Nov 1, 2006, 4:24 PM
Post #16 of 32
We use my non-profit credit unions ATM cards for all cash withdrawals here in Mexico. Being a non-profit institution, there are never any ATM fees levied in The U.S. If we use them at another banks ATM in The U.S. there is usually a fee levied by the other bank though. Other credit unions in the same credit union league do not levy a fee if we use one of their ATMs in The U.S.
Re: [JohnBleazard] Citibank/Banamex ATMs
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Mexican banks usually do levy a fee of $7 Pesos if we use one of their ATM machines though. That is only about 65 US Cents though so it is negligible as far as I am concerned. They used to conceal that charge, but a few years ago they were required to reveal it on the ATM screen before you can finalize a withdrawal.
Most, if not all U.S. financial institutions do levy a conversion fee to withdraw money from your Dollar account in Pesos here. It is not a transaction fee, but a fee to convert your Dollars to Mexican Pesos. That fee used to be concealed too. It took me a couple of years to figure out why the amount withdrawn from my account whenever we used an ATM here was higher than it should have been based on the exchange rate for any given day.
I finally found the answer hidden in a section labeled “international transactions” on my credit unions website. They explained that for international transactions, they used the Visa International money exchange service. Visa charges 1% of the amount of each transaction as their fee. My non-profit credit union then passes that charge on to me.
As a result of a court decision a few years ago, all financial institutions are now required to reveal that charge, and the amount. Now, when we make an ATM withdrawal that fee is shown separately from the money withdrawn, and clearly labeled as a conversion fee levied by Visa on our online, or paper statement.
The 1% exchange fee is negligible for me, it would be nice not to have to pay it, but since the international conversion fee is a level 1%, it doesn’t matter to me whether we take a large withdrawal or a small one; the only variable is the 65-cent fee here in Mexico each time we use an ATM.
Managing our money here in Mexico is a challenge that we each must solve on an individual basis. If anyone is interested in joining a credit union, just about everyone is eligible to join one. To find out if you are eligible, click on this link: http://www.howtojoinacu.org/
This link is for nationwide service center locations where you can do many things with your credit union account, deposits, withdrawals, money orders, etc. when in a different state, etc. http://www.cuswirl.com/locations/index.htm
For what I think is the best currency converter, click on this link: http://www.oanda.com/convert/classic I think it is the best because it gives the hourly exchange rate, which fluctuates throughout the business day. You may set the exchange rate at the interbank rate with no additional percentage added, or rates of plus 1, 2, 3 %, etc. You may also look up the exchange rate for a previous date if you want to. I have customized it to show only U.S. Dollars and Mexican Pesos in my computer. I can still go back to their home page if I want to see what the exchange rate is for Rubles, or Zlotys.
"The supreme happiness of life is the conviction that we are loved" - Victor Hugo
(This post was edited by RexC on Nov 1, 2006, 6:35 PM)