AKgringo - 10-31-2020 at 11:58 AM
This may be news to some, but it has been posted before. Do not fall for allowing HSBC to provide an exchange rate!
There are two ATMs at the La Paz Walmart, HSBC, and a Mexican bank (which was out of service) I entered my card from an Edward Jones money market
fund, and entered a 10,000 peso withdrawal.
I was prompted to use HSBC to convert the funds for 5.5%, and $506 plus change would be withdrawn from my account.
I declined the offer, the machine spit out the ten grand MX, and today my bank shows that $476.76 was withdrawn. Quite the conversion fee I think!
Edit; content added
[Edited on 10-31-2020 by AKgringo]
Howard - 10-31-2020 at 12:04 PM
Please splain me.
BajaBlanca - 10-31-2020 at 01:08 PM
I believe that if he had allowed the bank to do the conversion, the cost of the 10,000 would have been the $506+! Instead, he was only deducted the
lesser amount.
BTW This is valid for Europe as well.
chippy - 10-31-2020 at 04:36 PM
At hsbc it pays to DECLINE!
vandy - 10-31-2020 at 06:06 PM
I've seen this on other ATMs too.
"Accept 18.76 pesos per US dollar"
"Yes"
"No".
They make it sound as if you are not getting your money if you decline.
Not so.
Decline their exchange rate and get your cash.
gnukid - 10-31-2020 at 06:59 PM
Always decline the bank offered exchange rate, and you will be given the actual exchange rate, which is higher.
HSBC and some others also add VAT and intl charges, that are refunded by Schwab but not all banks.
Its quite sad to see some people accepting the bank exchange plus 5.5% on top of low exchange rate which is a loss of nearly 7% in total versus
declining the bank rate.
Unfortunately, it's inappropriate to offer assistance and explain this on the spot to gringos who don't understand they are losing quite a bit of
money, or worse, those who decline the conversion, take their card and walk away while the money is spit out!