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chicois8

Jun 20, 2016, 5:33 PM

Post #1 of 9 (6687 views)

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Bank of America Email

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Speaks for itself.............

Beginning August 15, 2016, if you use your Bank of America card at a Banco Santander ATM in Mexico for a withdrawal, transfer or balance inquiry, our Non-Bank of America International ATM Usage Fee of $5 and the Santander ATM operator access fee will no longer be waived."
Rincon de Guayabitos,Nayarit
San Mateo, California

(This post was edited by chicois8 on Jun 20, 2016, 5:34 PM)



ifyoucanttakeajoke


Jun 21, 2016, 10:19 AM

Post #2 of 9 (6621 views)

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Re: [chicois8] Bank of America Email

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Are these the same changes BofA announced a couple of years ago?


mcm

Jun 21, 2016, 10:57 AM

Post #3 of 9 (6613 views)

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Re: [ifyoucanttakeajoke] Bank of America Email

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No, these aren't the same changes. About three years ago B of A started charging a 3% international transaction fee on debit card ATM withdrawals. This change seems to pertain to the ATM fee (a separate charge) that had been waived at Mexican Santander ATMs.
As far as I know, the 3% international transaction fee is still charged for any B of A debit card purchase or cash withdrawal outside the US.


waltw

Aug 17, 2016, 6:53 AM

Post #4 of 9 (6004 views)

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Re: [mcm] Bank of America Email

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This recent announcement by BOA is making me consider other banking options. What are other folks on this forum doing to avoid ATM transaction fees and 3 % conversion rate exchanges?


chicois8

Aug 17, 2016, 7:25 AM

Post #5 of 9 (5996 views)

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Re: [waltw] Bank of America Email

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At least 3 I know of,3 banks :

Citi Bank Gold Account at Banamex ATM's= no fees
Capitol One at any ATM = fees reimbursed monthly
Schwab Bank any ATM =fees reimbursed monthly
Rincon de Guayabitos,Nayarit
San Mateo, California


waltw

Aug 17, 2016, 7:53 AM

Post #6 of 9 (5990 views)

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Re: [chicois8] Bank of America Email

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Thanks for the reply,

Do any of these banks also wave the conversion fee? (Dollars to Pesos?)
That would be the bank I would like to do business with.
One that doesn't charge ATM transaction fees and one that doesn't charge 3 % to convert dollars to pesos.


chicois8

Aug 17, 2016, 7:59 AM

Post #7 of 9 (5988 views)

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Re: [waltw] Bank of America Email

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I have all 3 I mentioned and pay no fees or foreign transaction fees....
The Citi is a checking account with a large balance...The other 2 are checking accounts no min. balance...
Rincon de Guayabitos,Nayarit
San Mateo, California


Gatos

Aug 20, 2016, 4:16 AM

Post #8 of 9 (5909 views)

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Re: [chicois8] Bank of America Email

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When you use your dollar based cards in Mexico you are going to be subject to an exchange rate. For example - I have a Schwab One International account ($10K requirement). I have a Schwab debit card which has a Visa emblem on it. When I use that card at a Mexican ATM I receive an exchange rate based on the current Visa calculation which you can find here :

https://usa.visa.com/...rate-calculator.html

With Schwab the 'bank fee' is 0 %.

The exchange rate quoted is good for the entire day. If I were to go to the ATM today I would get 18.267400 pesos for a dollar. Which is pretty good (at the moment) because the mid-market rate is 18.2380. Today's rate is based on yesterday when the mid-market rate was as high as 18,40 or so. It can work for you and against you. It kind of works out to a fee of 0.5%.

The ATM fees I am charged in Mexico are reimbursed at the same time the transaction is charged to my account (1-2 days).


jreboll

Aug 20, 2016, 5:57 AM

Post #9 of 9 (5893 views)

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Re: [Gatos] Bank of America Email

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That is a very good rate. Yesterday here in Texas exchange houses were offering 17.30 per dollar and my bank was offering 17.50 per dollar.
 
 
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