AKgringo
Elite Nomad
Posts: 5932
Registered: 9-20-2014
Location: Anchorage, AK (no mas!)
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Mood: Retireded
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A reminder about HSBC ATM rip off
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I was prompted to use HSBC to convert the funds for 5.5%, and $506 plus change would be withdrawn from my account.
I declined the offer, the machine spit out the ten grand MX, and today my bank shows that $476.76 was withdrawn.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]
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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Howard
Super Nomad
Posts: 2348
Registered: 11-13-2007
Location: Loreto/Manhattan Beach/Kona
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Mood: I'd rather regret the things I've done than regret the things I haven't done.
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Please splain me.
We don't stop playing because we grow old;
we grow old because we stop playing
George Bernard Shaw
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BajaBlanca
Select Nomad
Posts: 13175
Registered: 10-28-2008
Location: La Bocana, BCS
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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.
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chippy
Super Nomad
Posts: 1705
Registered: 2-2-2010
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At hsbc it pays to DECLINE!
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vandy
Senior Nomad
Posts: 538
Registered: 10-10-2003
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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.
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gnukid
Ultra Nomad
Posts: 4411
Registered: 7-2-2006
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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!
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