MexConnect.com Forums: General: Living, Working, Retiring: ATM Fees: Page 2

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yucatandreamer

Feb 25, 2012, 12:13 PM

Post #26 of 44 (3534 views)

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Re: [CanuckBob] ATM Fees

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I use the ATM. I do not write checks. I have a daily limit with Scotia Canada of $1000. Per day and something like
$3000. Per week. If I needed 70000. Peso I would save it up in cash or since I do have a bank account at Scotia Mexico, I would give my Canadian bank my routing numbers and do a transfer. I have saved up much more than 70000. Peso on several occasions for renovation projects.

mexipat

Feb 26, 2012, 6:55 PM

Post #27 of 44 (3477 views)

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Re: [esperanza] ATM Fees

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Me, too. It is definitely no fees of any kind and the exchange rate is always equal to or higher than that posted on coinmill.com or the other currency exchange sites.

Teo

Feb 27, 2012, 4:03 PM

Post #28 of 44 (3422 views)

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Re: [tashby] ATM Fees

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tashby and RickS. I am dying to know the results of your "experiment" with simultaneous withdrawals at different banks including BofA. I've always thought that no-fee banks just make up the difference with poorer exchange rates.

Hope you can arrange this transaction and report your results. Thanks.

RickS

Feb 27, 2012, 4:20 PM

Post #29 of 44 (3421 views)

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Re: [Teo] ATM Fees

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Patience, Teo, patience.

Yes, the 'shootout at OK corral' did occur this noon at the ScotiaBank ATM next to WalMart (or, as some people like to say, next to Domino's Pizza!). Tashby and I did in fact meet, but we (at least I) must wait until nightly processing takes place as my account will not be 'fully' updated until then..... my rate seems to fluxuate slightly from the dynamic post to the next day's post. I suspect they are trying to see just how much they can charge me for their services. And, of course, we want to be perfectly accurate in this dramatic, first-ever comparison.

Stay tuned!

(This post was edited by RickS on Feb 27, 2012, 5:14 PM)

Teo

Feb 27, 2012, 4:58 PM

Post #30 of 44 (3412 views)

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Re: [RickS] ATM Fees

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The anticipation is killing me. But thanks for doing this. It will be very informative.

Drum roll, please!!

cbviajero

Feb 27, 2012, 5:55 PM

Post #31 of 44 (3396 views)

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Re: [Teo] ATM Fees

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I use my BofA atm card almost exclusively for monthly expenses,the exchange rate is always good and there are zero fees.

RickS

Feb 28, 2012, 7:06 AM

Post #32 of 44 (3348 views)

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Re: [Teo] ATM Fees

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OK, Teo et. al.

As I mentioned tashby and I met at high noon yesterday at the ScotiaBank ATM. Within 1 minute of each other we both withdrew 1000 pesos. When I got back home I looked up the exchange rate from a couple of sites. They were:

coinmall.com = 12.8684 and
xe.com = 12.8986

This morning, here is what we see taken out of our respective NOB bank account.... tashby with BofA (and a Scotia Bank affiliation) and me with a run of the mill local bank with no Scotia Bank affiliation.

Drum Roll........

tashby was charged, for his 1000 pesos, $77.99 which equates to a rate of 12.8222
I was charged $ 81.51 for my 1000 pesos and had to pay the 34.8 pesos ATM fee. This equates to a rate of 12.2684

So for me this little child's game we undertook shows conclusively (at least for this test!) that the BofA/ScotiaBank affiliation is a good one to have long-term. It gave tashby pretty near the exchange rate of the day/hour. If one is living here and has to withdraw, say, 40,000 pesos a month for living expenses, one will be charged $60 less, all things else being equal. That'll buy a couple of bottles of tequila and a couple of steak dinners for two (or whatever your choice may be)!

Thanks again to tashby for joining me on this little experiment. Hope it was useful. For me it says that BofA is NOT hiding this service in the rate they charge for the conversion. In today's banking world that alone is amazing!

tashby

Feb 28, 2012, 7:23 AM

Post #33 of 44 (3339 views)

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Re: [RickS] ATM Fees

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One thing to keep in mind is that we only withdrew $1000 MXN. Is it true that some of your fees are a flat per transaction fee, while others are based on a percentage of the withdrawl, Rick? If so, because he has to absorb fees, distributing them over a larger withdrawl amount would improve Rick's rate.

I think. Too early for me to do math problems. Where's my coffee...

Teo

Feb 28, 2012, 7:35 AM

Post #34 of 44 (3330 views)

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Re: [tashby] ATM Fees

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Thanks to both of you. This is very enlightening and helpful. Seems to disprove the theory that no fees result in a poorer exchange rate.

Most banks that charge a fee charge a flat fee no matter the amount. I've always tried to withdraw the maximum daily amount to minimize the impact of the fee (usually $5 USD). But no fees by BofA is obviously the best deal.

Think I'll head over to BofA today and open an account for my next Mexico trip.

careyeroslib

Feb 28, 2012, 9:14 AM

Post #35 of 44 (3298 views)

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Re: [CanuckBob] ATM Fees

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Hi Canuck Bob, Yes. We don´t have a Scotia Mexico account either. All our ATM withdrawals are from a Canadian Scotia account.

To edit, the only privilege is no fees on your ATM withdrawals and the largest amount you can withdraw is the peso equivalent of your daily cash limit with Scotia Canada. I´m not sure, but I understand from others that you can´t withdraw except at the ATM (not at a teller).

(This post was edited by careyeroslib on Feb 28, 2012, 1:09 PM)

RickS

Feb 28, 2012, 2:11 PM

Post #36 of 44 (3270 views)

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Re: [tashby] ATM Fees

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(sorry, I was in Guadalajara)....

"Is it true that some of your fees are a flat per transaction fee,..."

Only the 34.8 pesos fee that the ScotiaBank ATM charges. That was the fee that you were not charged.
All others are a percentage of the amount withdrawn.

TijuanaMax

Feb 28, 2012, 9:59 PM

Post #37 of 44 (3225 views)

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Re: [RickS] ATM Fees

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There are a number of Internet banks that refund ATM fees. I have a checking account with State Farm Bank and Charles Schwab. I also have Ally Bank. But Ally Bank only refund ATM fees if it is used within US. Both of them refund any ATM surcharge when I use their ATM card to withdraw money in Mexico (as well as US). The exchange rate is much better than "Casa de Cambio". I usually withdraw Mexican Pesos when the exchange rate is good and deposit 15000 pesos a month into my checking account in the Mexican local bank. Cash deposit total above 15000 pesos within 30 day period costs you 3% IDE tax for the amount above 15000 pesos.

GringoCArlos

Feb 29, 2012, 9:48 AM

Post #38 of 44 (3186 views)

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Re: [TijuanaMax] ATM Fees

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I did my own experiment yesterday using two different debit cards here in central MX. Neither institution has an arrangement with any MX bank.

One card is issued by a small local US bank, and are subject to fees on both ends. The other card charges no fees on their end and refunds any fees from the MX bank's ATM.

ScotiaBank here charges a flat fee of 24.95 pesos for their ATMs when using a non-Scotia card. Last time I checked, Banamex charged 35 pesos per transaction with a limit of 3000 pesos per transaction and Santander's ATMs didn't accept foreign cards locally. I always pull the maximum amount (5000 pesos) from Scotia with the bank card to minimize my transaction fees.

The rub is always the exchange rate the US institution chooses to give you on the conversion, and amounts to a hidden fee unless you pay attention.

The XE exchange rate of the moment was 12.8093. After fees, the bank card resulted in an exchange rate of 12.64. The reimbursed card resulted in an exchange rate of 12.772 using the same ATM at MX ScotiaBank.

Local MX banks usually post their exchange rates in their front window. Their rates at the same time of the ATM withdrawals were "sell USD at 13.05" and "buy USD at 12.30". The local casas de cambio have worse exchange rates than the local banks.

RickS

Feb 29, 2012, 1:57 PM

Post #39 of 44 (3149 views)

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Re: [GringoCArlos] ATM Fees

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"ScotiaBank here charges a flat fee of 24.95 pesos..."

As I mentioned above, the rate that the SoctiaBank ATM 'around Walmart' in Ajijic has been 34.8 pesos for my NOB non-affiliated bank card. It has been that the last 5 times I have used it (starting 2/2/12). When I used the same card for 2 months in SMA at either a Banamex or Bancomer bank (I don't remember which.... it was the only bank I found that did not require me to 'turn loose of my card' to get pesos) the flat fee was 27.5 pesos.

Looks like maybe YMMV

cookj5

Feb 29, 2012, 8:12 PM

Post #40 of 44 (3106 views)

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Re: [RickS] ATM Fees

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In Reply To

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.

Rick! Shame on you! Such cynicism about our banking community. Ripoff artists have feelings too. So, be careful you don't hurt their feelings or they might stick you with another hidden fee (or two, or three...)

chinagringo

Mar 1, 2012, 8:28 AM

Post #41 of 44 (3060 views)

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Re: [RickS] ATM Fees

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Before one goes running to B of A to open an account to use in Mexico ATM's, you may wish to read the following article:

http://bottomline.msnbc.msn.com/...ng-new-checking-fees

Looks like B of A is going to try it again and measure the backlash.
Regards,
Neil
Albuquerque, NM

joaquinx

Mar 1, 2012, 8:41 AM

Post #42 of 44 (3053 views)

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Re: [chinagringo] ATM Fees

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I don't see how this will affect us who live in Mexico. We do keep a high balance in our accounts and not the 50 usd accounts of younger members. Most of us have our Social Security and/or pensions directly deposited and access our account via Internet.

I will admit that some of their screw-ups have cost them a great deal of money and they will find some method to recover it, but so will other banks offering equal services and some banks that offer lesser ones.
_______
My desire to be well-informed is currently at odds with my desire to remain sane.

morgaine7

Mar 1, 2012, 11:26 AM

Post #43 of 44 (3021 views)

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Re: [chinagringo] ATM Fees

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Here's a more in-depth version of the same story:
http://online.wsj.com/...253742237347180.html

Kate

expatsinmexico

Mar 1, 2012, 6:18 PM

Post #44 of 44 (2971 views)

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Re: [morgaine7] ATM Fees

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This is nothing new at Bank of America. We opened an account early last year because of the no fee internet banking. We have done all our banking here in the States online or make deposits at the ATM outside the Bank. Love it. No lines to deal with and can do it from the comfort of your couch or in the car. Love their new ATM machines that take your checks and cash for deposit and credits it to your account. Your deposit receipt has a picture of the check on it, It counts cash deposit quickly and accurately. If it finds a suspect bill it might reject it because of marks or rips but its great doing business with them. Nothing to fear here. Just keep those ATM wthdrawal fees in Mexico at nada...we will be down soon.

(This post was edited by bound4ajijic on Mar 1, 2012, 6:21 PM)

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