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geoffbob

Nov 14, 2013, 11:46 AM

Post #51 of 90 (5167 views)

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Re: [chicois8] No more fee free atm withdrawals from BoA

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I just finished a Live Chat with Citibank regarding the minimum combined deposit to have the Citigold card and the benefits that accrue to holders. Foreign currency conversion fees are waived when the balance on deposit does not fall below USD49,999.99

Although the part about waiving conversion fees is prominently displayed, no mention was made regarding ATM fees so I inquired about that. The ATM fees are waived when the minimum balance on deposit does not fall below USD100,000.00

Thank you very much cbviajero for this OP. I am in the final stages of closing up all my affairs in Miami to move to D.F. in exactly two weeks. I had invested considerable time and effort into tying everything financial to BoA based strictly on the reciprocity with Santander and Scotia. I spoke to them last night about the fact that I'd be based in Mexico and inquired as to the name of the bank besides Santander where I could obtain the no fees of any kind ATM usage and they never mentioned any of this. Fortunately, because of this OP I had time to back out of all of this and set everything up with Schwab checking which is an account I allowed to remain dormant for a few years but never closed. It has taken me hours of work today but it's done.


(This post was edited by geoffbob on Nov 14, 2013, 12:05 PM)


cbviajero

Nov 14, 2013, 1:03 PM

Post #52 of 90 (5135 views)

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Re: [geoffbob] No more fee free atm withdrawals from BoA

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You're welcome,next time I'm in el DF you can buy me a beer.I've no doubt that someone else would have brought it up as it's an issue that will affect many of us.


(This post was edited by cbviajero on Nov 14, 2013, 1:09 PM)


addtocart

Nov 15, 2013, 7:53 AM

Post #53 of 90 (5014 views)

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Re: [Rolly] No more fee free atm withdrawals from BoA

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Unless one has a legal residence in the USA, opening a new bank account may be a big problem.

There is a way to get a USA bank account if you do not have a legal presence in the USA. There is a US bank owned by a Mexican bank that offers free ATM, check cashing and check depositing bi-directionally, that is you can move dollars from the USA to pesos in México and pesos from México to dollars in the USA. The banks are Inter National Bank (INB) in Texas and Banorte in México. Look here: http://www.inbweb.com/ An account with INB can be opened through Banorte without going to the USA or having a legal presence there.

I emailed INB and got this response:

*******************************************************

Thank you for your interest in obtaining an account with Inter National Bank. You are correct, INB and Banorte are sister companies that work alongside serving our customer in Mexico and USA. Our debit cards can be used in both countries without charge but the wires between INB and Banorte are $10 dollars each way.

I would like to the opportunity to inform you the requirements to open an account at a distance with INTER NATIONAL BANK. We require for you to have a Familia Enlance account with Banorte with a minimum of least one year of tenure. If you meet this requirement, please go to your local Banorte branch with your account executive, who can advise you to start the process through our website:

https://www.inbweb.com/espanol/serviciosinternacionales/cuentapfopm.html

In total the processing may take approximately 1 month; this is because it is necessary that the account is approved by Banorte and INB respectively. The minimum amount of initial transfer required is $10,000 DLS to open an account with us.

On the other hand, if you fail to comply with the required seniority as a Banorte customer, you have the option of attending any of our INB branches located in Texas to open your account in person. It is only necessary to send us your documentation beforehand to have your contract ready, because before opening your account, we require approval from our department of compliance which may take up from 7 to 10 days. Due to it being a different process, the minimum amount of initial deposit required is $50 DLS to open an account.

If you’d like to visit one of our branches locations, please let know us which of our locations to refer you with one of our helpful account executive who can take care of your application. We invite you to visit out INB webpage if you require information on any of our INB branches:

https://www.inbweb.com/locations/bankingcenters.htm

The documents we require at distance and in person are different. Please let us know how you would like to proceed in opening your account to assist you assuring we send you the correct information

*****************************************************

Doable, but not cheap in Mexico or easy if you have to drive to Texas.


La Isla


Nov 15, 2013, 8:20 AM

Post #54 of 90 (5008 views)

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Re: [La Isla] No more fee free atm withdrawals from BoA

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I have had an account with Santander in Mexico for several years. I've been thinking of having my pension checks direct-deposited to this account now that BofA is charging us an outrageous fee to withdraw our own money. Good idea or not?


morgaine7


Nov 15, 2013, 12:17 PM

Post #55 of 90 (4960 views)

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Re: [La Isla] No more fee free atm withdrawals from BoA

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Quote
I have had an account with Santander in Mexico for several years. I've been thinking of having my pension checks direct-deposited to this account now that BofA is charging us an outrageous fee to withdraw our own money. Good idea or not?

My Social Security payments have been direct-deposited into my Bancomer peso account since 2009, when they started. There have been absolutely no problems. Payments arrive like clockwork on the 3rd of the month (earlier if the 3rd falls on a weekend), there are no fees, and the exchange rate is very good. The only downside might be inability to exchange when the rate is better. You're stuck with whatever it is when the payment comes. In my case, the money is "spent" before it gets here, so I don't have that luxury anyhow.

Kate


La Isla


Nov 15, 2013, 1:42 PM

Post #56 of 90 (4939 views)

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Re: [morgaine7] No more fee free atm withdrawals from BoA

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Kate, thanks for your message. I think I will change over to Santander very soon. If I get a call or message from BofA asking why, I'll let them have it!


johanson


Nov 15, 2013, 2:33 PM

Post #57 of 90 (4924 views)

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Re: [La Isla] No more fee free atm withdrawals from BoA

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I just talked to B/A. I now know why a friend with almost $200,000 US in his B/A account has to pay the fee while others with less than $20,000 do not.

Do you remember a while back when Merrill Lynch was bought out by B/A? Did you know you can link the two accounts together? Well if the total amount of say your retirement account in ML plus the cash in your B/A account is more than $250,000 US, you do not pay the fee.


La Isla


Nov 16, 2013, 9:49 AM

Post #58 of 90 (4847 views)

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Re: [La Isla] No more fee free atm withdrawals from BoA

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Has anyone now living in Mexico recently changed the bank to which the direct deposit of their US Social Security pension checks is sent? I just tried to do it online but lack a US address, which is needed to open an online account with the SSA. I have the feeling that I might be able to do it at the US Embassy, which luckily is just a few blocks from my apartment.


mcm

Nov 16, 2013, 10:48 AM

Post #59 of 90 (4828 views)

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Re: [La Isla] No more fee free atm withdrawals from BoA

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I'm also considering doing this, and ran into the same issue (US address needed for online deposit changes). I am going to try by phone on Monday -- here is the link for calling social security from outside the US -- http://www.socialsecurity.gov/foreign/phones.html

It's not a free call, but some Telmex plans include free calls to the US. Or you can use Skype and call the 800 number for SS
1-800-772-1213.

Or, as you said the Federal Benefits Unit at the embassy might be able to help (though I've found in the past that they're sometimes hard to get ahold of.

good luck, and please let us know what works!




La Isla


Nov 16, 2013, 11:04 AM

Post #60 of 90 (4823 views)

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Re: [mcm] No more fee free atm withdrawals from BoA

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I'm going to visit the FBU at the Embassy in person. The last time I did, to change my official address, they were very helpful. In the meantime, I've sent them an email. A ver qué pasa ... Let's keep each other posted.


morgaine7


Nov 16, 2013, 12:24 PM

Post #61 of 90 (4807 views)

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Re: [La Isla] No more fee free atm withdrawals from BoA

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I set up my direct deposit with the FBU in Guadalajara when I originally applied for Social Security. They didn't respond to my emails but got things going right away when I phoned. I don't recall needing a US address for anything. All the SS and Medicare correspondence comes to my address in Mexico.

Kate


La Isla


Nov 16, 2013, 2:07 PM

Post #62 of 90 (4793 views)

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Re: [morgaine7] No more fee free atm withdrawals from BoA

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You need a US address to set up an online account with the SSA, and you need this account to change the bank you use for direct deposit.


esperanza

Nov 17, 2013, 6:09 AM

Post #63 of 90 (4716 views)

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Re: [La Isla] No more fee free atm withdrawals from BoA

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You need a USA address and a USA driver's license to set up an account online with Charles Schwab. Otherwise you can set up an account by snail mail.

http://www.mexicocooks.typepad.com









georgemichael

Nov 17, 2013, 7:10 AM

Post #64 of 90 (4696 views)

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Re: [cbviajero] No more fee free atm withdrawals from BoA

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Here in Costa Rica, B of A already charges the $5.00 ATM fee, plus the 3% currency conversion fee, and then the local bank adds on their user fee! And there are NO recognized international ATM agreements here (right from B of A)! Yes, it all adds up significantly! I have started withdrawing US dollars, avoiding the 3% fee, and merely change to colones inside the bank, at no charge. One option to escape one of the fees!
"Don Miguel"


geoffbob

Nov 17, 2013, 8:59 AM

Post #65 of 90 (4667 views)

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Re: [esperanza] No more fee free atm withdrawals from BoA

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Ironically I had called Schwab a month ago to close my account but the knowledgeable and articulate service adviser sweet talked me out of doing so. I wanted to close it because I was so pleased with myself for setting up everything with BoA; direct deposit of my soc. sec., bill pay, reciprocity with Santander, etc. I "pilot tested " this arrangement last March in Michoacan and it was smooth as silk. Still having an open account with Schwab and being informed on this forum with two weeks notice before lift off that my little house of cards had collapsed was all the proof I needed that the stars were in their courses and majestically aligned that day. This calls for a tequilazo!


Aaron+

Nov 17, 2013, 9:09 AM

Post #66 of 90 (4660 views)

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Re: [georgemichael] No more fee free atm withdrawals from BoA

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Chuckle, let's not forget the built-in fee the Costa Rican bank charges you in the difference between the wholesale bank rate (such as the rates cited on Xe.com or charged by VISA prior to any foreign transaction fee) and the rate of exchange the C.R. bank uses to convert your $US to colones.

My suggestion, if you are a U.S. or Canadian citizen with a usable address and a financial institution back up there, open an account, as with Xe.com, and set up a debit of your NOB account and with an ACH transfer to your Costa Rican bank account (if you do not have one, set up one). You will have to establish you identify with them. No transfer charges, every transaction (once your account is set up) can be done online (or call in for large transfers for a possibly better rate). And most likely the Xe.com conversion charge (perhaps about 2.5%) would be less than the C.R. bank (which perhaps in effect charges about 3-4% or more).

If you are a citizen or resident of another country, such as the U.K. or Australia, there are many competitive online money transfer exchanges.


Judy in Ags


Nov 17, 2013, 9:30 AM

Post #67 of 90 (4650 views)

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Re: [geoffbob] No more fee free atm withdrawals from BoA

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I had our chat with BOA as soon as I saw the 3% charge for a withdrawal (they started charging that November 6, I believe.) The agent I talked to removed the charge and has given us a reprieve from the 3% charge on withdrawals) until January 15th. Hopefully, during that period we can get something else figured out.


Judy in Ags


Nov 17, 2013, 9:33 AM

Post #68 of 90 (4648 views)

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Re: [TessSC] No more fee free atm withdrawals from BoA

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If you click on that charge, you should see an explanation of the new 3% charge on all international withdrawals.


Judy in Ags


Nov 17, 2013, 9:35 AM

Post #69 of 90 (4648 views)

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Re: [cbviajero] No more fee free atm withdrawals from BoA

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Good luck!!! It didn't work for me, although the gal was really nice to me.


Judy in Ags


Nov 17, 2013, 9:42 AM

Post #70 of 90 (4644 views)

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Re: [chicois8] No more fee free atm withdrawals from BoA

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Okay, but Citibank (Banamex USA) will no longer be doing BillPay, although it sounds as if something in the future they may resume that service. Yikes!


Aaron+

Nov 17, 2013, 5:17 PM

Post #71 of 90 (4590 views)

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Re: [Aaron+] No more fee free atm withdrawals from BoA

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In my response, when I said "no transfer charges," I meant none charged by Xe.com (which works through Customs House, a Western Union firm). Your bank at either end may impose charges. Mine do not. Also, if you opt for a wire transfer at one or both ends, rather than a debit/ACH, there will be charges. I have no idea whether your specific Costa Rican bank accepts ACH deposits. There are banks in Costa Rica that are listed as accepting ACH deposits, but I do not know what obstacles are placed in the way of resident foreigners doing so; see what was going on in 2012: .
http://www.livingabroadincostarica.com/...unt-just-got-harder/
(Oops, the Mexconnect editor fails to underline the whole url.) We face no such problems in Mexico opening an account.


Tulum Living

Nov 18, 2013, 4:25 AM

Post #72 of 90 (4551 views)

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Re: [esperanza] No more fee free atm withdrawals from BoA

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I'm a BofA customer, and my wife and I were charged $13 as an International Transaction fee as a result of a cash withdrawal from a Banco Santender ATM. I contacted BofA. They confirmed this was a policy change effective Nov. 8, 2013. Cash withdrawals are now subject to a 3% fee. That's too much.

I searched for alternatives.

You may want to check Charles Schwab and also Fidelity.

Fidelity offers a Cash Management account with an accompanying debit card that has the Visa logo.

There are no International fees, no currency conversions fees when withdrawing money from an ATM in Mexico. There will likely be an ATM fee, however Fidelity credits the ATM fee back to your account at the end of the month.

The Bank of America/Banco Santender arrangement was sweet, but now it looks like the party's over.

Would strongly recommend you check out Charles Schwab and Fidelity.


salto_jorge

Nov 18, 2013, 11:13 AM

Post #73 of 90 (4483 views)

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atm withdrawals from BoA

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Just checked and I have also been charged a few times using my card at Scotia and Santander.
My charges have been low $1.82 and $1.39 on an average but i live off the cards.

Has BoA been absorbing this charge all alone for us or has their relationship with their partners changed all of a sudden.


Azuledos


Nov 18, 2013, 12:08 PM

Post #74 of 90 (4469 views)

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New rules - New fees

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I believe that the cause of the exchange issues being discussed here has not yet been mentioned. You probably recall the huge Wall Street reform bill passed a few years ago. This provided new “consumer protections” applicable to the banking and financial services industries. Among many, many other things, the legislation amended a part of the Electronic Fund Transfer Act, known as Regulation E. This regulation codifies tighter standards for “remittance transfers,” essentially any movement of US funds sent into a foreign country. This regulation finally became effective at the end of October 2013. Hence all the recent changes we have been experiencing.

The new rule affects any remittance transfer of more than $15, and specifies additional disclosures and tracking requirements. The additional fees and service changes we're seeing are reactions of the institutions as they change procedures,software, and intermediaries to comply, and also offset their (presumed) higher transaction costs. The rule affects banks, thrifts, credit unions, money transmitters and broker-dealers. Bank wires, ACH transfers – all are affected.

Personally, I'm holding off bailing out of Citi-BanamexUSA (which just stopped doing bill-pay and free transfers into a SoB peso Banamex account) and jumping right away to another institution (with all the hassle that entails). It's just not clear yet how the service providers which people have mentioned here with historic low-fee structures (Schwab, Banorte-INB, etc) will eventually choose to comply with the rule change.

================================
Veracruz has to be the best kept secret in Mexico.
http://etepetzin.blogspot.com -&- http://azuledos.blogspot.com


geoffbob

Nov 18, 2013, 7:07 PM

Post #75 of 90 (4406 views)

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Re: [Azuledos] New rules - New fees

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Former Senator Christopher Dodd and Representative Barney Frank sponsored this legislation which obligates financial institutions to provide disclosures to the public about fees, time frame for delivery and a thirty minute cancellation right for customers. According to consumerfinance.gov insured banks are at least temporarily exempt. The rules explicitly state that banks mailing ATM cards to a foreign country will not be considered to have made a foreign remittance but that doesn't answer our question about ATM fees. The rules I read are noteworthy for their circumlocution and for leaving key questions unanswered such as does this apply to ATM transactions in a foreign country where funds are deducted from an American bank. Banks will have to employ cadres of gnomes in order to understand and digest the new consumer protections.


(This post was edited by geoffbob on Nov 18, 2013, 7:09 PM)
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