Anyone notice any changes getting $ from the ATM's at Santander lately? Didn't have my phone for a screenshot but some addn'l notifications seem to
indicate some "adjustments" are being made for the use of their equipment. I'll do the math and report back. Any other banks changing practices
lately?mjs - 7-2-2019 at 06:51 PM
Last time I pulled cash from a Santander ATM i realized the ATM fee was high (which i admit I was notified of) but santander also pulled dollars out
of my US bank account and then did the conversion to pesos at a rate that was less than the street side money exchange stands. About 10% less than the
current market rate. Screw'um won't use Santander after that.4x4abc - 7-2-2019 at 08:41 PM
banks are not in the business to make YOU richmjs - 7-3-2019 at 08:49 AM
Oh, I expected to pay. Just not the premium over what I had been paying at other bank's atms.
Seems that all the atm fees have been going up. What got me ($) was the pull from my account in dollars and then the Santander conversion. I get a
better rate and no fees from my U.S. bank when then funds are withdrawn as pesos and my bank does the exchange.
Live and learn, wasn't the end of the world. SFandH - 7-3-2019 at 10:58 AM
I just used a Santander ATM. There is a new screen explaining that they are charging a 4.99% fee on the exchange rate. For example, if the exchange
rate is 20 pesos/dollar, they are going to use the exchange rate of 20 - 20 * .0499 or about 19 pesos/dollar. So at 20 pesos per dollar 6000 pesos
would cost you $300, with the new fee 6000 pesos would cost $315.79.
I think I have that right.
They give an option to bail out if you don't want to pay.
I wonder if this is unique to Santander.
[Edited on 7-3-2019 by SFandH]weebray - 7-3-2019 at 03:29 PM
Thanks for that analysis. I think you've got it right. For many years Santander has been the go-to for the best exchange rate. Using Charles Schwab
for no atm fees + no foreign exchange fee we always got days market rate +- a few centavos. Here's some history:
May 15 Offical rate 19.5963 Santander gave 19.06
June 1 Offical rate 19.6179 Santander gave 19.16
July 2 Offical rate 19.1321 Santander gave 17.8906
Something has changed and pretty dramatically. I'm interested because it will affect our banking practices in the future. I think it may also affect
others living here in Mexico too. I was hoping to open up a dialogue here to see what others think about this issue. To see if other banks are
following suit and to hear other perspectives. I AM too old to suffer fools that seem to think it is their duty to tell me that the banks are in
business to make money. Please go back under your rock.SFandH - 7-12-2019 at 07:46 AM
Just made an ATM withdrawal from Bancomer. I got the exchange rate listed as a result of a Google query, 19.06.
