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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
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Yeah...seems to be just like that. I get the 3 buck charge as well. 28 Ps plus 3 bucks every time I use the ATM here.
I'm not complaining at all. It's just the price of modern convenience.
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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
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Monoloco says:Those rule only apply to cash deposits, you can transfer as many dollars as you wish from a US account without penalty. It is a problem
for Mexican businesses but shouldn't be a problem for foreigners unless they are transporting large amounts of currency.
Pescador says: I was told that it did not matter even if I wired pesos in to my Mexican account which I can do with Chase bank, so I sure would like
to get more information about how to accomplish that. Of course the wire fees are around $45 to wire pesos, but that would still be better than
paying 3% tax.
[Edited on 12-20-2010 by Pescador]
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woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
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Mood: Everchangin'
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i used to get pesos from HSBC in san q and my charges thru wells fargo would be reversed on my monthly statement.
after we bailed out wells fargo it seems that they thank me by no longer reversing the fee.
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bajalou
Ultra Nomad
Posts: 4459
Registered: 3-11-2004
Location: South of the broder
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| Quote: | Originally posted by Bajahowodd
My bank is Chase, too. I get charged $3 by them every time I make a withdrawal. But, that fee is assessed on any transaction at a non-Chase ATM.
Checking my recent statement, there is also some foreign currency transaction adjustment. It amounts to something slightly less than $3. So, what I'm
guessing is that the Mexican bank gets the adjustment fee, and Chase gets the other fee for non-Chase ATM use. |
I think you'll find that Chase gets both the ATM and Foreign Currency fees. The Mexican bank adds it's charges to the amount charged to Chase.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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bajalou
Ultra Nomad
Posts: 4459
Registered: 3-11-2004
Location: South of the broder
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Here is a link to a Financial Blog on these conversion fees.
http://bucks.blogs.nytimes.com/2010/12/17/more-cards-waive-f...
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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wilderone
Ultra Nomad
Posts: 3879
Registered: 2-9-2004
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Lots of consumer action to fight excessive fees. This earlier action pointed the finger at several big banks. But consumers need to complain and not
accept excessive fees allowing banks to proliferate the practice.
http://www.xomba.com/www_ccfsettlement_com_the_foreign_curre...
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
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| Quote: | Originally posted by wilderone
Lots of consumer action to fight excessive fees. This earlier action pointed the finger at several big banks. But consumers need to complain and not
accept excessive fees allowing banks to proliferate the practice.
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It will be a tough fight. Fees are all banks have as income. Regulate them too severely and they'll cease to exist.
Oh well....they won't loan us our money anyway.
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durrelllrobert
Elite Nomad
Posts: 7393
Registered: 11-22-2007
Location: Punta Banda BC
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Mood: thriving in Baja
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just witdrew 5000MN from HSBC ATM which aded on a 24 peso charge + 2.64 IVA (total = 5026.64). my wells fargo bank ithdrew $406 plus a $5 service
charge from my account ($411 total) so i ended up getting an overall exchange rate of 12.23, just slightly below the "official" rate of 12.40 or a
0.014% delta 
Bob Durrell
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