BajaNomad

ATM exchange rates

BoenBaja - 8-18-2024 at 09:04 AM

I’m wondering if anyone has any information on which Mexican banks offer the best exchange rates when I’m using my ATM card from Charles Schwab? Or is there a website that offers a line by line comparison? Tia.

BoenBaja - 8-18-2024 at 09:25 AM

I came across this while researching:

https://www.eldolar.info/en/mexico/dia/hoy

AKgringo - 8-18-2024 at 09:25 AM

Don't you have the option to decline the ATM interest rate and let Charles Schwab do the exchange with just an ATM service fee?

surabi - 8-18-2024 at 09:59 AM

ATM exchange rates are set by the Visa or Mastercard you are using at the ATM, not by the banks.

BoenBaja - 8-18-2024 at 04:22 PM

The Charles Schwab debit card is what I use and one of it’s perks is NO ATM WITHDRAWAL FEES. They do, however, add on a 1% foreign currency conversion fee.

freediverbrian - 8-18-2024 at 05:43 PM

I have a C S account with a debit card. And I do not get charged atm fees or international fees or any fees. I use it buy fuel and food going and returning from my house. Used it Spain last month for everything. It's a great perk no fees.

BoenBaja - 8-18-2024 at 07:12 PM

Quote: Originally posted by freediverbrian  
I have a C S account with a debit card. And I do not get charged atm fees or international fees or any fees. I use it buy fuel and food going and returning from my house. Used it Spain last month for everything. It's a great perk no fees.


According to the Charles Schwab website, they charge a 1% foreign currency conversion fee. This fee is figured into the exchange rate, so it may slip by most folks as it’s not presented as an additional fee.

mtgoat666 - 8-18-2024 at 07:42 PM

Quote: Originally posted by AKgringo  
Don't you have the option to decline the ATM interest rate and let Charles Schwab do the exchange with just an ATM service fee?


Yes, when the atm asks you to accept the local exchange rate (charge in local currency), you should decline. Different atms ask for it in different words. If you accept, you get a less favorable exchange rate of the local bank/atm operator. Declining results in using the exchange rate of your own bank, which should be better rate.

[Edited on 8-19-2024 by mtgoat666]

surabi - 8-19-2024 at 11:30 AM

ATM exchange rates are NOT set by your bank- they are set by the Visa or Mastercard rates of your card. Whether your bank or credit card co. also charges a currency conversion fee is independent of the exchange rate.

BeachSeeker - 8-19-2024 at 01:13 PM

With Schwab, you will get the fair market exchange rate minus 1%, just make sure to decline the ATM's exchange rate. That's it. That's all you need to know.

Because Surabi is going to be pedantic about it. Schwab doesn't charge any fees, nor do they handle the conversion. The network, Visa, will give you the straight exchange rate, and add a 1% foreign currency markup. Schwab also refunds ATM service fees. So in the end, you will get the fair market conversion rate minus 1%. Schwab is one of the better banks for foreign ATM withdrawals.