BajaNomad

Can I use my Wells Fargo ATM card in Mexican bank?...

neilm81301 - 2-1-2014 at 08:09 PM

... without incurring fees? (in order to obtain best exchange rates) I understand BofA works with Santander.

Or use a card from BBVA - Compass?

I called WF to find out; I don't think he knew what I was talking about.

Neil

RnR - 2-1-2014 at 08:16 PM

Quote:
Originally posted by neilm81301
... without incurring fees? (in order to obtain best exchange rates) I understand BofA works with Santander.

Or use a card from BBVA - Compass?

I called WF to find out; I don't think he knew what I was talking about.

Neil


I use my Wells Fargo ATM card when I have to.

There are two fees.

I typically go to Bancomer. Bancomer charges about 65 pesos for the transaction.

Wells Fargo charges a "non-system bank" fee. Can't remember how much.

Total fees are 8-9 USD.

The WF/Bancomer exchange rate is pretty good. WF/Banorte exchange rate is a little better. The WF/HSBC exchange rate is a little worse.

I withdrew cash from all three banks within a total of 5 minutes. Each bank had a little different exchange rate. The spread was 0.08 pesos, as in, 12.41 to 12.49 on that day.

[Edited on 2-2-2014 by RnR]

bajaguy - 2-1-2014 at 08:18 PM

Bancomer has the highest fees. I use HSBC or Banamex

msteve1014 - 2-2-2014 at 08:07 AM

Wells Fargo charges $5, so take out the maximum the atm will let you. Bancomer is the last bank you want to use, if you have a choice.

Bajajorge - 2-2-2014 at 10:45 AM

Be sure to notify Wells Fargo that you will be using your card in Mexico. They'll lock you out on Mexican transactions if they don't know you're SOB.

Whale-ista - 2-2-2014 at 10:57 AM

If you have a credit union account, I suggest using that for debit card purchases and for ATMs in MX. If they accept it, it could save a lot in the long run.

Ask around: My San Diego based credit union charges less than 1% per foreign transaction vs 2% on many credit cards. Also savings on the Bancomer fee: it was $1.50 per transaction vs the $5 others have reported for WF and other banks.

The exchange rate was very good- I rcvd over 13 in GN 2 weeks ago (the Pemex cheats charged me 11 on a tank of gas when I paid w/dollars).

And on some debit card purchases it was 13.2, e.g., $300 MX =$22.65 US. Even with a 1% charge (23 cents) it was better than 13.

I'd rather use a local credit union than a bank. Unless you need a safe deposit box or other banking services, they generally charge their customers much less overall.

Finally, as BajaJorge notes: let them know you will be traveling. Shortly after withdrawing pesos in GN I received a call asking for verification that I had approved the withdrawal. It also confirmed the Pemex charges had been declined. (Still not sure why- guess they wanted that 11:1 rate vs. 13:1!)

[Edited on 2-2-2014 by Whale-ista]

CortezBlue - 2-2-2014 at 11:23 AM

I try to go to Wells before we head south and buy my pesos here, but usually have to go to am ATM and get mas

woody with a view - 2-2-2014 at 12:06 PM

Quote:
Originally posted by Whale-ista
I'd rather use a local credit union than a bank. Unless you need a safe deposit box or other banking services, they generally charge their customers much less overall.
[Edited on 2-2-2014 by Whale-ista]


Mission Federal CU is my choice after 15 years with WF. working in Yuma for the past year has meant getting declined on charges at the counter every 3 months. for some reason they can't get it thru their heads that people travel or work out of their home area. small price to pay.

Whale-ista - 2-2-2014 at 12:30 PM

Woody- I also use MFCU, have been a member for 30+ years.

Started as a teacher when federal regs required an association with some specific group (FYI, this is no longer the case, open to all)

bigzaggin - 2-2-2014 at 12:39 PM

Quote:
Originally posted by Bajajorge
Be sure to notify Wells Fargo that you will be using your card in Mexico. They'll lock you out on Mexican transactions if they don't know you're SOB.


Second this. A few days ago we stopped for breakfast at Viejo San Quintin (a must BTW) and paid with my Wells card. We stopped for gas at San Pedro Martir - like, an hour later - and Wells had already frozen me out. Stupidly we had no cash so I had to bolt back to Camalu and pray I could still get cash at the OXXO ATM...which luckily was somehow outside of Wells' blockage ability.

woody with a view - 2-2-2014 at 01:30 PM

i NEVER called WF back then and never had a problem.

if all of the banks would go to the embedded chip instead of the easily defeated magnetic strip we'd all be much safer!

msteve1014 - 2-2-2014 at 04:06 PM

I buy our fishing licenses online and when I have forgot to call about using the card in Mexico I get the first one done and seconds later the card is refused for the second one. They are really fast to shut it down.
Quote:
Originally posted by bigzaggin
Quote:
Originally posted by Bajajorge
Be sure to notify Wells Fargo that you will be using your card in Mexico. They'll lock you out on Mexican transactions if they don't know you're SOB.


Second this. A few days ago we stopped for breakfast at Viejo San Quintin (a must BTW) and paid with my Wells card. We stopped for gas at San Pedro Martir - like, an hour later - and Wells had already frozen me out. Stupidly we had no cash so I had to bolt back to Camalu and pray I could still get cash at the OXXO ATM...which luckily was somehow outside of Wells' blockage ability.

Cliffy - 2-3-2014 at 06:38 AM

I get frozen out in the USA I flew for a living and they couldn't get it through their heads that I'd have breakfast in Las Vegas and dinner in NYC! Cancelled 2 CCs because they kept freezing them even after I called before trips. My current one is on notice right now (actually written on my account screen at the company) if it happens again they're done and I run A LOT through their card.
They say it's for "OUR" protection BUT it's only for their protection as we have a $50 limit on fraudulent use liability.

Bajajorge - 2-3-2014 at 10:42 AM

Quote:
Originally posted by Whale-ista
If you have a credit union account, I suggest using that for debit card purchases and for ATMs in MX. If they accept it, it could save a lot in the long run.

Ask around: My San Diego based credit union charges less than 1% per foreign transaction vs 2% on many credit cards. Also savings on the Bancomer fee: it was $1.50 per transaction vs the $5 others have reported for WF and other banks.

The exchange rate was very good- I rcvd over 13 in GN 2 weeks ago (the Pemex cheats charged me 11 on a tank of gas when I paid w/dollars).

And on some debit card purchases it was 13.2, e.g., $300 MX =$22.65 US. Even with a 1% charge (23 cents) it was better than 13.

I'd rather use a local credit union than a bank. Unless you need a safe deposit box or other banking services, they generally charge their customers much less overall.

Finally, as BajaJorge notes: let them know you will be traveling. Shortly after withdrawing pesos in GN I received a call asking for verification that I had approved the withdrawal. It also confirmed the Pemex charges had been declined. (Still not sure why- guess they wanted that 11:1 rate vs. 13:1!)

[Edited on 2-2-2014 by Whale-ista]


Credit Union ATM cards do charge less than large banks. I use my CU card and it is $3.00 cheaper than when I use my big bank card. Bancomer does have the high fees on their side of the charge for buying Pesos.

Bajatripper - 2-3-2014 at 04:57 PM

Quote:
Originally posted by neilm81301
... without incurring fees? (in order to obtain best exchange rates) I understand BofA works with Santander.



Does anyone know if the BofA-Santander arrangement is still in effect? Are there other US-based banks that have affiliations with banks in Mexico? Does anyone have experience dealing with any of them?

I will likely need such an arrangement in the near future and would appreciate hearing from anyone who has knowledge to offer concerning this matter.

willardguy - 2-3-2014 at 05:35 PM

Quote:
Originally posted by Bajatripper
Quote:
Originally posted by neilm81301
... without incurring fees? (in order to obtain best exchange rates) I understand BofA works with Santander.



Does anyone know if the BofA-Santander arrangement is still in effect? Are there other US-based banks that have affiliations with banks in Mexico? Does anyone have experience dealing with any of them?

I will likely need such an arrangement in the near future and would appreciate hearing from anyone who has knowledge to offer concerning this matter.
I got pesos today from santander, no BofA atm fee but that monster international fee sure hurts! again, charles schwab!:yes:

DavidE - 2-4-2014 at 12:29 PM

WELLS FARGO YESTERDAY

FIVE DOLLAR NON WELLS FARGO TRANSACTION FEE

FIFTY THREE PESOS BANAMEX ATM FEE