BajaNomad - Bank of America Sells Mexican Equity Stake Back to Santander

Bank of America Sells Mexican Equity Stake Back to Santander

k-rico - 6-12-2010 at 02:31 AM

I wonder if BofA customers will still be able to use Santander ATMs without foreign transaction fees.

http://www.businessweek.com/news/2010-06-09/bank-of-america-...

tjBill - 6-12-2010 at 01:36 PM

Quote:

Originally posted by k-rico
I wonder if BofA customers will still be able to use Santander ATMs without foreign transaction fees.

I hope so. That's the whole point of having a B of A account.

B of A has lots of partnerships with foreign banks in foreign countries where you don't pay the foreign transaction fee. So if Santander is out another bank would be in.

bacquito - 6-12-2010 at 03:10 PM

Ouch!! I have an account at B of A and recently opened an account with Santander.

Bajahowodd - 6-12-2010 at 04:42 PM

It appears to me that the sale had absolutely nothing to do with customers or customer service. While it may be possible that some aspect of the agreement might grandfather the existing arrangement, I would not bet on it. I just don't think that the Spain-based bank would care about American's in Mexico. I could be wrong.

MitchMan - 6-12-2010 at 07:16 PM

I think the economic advantage of charging a fee for withdrawal of pesos by American B of A debit card holders at Santander ATMs will far out weigh any economic advantage (if any) to allowing free withdrawals. I fully expect the charges to begin any minute now. Profits outweigh goodwill in the long run... always.

Anybody notice the new window/page at the Santander ATMs stating a fee charge of $0.00 that several months ago was not there?

[Edited on 6-13-2010 by MitchMan]

tjBill - 6-12-2010 at 08:00 PM

Quote:

Originally posted by MitchMan
Anybody notice the new window/page at the Santander ATMs stating a fee charge of $0.00 that several months ago was not there?

Yes, I noticed that a week ago. No maybe there are getting their systems set up to start charging.

toneart - 6-12-2010 at 09:47 PM

I hope B of A keeps their Safesend program in place. Like tjbill says regarding Santander's ATM, "That's the whole point of having a B of A account." The only reason I haven't dumped B of A is because of the convenience of available ATMs.

I was ready to pledge to dump B of A anyway during Ariana Huffington's Dump the big banks campaign. Community Banks and Credit Unions are really the only place to get any kind of personal attention and service. I am talking about U.S. Banks...NOT Mexican Banks.

k-rico - 6-12-2010 at 10:07 PM

I'll probably switch to HSBC. They have a branch across the street from my US mailbox in San Ysidro and down the street from me in TJ.

irenemm - 6-12-2010 at 10:49 PM

HSBC will charge for just walking by. Had them for years.
Don't like them.
But in this town it is them or Banamex nothing else. Oh well

MitchMan - 6-13-2010 at 08:45 AM

I thought I read that Scotia Bank in Baja has the same arrangement with B of A that Santander has (not charging a fee for withdrawing pesos from BofA chkg acct with BofA debit card at Scotia's ATM in Baja). Anybody else read this? Is it true?

toneart - 6-13-2010 at 09:34 AM

Not all of these banks have a close by presence to a particular town or area. Santander has an ATM (but not a bank)right in the police station, which is a real convenient location. We were lucky to get them. The only other is Bancomer. Opening an account there is NOT an option. Been there, done that!

Woooosh - 6-13-2010 at 09:58 AM

Quote:

Originally posted by bacquito
Ouch!! I have an account at B of A and recently opened an account with Santander.

ditto. ugh. :wow:

Although I'd still be willing to pay a fee to withdraw "pesos" from my USA BA account because of the great exchange rate they always give- the closest to getting what you see on your computer when you make the dash from your house to the bank. The favorable rate alone may make up for any small fee for ATM use. we'll see soon I'm sure.

[Edited on 6-13-2010 by Woooosh]

toneart - 6-13-2010 at 05:36 PM

Quote:

Originally posted by Woooosh

Quote:

Originally posted by bacquito
Ouch!! I have an account at B of A and recently opened an account with Santander.

ditto. ugh. :wow:

Don't forget...You are charged a fee by the banks on both ends of the transaction. It adds up to @9.50/transaction between B of A and Bancomer. Set up and use B of A's Safesend instead.

Cyanide41 - 6-14-2010 at 10:23 AM

At work the other day I saw this woman pull out a Banamex usa card. I didn't get a chance to ask her about it, but it sounds like it would possibly be a good way to avoid fees.

bajalou - 6-14-2010 at 10:38 AM

I asked at the Banamex USA branch in Calexico a while back and they confirmed that withdrawals in Mexico at a Banamex branch carry no fees at either end.

k-rico - 6-14-2010 at 11:29 AM

What banks have branches both in the US and Mexico?

HSBC, Banamex, Bancomer??? and ???

Hook - 6-14-2010 at 12:48 PM

Quote:

Originally posted by MitchMan
I thought I read that Scotia Bank in Baja has the same arrangement with B of A that Santander has (not charging a fee for withdrawing pesos from BofA chkg acct with BofA debit card at Scotia's ATM in Baja). Anybody else read this? Is it true?

I think this is the reason for that speculation. I have never tried my B of A card at a Scotia AT<.

But if B of A stays in this alliance, the fees may not come.

bajalou - 6-14-2010 at 12:50 PM

BBVA (another Spanish Bank) that owns Bancomer has some US banks also, Compass and a few more. But I was told at Compass that the BBVA ownership does not make it so there are no transaction fees when using Bancomer's ATMs.

And to confuse things a little more, I'm looking at at ATM receipt from Bancomer in San Felipe for a Debit card withdrawal from my Bancomer Dollar account. HSBC is printed at the top of the receipt.

Baja&Back - 6-14-2010 at 03:13 PM

Quote:

Yes. you are right. We don't get "International Transaction Fees" from Scotia ATMs.

k-rico - 6-14-2010 at 03:59 PM

I just called HSBC and there is a 3% "currency conversion fee" for withdrawals in Mexican branches from US based accounts. BUT, if you invest a minimum of 100,000 dollars with them they'll waive the fee. Mighty big of them wouldn't you say?

I'll look for a nearby Scotia ATM if the BofA/Santander freebie goes away.

------------------------------

Also, from the BofA website:

"Withdrawals, deposits, transfers, payments and balance inquiries made at ATMs in foreign countries outside of the ATM Global Alliance will be charged a $5.00 fee.

In addition, an International Transaction Fee will be charged for ATM Card and Check Card transactions made for foreign purchases or ATM cash withdrawals in currency other than U.S. Dollars, regardless of whether or not the transaction occurred at an ATM in a country covered in the ATM Global Alliance. The International Transaction Fee will be 3% of the U.S. Dollar amount for each converted purchase or 1% of the U.S. Dollar amount for each converted ATM cash withdrawal. This International Transaction Fee will appear as a separate item on your banking statement for each international transaction."

I'm guessing a 1% fee will be added to withdrawals in Mex, if anything.

[Edited on 6-14-2010 by k-rico]