BajaNomad

"Free" ATM use in foreign countries, anyone?

Hook - 12-15-2009 at 11:46 PM

Here is a link to a wiki about the Global ATM Alliance, a group of banks that agree not to charge ATM fees to members of their banks who use other banks ATMs in the alliance.

An international transaction fee is still possible.

Of note, it appears that B of A cardholders can also use Scotiabank (as well as Santander) ATMs in Mexico free of charge.

FREE MONEY!!!!!

[Edited on 12-16-2009 by Hook]

tjBill - 12-16-2009 at 12:29 AM

Its been mentioned on this form that Credit Unions and low fee banks have minimal fees.

Does anyone have one they recommend?

fandango - 12-16-2009 at 10:09 AM

bancomer.
i visited a bancomer in california yesterday to get info on an account with an atm card. i thought i could avoid any fees at atms in baja.
not to be. the atm card is a visa and visa charges a 1% fee for currency exchange.
thats about the same total fees that i pay with a chase atm. so no need to make any changes.
too bad.

Great!

Bajahowodd - 12-16-2009 at 12:44 PM

Quote:
Originally posted by Hook
Here is a link to a wiki about the Global ATM Alliance, a group of banks that agree not to charge ATM fees to members of their banks who use other banks ATMs in the alliance.

An international transaction fee is still possible.

Of note, it appears that B of A cardholders can also use Scotiabank (as well as Santander) ATMs in Mexico free of charge.

FREE MONEY!!!!!

[Edited on 12-16-2009 by Hook]



Only problem is that means you're a BofA customer!:lol:

baron - 12-16-2009 at 01:15 PM

CAN anyone be specific as to what ATM cards are the best to carry in Baja? Unfortunately many threads end up off subject and drivel and this question does not get answered.
I have a US Bank card. I could get a BOA card before I leave. Any specifics as to what banks honor with or (preferably) without fees?

bigmike - 12-17-2009 at 07:09 AM

My recommendation is Bank of America, they charge No Fees at all if you use Santander Bank or Scottia Bank. I think Scottia limits you to 3000 pesos a day, but do not have that problem with Santander Bank. I live here full time an operate only with pesos and that is how I get all my funds and I have had no problems getting my funds from the machines and the amount has always been right. (Knock on wood)

k-rico - 12-17-2009 at 08:29 AM

Quote:
Originally posted by bigmike
My recommendation is Bank of America, they charge No Fees at all if you use Santander Bank or Scottia Bank. I think Scottia limits you to 3000 pesos a day, but do not have that problem with Santander Bank. I live here full time an operate only with pesos and that is how I get all my funds and I have had no problems getting my funds from the machines and the amount has always been right. (Knock on wood)


I use BofA / Santander, no fees. I've only had one problem with weekly withdrawals for three years. I usually get 3000 pesos or less. One time I went for 4000 pesos and there were so many bills the machine jammed, swallowed the money it was trying to dispense, and spit out my card. Perhaps it ran out of 500 peso bills and used too many smaller bills.

I went home checked my account online and sure enough there was a 4000 peso withdrawal.

A phone call to BofA solved the problem.

I keep the max withdrawal to 3000 pesos now eventho I think 5000 is allowed.

[Edited on 12-17-2009 by k-rico]

Bajahowodd - 12-17-2009 at 04:56 PM

Fundamentally, unless you are absolutely opposed to pay a few bucks for transaction fees, and unless your card is from the the Bank of Melvin, it will have numerous interbank abilities, such as Star, Plus, Cirrus, and more. Baja ATMs are linked to most of those clearinghouses.

oxxo - 12-17-2009 at 05:15 PM

I use the BofA ATM card at Santander bank with no fees. I am limited to 5000 pesos a day, but since both of us have a card, that means 10,000 pesos per day. BofA requires that we call them every 90 days to advise that we are still using the card in Mexico (not someone else) or else they block the card until we do call in. Once we give them our security information, they unblock the card immediately.

Hook - 12-17-2009 at 08:53 PM

Our situation mirrors oxxo's completely especially the limits. We also have two cards and can draw 10k total per day. No charges. I even researched whether they were screwing us on the exchange rate but they are better than the other options down here, taking into account fees and everything. We do keep a minimum balance of about 5 k in the BofA with a minuscule interest rate but who's rate isn't these days? We have lived on this for 18 months, save the builders who gladly take gringo checks in dollars. :yes:

Oxxo, call BofA up on their customer service line. We have managed to reverse the situation where we are considered permanent customers in Mexico and have to call and alert them that we plan on using it NOB. You appear to qualify by having been down there for so long.

Hook - 12-17-2009 at 08:59 PM

Quote:
Originally posted by Bajahowodd
Quote:
Originally posted by Hook
Here is a link to a wiki about the Global ATM Alliance, a group of banks that agree not to charge ATM fees to members of their banks who use other banks ATMs in the alliance.

An international transaction fee is still possible.

Of note, it appears that B of A cardholders can also use Scotiabank (as well as Santander) ATMs in Mexico free of charge.

FREE MONEY!!!!!

[Edited on 12-16-2009 by Hook]



Only problem is that means you're a BofA customer!:lol:


There are compromises to living in Mexico. This is one of them.

We still keep our credit union account and use their free EFT function to fund our BofA account. We keep the minimum in the BofA account to avoid charges.....I think it's 5k.

Besides, down here we avoid the biggest PITA in using BofA........no branches to visit.:P

oxxo - 12-18-2009 at 10:25 AM

Quote:
Originally posted by Hook
Oxxo, call BofA up on their customer service line. We have managed to reverse the situation where we are considered permanent customers in Mexico and have to call and alert them that we plan on using it NOB. You appear to qualify by having been down there for so long.


I think we are going to leave things as is. I don't mind calling BoA every 90 days over VOIP. It costs me nothing to call, and I like the security of them blocking my card periodically....just in case!
Quote:
There are compromises to living in Mexico. This is one of them.


AMEN! I liked it better when founder A.P. Gianini called it Bank of Italy
Quote:
We still keep our credit union account and use their free EFT function to fund our BofA account. We keep the minimum in the BofA account to avoid charges.....I think it's 5k.


We do the same but I think our minimum balance is only like US$300.

[Edited on 12-18-2009 by oxxo]

MitchMan - 12-18-2009 at 10:54 AM

Another shout out for Bof A ATM and withdrawals from Santander and Scotia Bank.

Suggestions: maintain another B of A account (in addition to the ATM checking account) where you have reserve of funds. Make sure that your ATM card only provides access to the one ATM checking account. That way if you get rolled or if someone scams and gets use of your ATM card, it will only access the one ATM account and not allow access to your other B of A accounts. Use online banking access to transfer funds from the "reserve" B of A account into the ATM accessible account and thereby maintain a low balance in your ATM account at all times to reduce risk.

Side point, it's been my observation that exchange rates applied to your atm withdrawals seem to trail the trend of actual international exchange rate as seen on the internet at any given point in time. For instance, if you make a w/d on the fourth day of a down trend in the internet exchange rate (eg, 13.2, 13.1, 13.0, 12.9), your withdrawal rate may resemble the 13.1 rate minus 0.1. If a w/d drawal is made after a 4 day upward trend (eg, 13.2, 13.3, 13.4, 13.5), your w/d rate may be 13.3 minus 0.1.

W/D rates seem to be consistant with internet rates (less 0.1) only after the internet rate has been the same for two to four consecutive days - according to my observations.

A cool time to make a w/d is when the trend just started to make a down trend. For example, internet rate Trend: 13.0, 13.2, 13.4, 13.6, 13.4, 13.3, then you make a w/d, you may get an exchange rate of 13.6 less 0.1. It's happened to me.

[Edited on 12-18-2009 by MitchMan]

ncampion - 12-18-2009 at 12:17 PM

Now if we could all just predict downtrends and/or uptrends, we could all make a killing in the stock (or currency) market. It all seems so simple!!!!


.

Hook - 12-18-2009 at 02:56 PM

I'm a big listener to CNBC. I really do feel that you can glean trends, short term and long term, through the interviews they do and the reports they produce.

Mind you, I am not a day trader. I'm not able to predict fluctuations to the day. But I moved my money around when it became evident that this strengthening dollar and it's effect on commodities was going to be a short term trend. The reasons why are less important than recognizing the "herd mentality" on Wall Street.

Too many people feel they have to time the market (stocks, interest rates, commodities, currencies, whatever!) to the day it turns. That would be nice but not necessary. Just ride the bulk of the trend.

Did I lose money in 08? Of course. I just wasn't willing to put everything in interest bearing instruments when they were earning so little. I already had that in my portfolio. But my losses were a lot less than persons I knew who had professionals managing their money.

CNBC is a great resource.

And Erin Burnett and Maria Bartiromo are SOOOOOO HOTTTTTT !!!!

Bajahowodd - 12-18-2009 at 03:47 PM

And Erin Burnett and Maria Bartiromo are SOOOOOO HOTTTTTT


And Jim Cramer is so stupid.