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RickS


Feb 23, 2012, 9:27 AM

Post #1 of 44 (4936 views)

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ATM Fees

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Many NOB folks (including me) get their pesos while in Mexico by using an ATM against their NOB bank. Some get these services, because of banking associations north and south, without fees or with small fees. Yes, I know, the exchange rate can mask the 'real' charge but trying to figure that one out dynamically is either impossible or not worth the exercise.

Yesterday I went to a Scotiabank ATM at Lake Chapala to withdraw 5000 pesos. Right away I had to agree to a 34.80 pesos charge on top (but said 'No' to the opportunity to donate 5 pesos to some charity). After bank processing last night I see the exchange rate I got was 12.7845. I don't know what the rate was yesterday at that time but at the moment xe.com has it at 12.8324 so my rate was not bad. But then comes the other fees that were added; they were:
$3.97 VISA ISA Fee
$2.74 Foreign ATM Surcharge
$1.00 Foreign ATM Fee from my bank (which will be refunded because I am a good guy!)

So after all was said and done, I got 5000 pesos and was charged $400.53, which works out to an exchange rate of 12.4741
I guess I should not be too concerned by the extra fees. Someone has to pay for all the 'infrastructure' required to hand me 5000 pesos against my account 2000 miles away. It makes traveling waaaaay easier than it was in the ole days before ATM's were everywhere.

BTW, with some of those pesos I will:

+ Pay a Dental Surgeon in Guadalajara the equivalent of $1,100US to finish an implant/crown that I had started NOB. My dentist NOB would have charged me $2,550 to complete that service.
+ Pay 1600 pesos ($128) to have a body shop repair/paint the rear bumper on my car. I got an estimate for that work in my hometown for around $700.
+ Pay 700 pesos ($56) to have my car waxed and polished. That work would cost me $125 NOB.
+ Buy a good steak tonight at Ajijic Tango Argentine Restaurant for 120 pesos. THAT quality steak would cost me $28 NOB.
+Buy me gasoline for my trip back home (all good things must come to an end!) at the equivalent of $2.91 gallon while the price of gas back home is approaching $4/gallon and diesel is approaching $5.

And all the while, I am sitting here in sunny Ajijic with afternoon temps around 72.... and back home it is below freezing with snow and a howling wind.

So I'm not too worried about the ATM fees :>)


(This post was edited by RickS on Feb 23, 2012, 10:32 AM)

Anonimo

Feb 23, 2012, 10:01 AM

Post #2 of 44 (4921 views)

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Re: [RickS] ATM Fees

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Great positive attitude!

Saludos,
Anonimo

chinagringo


Feb 23, 2012, 10:05 AM

Post #3 of 44 (4918 views)

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Re: [RickS] ATM Fees

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Good points Rick. Even before the advent of ATM's, there was often a charge for purchasing Traveler's Checks and then in some areas, there was a charge to cash them. One has to pay to play and there are rarely "free lunches".

As for you gas comments, you may wish to stop in NM to top off before heading back to CO. I paid $3.13 yesterday.
Regards,
Neil
Albuquerque, NM


RickS


Feb 23, 2012, 10:46 AM

Post #4 of 44 (4906 views)

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Re: [chinagringo] ATM Fees

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Yes, Neil, I understand that Albuquerque has about the lowest gas rates in the nation for some reason. Ironically my home in Colorado is also in that same 'rare air', as I just looked and it can be had for $2.92 and diesel for $3.52. However, I must come back through Texas (which used to have the lowest in the nation!) and gas sells from a low of around $3.30 in the panhandle to $3.80ish in other locals - unless I want to fill up in Amarillo at 'Jesus Christ is Lord Travel Center' for $3.19! I could do that as I am driving a Camry Hybrid and can make it from my last fill-up, on the Mexican border, to Amarillo on a tank.

tashby


Feb 23, 2012, 5:52 PM

Post #5 of 44 (4833 views)

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Re: [RickS] ATM Fees

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Someone has to pay for all the 'infrastructure' required to hand me 5000 pesos against my account 2000 miles away.

I'm glad it's you and not me! (Said in the friendliest voice possible.) Sheesh, your post makes me re-appreciate the Bank of America/Scotia/Santander relationship all the more. It's one thing to pay those fees as a visitor on occasion, but for those of us who live here year-round and live and die by atm's on a daily basis, those fees would really get old.

So.....THANKS for supporting the infrastructure! (And keeping a positive attitude/perspective. Happy you found economies in other opportunities.)

RickS


Feb 23, 2012, 6:42 PM

Post #6 of 44 (4817 views)

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Re: [tashby] ATM Fees

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Yes, I think that, as much as I come down, I am going to have to establish a BOA relationship. Until very recently there was not a BOA bank in my home city.

tashby


Feb 23, 2012, 6:46 PM

Post #7 of 44 (4812 views)

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Re: [RickS] ATM Fees

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Fergawdsakes, Rick, it's "BofA"!

*keeping fingers crossed that their relationship/benefit doesn't vanish one day*

(And there are other solutions for those who can't/don't want to us Bank of America. I think.)

RickS


Feb 23, 2012, 6:55 PM

Post #8 of 44 (4805 views)

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Re: [tashby] ATM Fees

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OMG, a bank with a cult following!

La Isla


Feb 23, 2012, 10:56 PM

Post #9 of 44 (4782 views)

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Re: [RickS] ATM Fees

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In Reply To
Yes, I think that, as much as I come down, I am going to have to establish a BOA relationship. Until very recently there was not a BOA bank in my home city.

When I opened my BOA account in 2007, just before moving down here, I was able to do it online.

careyeroslib

Feb 24, 2012, 3:08 PM

Post #10 of 44 (4710 views)

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Re: [RickS] ATM Fees

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Hi RickS; We have something in common. We have a Camry Hybrid (a different year). Good gas mileage, but not so good on topes :)

Anyway, we opened a Scotia Canada account in 2010 just for Mexico and other travelling, and itīs been wonderful. We can withdraw from Scotia Mexico and Bank of America with no fees (except, for, as you say the hidden charges of exchange). If anybody is interested, you can see the list of worldwide banks that are covered by Scotia, and for which your BofA card will work by googling Global ATM alliance. And BofA customers also have a relationship with Santander. Lucky! We Scotia Canada customers donīt have that, but, oh well, canīt be greedy :)

For anyone interested, if you have a Scotia Mexico account, you can also take advantage of no fees within the Global ATM alliance should you travel to the US or Canada (or other countries) using the participating ATMs in those countries with your Scotia Mexico card.

I just love being able to withdraw any amount I want from my Canadian account any time I want without worrying about transaction fees. And, no, I do not believe this particular Alliance will disappear (canīt speak for the one with Santander).

Also, at least in Canada, we can open an account with no fees if one of us (a couple) is 60 years or older. Not me of course....

Cheers.

CanuckBob


Feb 24, 2012, 3:30 PM

Post #11 of 44 (4703 views)

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Re: [careyeroslib] ATM Fees

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Can you go into a ScotiaMexico branch and withdraw funds from your Canadian account without having an account in Mexico?

Bob
Inside Lakeside
http://www.insidelakeside.com

johanson


Feb 24, 2012, 3:57 PM

Post #12 of 44 (4692 views)

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Re: [CanuckBob] ATM Fees

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All I know is that we have a Scotia Bank ATM lakeside near Wal*Mart, where I don't have to pay a fee when taking money out of my US B of A account

La Isla


Feb 24, 2012, 4:07 PM

Post #13 of 44 (4687 views)

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Re: [CanuckBob] ATM Fees

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Can you go into a ScotiaMexico branch and withdraw funds from your Canadian account without having an account in Mexico?

I donīt know if this applies to Scotia Canadian accounts, but I can withdraw money from my BOA account at any Scotiabank ATM in Mexico, without having a Scotiabank account.

chinagringo


Feb 24, 2012, 4:34 PM

Post #14 of 44 (4682 views)

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Re: [CanuckBob] ATM Fees

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If I read and understand CanuckBob's question correctly, I believe he is asking about writing a check on a Scotia Bank Canada account and being able to immediately cash at a ScotiaMexico branch? Nothing to do with ATM's. I have no idea of the answer.
Regards,
Neil
Albuquerque, NM


RickS


Feb 24, 2012, 5:42 PM

Post #15 of 44 (4667 views)

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Re: [johanson] ATM Fees

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Here's what would be interesting and solve a long-standing question:

You and I go to that ScotiaBank ATM near WalMart together and each, within seconds of each other, withdrawn the same amount of pesos.... say 2000.

Then we contact each other the next day (after nightly bank processing) and see just how many total dollars were extracted from your BofA (how was that, Tashby!?!) account and my non-BofA bank account. Then we compute the effective exchange rate that each got.

I'll bet that there may be a difference and that, although you were not charged any fees, my actual 'rate' will be better (but I, of course, will have paid some extra fees). In other words, how many bottom-line dollars did the 2000 pesos cost you vs me, you with a BofA relationship and me without?


(This post was edited by RickS on Feb 24, 2012, 5:51 PM)

chinagringo


Feb 24, 2012, 6:24 PM

Post #16 of 44 (4655 views)

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Re: [RickS] ATM Fees

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Come on Rick! Are you suggesting that they will get you one way or the other? How could that possibly be?
Regards,
Neil
Albuquerque, NM


RickS


Feb 24, 2012, 6:45 PM

Post #17 of 44 (4650 views)

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Re: [chinagringo] ATM Fees

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Well, before I go through the trouble of setting up a BofA account I would like to know 'the rest of the story'..... whether this is truly a service or just a shell game. I guess I just don't trust banks any more.... especially very large ones.

Moisheh

Feb 25, 2012, 5:40 AM

Post #18 of 44 (4602 views)

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Re: [RickS] ATM Fees

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This is from Wikepedia re B ofA:

For transactions in currencies other than U.S. Dollars when using a Bank of America ATM card or debit/check card, Bank of America may charge its account holders an International Transaction Fee for purchases or ATM cash withdrawals regardless of whether the transaction occurs within the Global ATM Alliance or outside the Global ATM Alliance.[3] For each converted ATM cash withdrawal, this International Transaction Fee is 1% of the U.S. Dollar Amount, and for each converted purchase, this International Transaction Fee is 3% of the U.S. Dollar Amount. This fee appears as a separate item on the Bank of America account holder's banking statement for each international transaction.[3

Ricks has a great idea. I bet the results will be interesting.

Moisheh

esperanza

Feb 25, 2012, 6:25 AM

Post #19 of 44 (4596 views)

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Re: [RickS] ATM Fees

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Rick, I withdrew 6000 pesos from my BofA account last week at Santander, at a time when the posted XE exchange rate was 12.74 to the dollar. The exchange rate I received was 12.83.

When I read your accounting of costs to withdraw funds from a Mexican ATM, I was astonished that you or anyone else would put up with paying the fees you paid. Gosh, open a BofA account and have the advantage of no-fee withdrawals at both Santander and Scotiabank in Mexico, plus at numerous other world-wide banks. We're heading for Europe in May and have identifed through BofA the banks in both France and Italy where we will pay no ATM fees, foreign exchange fees, or any other fees for withdrawing our funds at ATMs. It just seems insane to pay for the privilege of accessing my own money.




http://www.mexicocooks.typepad.com








joaquinx


Feb 25, 2012, 6:45 AM

Post #20 of 44 (4589 views)

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Re: [esperanza] ATM Fees

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Just to keep the playing field even, this is a list of the banks that BofA does not charge fees http://en.wikipedia.org/.../Global_ATM_Alliance. Santander is not part of the Global ATM Alliance, but BofA used to own part of Santander and the fee-less use of ATM's is still in affect.
_______
My desire to be well-informed is currently at odds with my desire to remain sane.

tashby


Feb 25, 2012, 7:14 AM

Post #21 of 44 (4575 views)

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Re: [RickS] ATM Fees

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You and I go to that ScotiaBank ATM near WalMart together and each, within seconds of each other, withdrawn the same amount of pesos.... say 2000. ....

I use that machine all the time. I'll do the experiment if you want, though I just got pesos out of it yesterday. (Friday, 24/02/2012 at 11:57 a.m. I received $3000 MXP which cost me $234.68 USD according to BofA on-line today. So whatever that amounts to.)

If you're serious about running the experiment, shoot me a pm with contact info and we'll set up a day and time.

CanuckBob


Feb 25, 2012, 7:45 AM

Post #22 of 44 (4564 views)

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Re: [chinagringo] ATM Fees

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Yes, I am asking if you can get large withdrawals directly from your Canadian Scotia account from a ScotiaMexico branch. In other words do they have access to your Canadian account through their computers?

Bob
Inside Lakeside
http://www.insidelakeside.com

yucatandreamer


Feb 25, 2012, 9:14 AM

Post #23 of 44 (4538 views)

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Re: [CanuckBob] ATM Fees

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I bank with Scotiabank in Canada and withdraw money here in Mexico for no fees from Scotiabank Canada. I do not believe that you need a corresponding account in Mexico or anywhere else in the world to withdraw without additional fees.

chinagringo


Feb 25, 2012, 9:20 AM

Post #24 of 44 (4532 views)

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Re: [yucatandreamer] ATM Fees

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Just for clarification - are you referring to withdrawing money from an ATM or writing a check for any amount and cashing inside of the bank?
Regards,
Neil
Albuquerque, NM


CanuckBob


Feb 25, 2012, 10:34 AM

Post #25 of 44 (4514 views)

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Re: [yucatandreamer] ATM Fees

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So I can walk into a ScotiaMexico branch, show them my Canadian Scotiabank debit card and proper ID, then withdraw 70,000 peso's directly from my Canadian Scotiabank account?

Bob
Inside Lakeside
http://www.insidelakeside.com


(This post was edited by CanuckBob on Feb 25, 2012, 11:05 AM)
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