the difference was less than 2 centavos for the transaction, so there is really no difference...
Rincon de Guayabitos,Nayarit
San Mateo, California


Rolly


Aug 3, 2009, 8:08 PM

Post #7 of 83 (14904 views)

Shortcut

Re: [chicois8] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
"RollyB, I also used both cards ( CITI and BanamexUSA ) in the same machine at the same time and the difference was less than 2 centavos for the transaction, so there is really no difference... "

Yep. That's because Banamex pays a low exchange rate.

Rolly Pirate


gpkgto

Aug 4, 2009, 6:11 AM

Post #8 of 83 (14869 views)

Shortcut

Re: [Rolly] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
This is the variation I was talking about. Here in Irapuato Banamex consistently posts the best exchange rate.


Rolly


Aug 4, 2009, 6:53 AM

Post #9 of 83 (14855 views)

Shortcut

Re: [gpkisner] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
I have accounts with both Bank of America and Banamex/USA. Recently I withdrew money from both accounts on the same day. Here are the exchange rates for that day followed by the dollar cost of withdrawing 3,000 pesos,

13.21 > $227.10 BofA ATM
12.98 > $231.12 Banamex/USA ATM
12.80 > $234.38 Banamex/USA funds transfer

If one has a budget of $20,000 pesos per month, using these example numbers, Banamex/USA ATM withdrawals would cost $36 dollars per month more than BofA. Expanded to a year, it would be $432 dollars more at Banamex. Using the funds transfer to a local Banamex account would cost $588 dollars more for the year.

Rolly Pirate


gpkgto

Aug 4, 2009, 7:38 AM

Post #10 of 83 (14840 views)

Shortcut

Re: [Rolly] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
You made the BofA withdrawals from Scotisbank or Santander? Do you get a rate above what is posted at Scotiabank/Santander? I gotta get with BofA!! Thanks


Rolly


Aug 4, 2009, 8:11 AM

Post #11 of 83 (14824 views)

Shortcut

Re: [gpkisner] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
I use both banks, but mostly Scotiabank because the parking is easier. I have never paid any attention to posted rates because the rate is set by BofA, not the local bank.

Rolly Pirate


tashby


Aug 4, 2009, 9:21 AM

Post #12 of 83 (14800 views)

Shortcut

Re: [Rolly] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
Just confirming Rolly's numbers....

On 7/31 I withdrew 3000 pesos using my BofA debit card at a Scotia atm and it cost me $226.89 US dollars.


(This post was edited by tashby on Aug 4, 2009, 9:24 AM)


Don


Aug 4, 2009, 10:18 AM

Post #13 of 83 (14785 views)

Shortcut

Re: [tashby] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
I use my B of A check card at both Santander and Scotiabanks and have never been charged any fees at all.
One thing to remember is that different banks in Mexico have different maximum withdrawal limits. In my area Santander is 5,000 pesos and Scotiabank is 3,000 pesos for each maximum withdrawal. If you want more pesos you can go through the process again as long as you don't go over your one day limit established by B of A.


(This post was edited by Don on Aug 4, 2009, 10:22 AM)


robbers

Aug 4, 2009, 2:05 PM

Post #14 of 83 (14740 views)

Shortcut

Re: [Don] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
Rolly, et. al.,

Do I remember from an old post that there were two "different" BOAs? "Different" may not be the correct term, but I seem to remember one being based in California and the other in, I think North Carolina. If so, could you clarify?


prmjcm


Aug 4, 2009, 6:41 PM

Post #15 of 83 (14690 views)

Shortcut

Re: [Don] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
Don if i understood you correctly the 5000 peso limit (santander), 3000 peso limit (scotiabank) is a one transaction limit and you can do more than one transaction in one day, am I getting it right, if so how do I find out the BofA limit.
Pat Moore in San Pancho GTO


bournemouth

Aug 4, 2009, 6:54 PM

Post #16 of 83 (14684 views)

Shortcut

Re: [prmjcm] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
You ask them what the dollar limit on your ATM card is, if you do not already know. You can probably also negotiate a higher daily amount if you think it necessary.


johnv

Aug 4, 2009, 8:21 PM

Post #17 of 83 (14672 views)

Shortcut

Re: [gpkisner] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
I have a Capital One Online Savings Account that I opened up online from within Mexico. I maintain a US address, and have other US accounts. With their ATM card, the one that is devoid of any Visa or Mastercard logo on the front, you can go to ANY bank, and not be charged fees, and there exchange rates usually are equal to or better than the daily mid-market rate posted by xe.com . Furthermore, their interest rates are amongst the highest in the USA. Very simple.

Always remember that if a card has a Visa or Mastercard logo on the front, you will be burned on the exchange rate. I am currently waiting for a settlement of between US$1000 and $3000 in the class action lawsuit against Visa and Mastercard with their exchange rate thefts of the past 10 years. They continue to steal, but now they tell you they are stealing (in the fine print), whereas previously, they kept the theft a secret, which is basically what the lawsuit is about.


Don


Aug 4, 2009, 10:18 PM

Post #18 of 83 (14652 views)

Shortcut

Re: [prmjcm] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
Bank of America sets your daily withdrawal limit. I had mine raised from $500 US to $1000 US per day. I am helping a friend in the US to remodel a home here in our town. He deposits US dollars into my account and I usually withdraw $10,000 pesos per day as needed for the remodel. The Santander I go to will give me $5,000 pesos during one transaction, so I do one transaction after another. I am currently visiting in the U.S., but I was charged $754.10 for my last two withdrawal on the same day totaling $10,000 pesos.


(This post was edited by Don on Aug 4, 2009, 10:28 PM)


prmjcm


Aug 5, 2009, 9:00 AM

Post #19 of 83 (14604 views)

Shortcut

Re: [Don] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
Don thanks for the information, how do i go about getting my daily limit raised by BofA??

Pat Moore in San Pancho GTO


tashby


Aug 5, 2009, 2:06 PM

Post #20 of 83 (14569 views)

Shortcut

Re: [prmjcm] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
The limit is set by BofA, so you need to call BofA.


Rolly


Aug 5, 2009, 2:33 PM

Post #21 of 83 (14556 views)

Shortcut

Re: [prmjcm] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
You can do it online if you are setup for online banking. Look under Customer Service.

Rolly Pirate


joaquinx


Aug 5, 2009, 2:51 PM

Post #22 of 83 (14546 views)

Shortcut

Re: [Rolly] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
The maximum you can raise it to on line is $500 usd. You have to call them to get it higher. Good luck on calling the correct number and talking to a human
_______
My desire to be well-informed is currently at odds with my desire to remain sane.


cookj5

Aug 5, 2009, 7:33 PM

Post #23 of 83 (14512 views)

Shortcut

Re: [joaquinx] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
Give some serious thought to the wisdom of raising your limit beyond $500 US. If your card is stolen and used illegally, or--god forbid--you are forced under threat to take money out, having that limit is a good protection to having your account looted.

It is likely to be a rare circumstance where you need to suddenly take more than $500 out. Most likely you can deal with such a need in advance through a wire transfer, etc. with a little planning.


joaquinx


Aug 5, 2009, 7:59 PM

Post #24 of 83 (14502 views)

Shortcut

Re: [cookj5] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply

Quote
Most likely you can deal with such a need in advance through a wire transfer, etc. with a little planning.

The only way to wire transfer from BofA is to go to a BofA bank and do it. Been there- done that.
_______
My desire to be well-informed is currently at odds with my desire to remain sane.


gpkgto

Aug 7, 2009, 6:24 AM

Post #25 of 83 (14419 views)

Shortcut

Re: [cookj5] Avoiding bank fees for ATM withdrawals

Can't Post | Private Reply
Having a limit doesn't always work--I had two Mexican friends who were held for several days until their accounts were empty.
First page Previous page 1 2 3 4 Next page Last page  View All
 
 
Search for (advanced search) Powered by Gossamer Forum v.1.2.4