I don't use HSBC ATM's often, but today I withdrew some money from a U.S. bank using one of their machines. To my surprise a new screen popped up
that I don't remember seeing before.
HSBC "generously" offered to use an exchange rate of 18.36 pesos to the dollar. This when even local businesses have exchange rates of nearly 19
pesos posted for cash.
I declined their exchange rate fully intending to walk next door to a less crappy bank, but their machine dispensed the money anyway. When I looked
at the exchange rate provided from the originating bank it was 19.58, nearly 7% better than the rate HSBC was going to use.
If you use an HSBC ATM don't accept their exchange rate. Instead decline and allow your bank to set the rate. It's like getting a 7% discount on
everything you buy.weebray - 8-8-2019 at 07:53 AM
See my Santander post - same same.SFandH - 8-8-2019 at 08:00 AM
Pretty wild business practice.
Both banks are offering an exchange rate that if you decline, you end up getting a better rate.
Do you wish to get fewer pesos for your dollar?
Press YES or NO.
unbob - 11-6-2019 at 07:16 PM
I confess I fell for this scam today at Ensenada HSBC ATM. What evil crooks those bankers are. But they'll never steal another peso from me! Wish I'd read this thread earlier.unbob - 11-6-2019 at 07:28 PM
I calculate they stole at least $44.55 usd from me today. Not a good feeling. Avoid HSBC at all cost!!
[Edited on 11-7-2019 by unbob]
[Edited on 11-7-2019 by unbob]chippy - 11-7-2019 at 01:03 PM
All you do is don´t accept and the trans action carries on like in the past. I agree its sleazy. unbob - 11-7-2019 at 05:37 PM
All you do is don´t accept and the trans action carries on like in the past. I agree its sleazy.
Correct.
I admit I was a fool for letting this happen. My excuse is that I was in a hurry with amigos waiting for me and customers waiting in line for the ATM.
Won't happen again!unbob - 11-7-2019 at 07:08 PM
Noticed this on my Schwab transactions. My recent HSBC rip-off appears as "HONGKONGBANK(M) H S B C SENADA, B. M". ???? This is posted from my ATM
transaction in Ensenada.
Previously (April 2019 and earlier) it would appear as "H S B C / LA PAZ, B. C." which made sense since I used an ATM in La Paz.
No idea what this means but something is obviously different than before and "HONGKONGBANK" is involved in this scam.tunaeater - 11-8-2019 at 07:27 PM
This happened to me at the Airport in Huatulco. Thanks to this thread I was aware and did not accept and received the current rate which was way
better then the offer.....Thanks for the heads up
HSBC means....
mooneydrvr - 11-11-2019 at 08:02 PM
The Hongkong and Shanghai Banking Corporation. While they may have a US charter; in the USA, they are not a US bank.unbob - 11-13-2019 at 08:59 PM
Use HSBC ATM and you will be "Shang-haied".Hook - 11-14-2019 at 08:18 AM
This screen has been common at ATMs in Europe for several years. I'm kind of surprised it's just making its way to Mexico. It can be confusing.
IF you are with an institution back home whose exchange rates you know are good (for you), always decline having the ATM do the exchange rate for you.
Remember that the British once owned Hong Kong. That is where HSBC originated. It is still a British chartered bank. While their headquarters used to
be in Hong Kong, it moved them to London prior to the return of HK to China.BajaMama - 11-14-2019 at 01:57 PM
Is it possible to bring US dollars and exchange for pesos at the bank?AKgringo - 11-14-2019 at 02:24 PM
Is it possible to bring US dollars and exchange for pesos at the bank?
It depends! In Nov 2016, there was some exchange rate issues that caused the ATMs in Mulege, and Loreto to decline cash withdrawals for US bank
cards. Neither would the banks accept my US greenbacks for pesos!
By the time I arrived in La Paz the next week, the issue was resolved, or it was just a local issue in Mulege and Loreto. I now carry more pesos from
the start of my trips, even though my car is not secure.
I found out later that some of the local businesses would have exchanged my currency if I had asked.bajatrailrider - 11-15-2019 at 08:36 AM
I have Santander bank they had posted 17.50 Ex yesterday. With having a Santander account. Wire transfer from my Chase account was at 19.10 no fees.
On Wells Fargo it cost 5 bucks to move 500 US at 19.22 It changes every 15min the rates sent.Hook - 11-15-2019 at 11:13 AM
I have Santander bank they had posted 17.50 Ex yesterday. With having a Santander account. Wire transfer from my Chase account was at 19.10 no fees.
On Wells Fargo it cost 5 bucks to move 500 US at 19.22 It changes every 15min the rates sent.
The 17.50 was the rate they posted in the window of the bank? I think that is different than some electronic means of passing funds or exchanging
money. I believe that is how many pesos you will get if you go up to the window and exchange dollars for pesos.
Banks generally charge more if personnel have to physically handle money, including transporting it.BajaBlanca - 1-25-2020 at 09:38 AM
HSBC is not American? Jeez. You learn something new every day.4x4abc - 1-25-2020 at 11:52 AM
Santander recently changed the ATM software for machines in La Paz. They no longer offer the bad rate exchange, and the ATM fee you have to accept is
0.00 pesos. Hard to beat that. Exchange rate was 0.02% less than the current posted x-rate exchange.Kate48 - 2-11-2020 at 04:45 PM
I saw that notice at an HSBC ATM for the first time a couple weeks ago. I thought that if I declined, I wouldn’t get any money at all – – that
it would cancel the transaction. My usual bank was out of money which is why I ended up at the horrible HSBC. I still didn’t know what happened when
my money was dispensed, but when I got home I checked the exchange rate and it was at least peso more than HSBC “offered.” I might have accepted
to avoid the inconvenience of finding another bank but it would have made a difference of 500 pesos so thanks for this post just so I know what
actually happened. I have been robbed in a couple of different ways at HSBC in the past so I will avoid them unless in a great hurry.
Wish I'd read this thread earlier.
