elfbrewery
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ATM fees
Can/would someone please tell me the current ATM fees for Banjercito and Banamex? I made some withdrawals, but lost my receipts.
Many thanks!
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Lee
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Haven't paid atm fees in awhile so can't respond to the question.
A Charles Schwab debit account is free, and they pay all atm fees, international.
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F*ck it.
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elfbrewery
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Yes, I use Schwab, too, but like to know the exchange rate I'm receiving.
Thanks!
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RFClark
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In Todos Santos Banco Norte charges about 47 pesos for the ATM and is giving 18 Pesos to the dollar US).
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JDCanuck
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Currency exchange rates vary widely, anyplace from 1.5% to 7% charges and are always called"small currency exchange fee". Might be a good idea to load
this on your cell phone so you can compare before you do the withdrawal. Presently the WISE exchange rate is 19.354 Pesos to the USD. Mexican peso/usd
is improving pretty steadily
https://wise.com/us/pricing/send-money?sourceAmount=1000&...
We also decline the extra fee the dispensing bank ATM asks for just before it completes the transaction and most of the time it dispenses the pesos
without deducting the final extra fee
[Edited on 11-14-2022 by JDCanuck]
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Whiskey Witch
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There are two things that happen at ATMs here. 1. A fee that may or may not be refunded by your bank 2. An exchange rate for the money you with draw
that may be close or not to the true exchange rate at the time you visit the ATM. The % loss due to a lousy exchange rate can far exceed the cost of
the ATM fee.
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elfbrewery
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Yes, customer beware, but no answer to my original question. Oh, well.
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mtgoat666
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Quote: Originally posted by elfbrewery  | Can/would someone please tell me the current ATM fees for Banjercito and Banamex? I made some withdrawals, but lost my receipts.
Many thanks! |
Usually you can look at your online bank statement to figure out fees you were charged.
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BornFisher
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When I have paid ATM fees, they have been $5 plus 3%.
So $20 to get $500, $35 to get $1,000.
"When you catch a fish, you open the door of happiness."
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wilderone
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That's outrageous Fisher - if you do this often, I'd look into alternatives.
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surabi
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| Quote: Originally posted by Whiskey Witch | | There are two things that happen at ATMs here. 1. A fee that may or may not be refunded by your bank 2. An exchange rate for the money you with draw
that may be close or not to the true exchange rate at the time you visit the ATM. The % loss due to a lousy exchange rate can far exceed the cost of
the ATM fee. |
You have to decline the currency conversion rate that comes up on the screen. When you do, the conversion rate you get at the ATM has nothing to do
with the ATM you are using or a Mexican bank- it is whatever conversion YOUR bank that you are withdrawing the money from is using.
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rccali
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The fee Banamex charges to use their ATM should still be 32 pesos. At least that's what I was charged in July of this year. I have no idea what the
fee is to use a Banjercito ATM they are few and far between.
The foreign transaction fees that you will be charged depend on your US bank. They generally range from 1 to 3 percent.
There are several debit cards that do not charge ATM fees or foreign transaction fees. Fidelity, Schwab, Citibank and Capital One offer certain
checking accounts that do not charge these fees.
[Edited on 11-16-2022 by rccali]
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twogringos
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Banamex and Santander fees are 34 p, Bancomer is 184p. Max withdrawal is now 9000p.
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elfbrewery
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"Max withdrawal is now 9000p."
Now that's great news!!
Bancomer charged me 174 (150+24) pesos.
Thanks!
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HeyMulegeScott
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We mostly don't use ATMs now and send money via xoom for pickup at the bank including BBVA. Usually about $2.99USD fee or sometimes free with a good
exchange rate. About a 12,000 peso limit.
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JDCanuck
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| Quote: Originally posted by Whiskey Witch | | There are two things that happen at ATMs here. 1. A fee that may or may not be refunded by your bank 2. An exchange rate for the money you with draw
that may be close or not to the true exchange rate at the time you visit the ATM. The % loss due to a lousy exchange rate can far exceed the cost of
the ATM fee. |
It's this hidden cost of the actual exchange rate offset that each bank charges that creates the most loss when converting and withdrawing at an ATM.
Displayed fees themselves are negligible in comparison if you draw out the maximum allowed. Unfortunately, they are very difficult to compare from
bank to bank unless you run back and forth to compare between the various bank's ATMs at the same time.
Fortunately, Wise has a comparison table for the most common transfer agents you can access on your cell phone if you look at it here by selecting MXN
for the peso rate:
https://wise.com/us/compare/
The mid market exchange rate is listed and is updated constantly. Comparing to the bank exchange rates will give you a rough idea of the losses at the
ATM
[Edited on 11-16-2022 by JDCanuck]
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unbob
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| Quote: Originally posted by surabi | | You have to decline the currency conversion rate that comes up on the screen. When you do, the conversion rate you get at the ATM has nothing to do
with the ATM you are using or a Mexican bank- it is whatever conversion YOUR bank that you are withdrawing the money from is using.
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Your post is golden - all Baja ATM users should know this factoid!
I was caught off-guard once several years ago and did not decline and it cost me dearly - never again!
"I'm too young to be this old!"
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gnukid
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Max withdrawal is 11,000 at those banks today, but you can repeat transactions until you reach your bank max withdrawal per day. Typically, your bank
allows us$1000 daily withdrawal, so that means you can withdrawl about 18,000 across two transactions at Santander today or 15,000 for one transaction
at Banorte which has a 15,000 one time withdrawal.
You can contact your bank to allow a one time increase in daily withdrawal, for example up to us$4,000 at Schwab andrepeat those limited transactions
at ATMs, such as Santander 9,000-11,000 each time until you reach the limit of us$4,000 while paying a per transaction fee, that is refund by Schwab.
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