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DavidE
Ultra Nomad
Posts: 3814
Registered: 12-1-2003
Location: Baja California México
Member Is Offline
Mood: 'At home we demand facts and get them. In Mexico one subsists on rumor and never demands anything.' Charles Flandrau,
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Aha! Mil Gracias! Do you remember the dates? I just crunched my account and came up with 14.04 Bancomer and 13.77 Banamex, net. Meaning all fees were
first subtracted, for 2 June, when the public rate was 14.25 +1%
A Lot To See And A Lot To Do
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absinvestor
Senior Nomad
Posts: 725
Registered: 11-28-2009
Member Is Offline
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My transaction date was June 5th. I'm getting ready to head to the States and will need another withdrawal for gas etc before leaving. I'll post an
update on my next trip to the bank which will be tomorrow or Tues. Ron
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AndyP
Nomad
Posts: 116
Registered: 12-8-2009
Location: Eugene, OR
Member Is Offline
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Wow, I'm horrified that any frequent traveler- let alone expat- is using a regular bank like Wells Fargo to withdraw money from an ATM. A $5
transaction fee, plus conversion fee, charged by your own bank is CRIMINAL!
Most credit unions will only charge the normal 1% foreign conversion fee, saving you that $5 over and over again. Even better, get a Charles Schwab
checking account. Not only do they not charge you any transaction fee, they REFUND you any local ATM fees that you incur. That means you don't have
to worry how many pesos Santander or whatever is charging to use their ATM. I just got back from a long trip where I used the card exclusively for my
money, and every month they refunded me $15 to $30 bucks or so, money that banks in Central and South America charged me. Works in the States too. I
need to double check this but I also don't think they charge the conversion fee.
Don't pay BS fees! You have options; vote with your feet!
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captkw
Ultra Nomad
Posts: 3850
Registered: 10-19-2010
Location: el charro b.c.s.
Member Is Offline
Mood: new dog/missing the old 1
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baja and 100's
the past two seasons in BCS I found the stores were not happy anymore with us greenbacks !! K & T
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dtutko1
Nomad
Posts: 341
Registered: 8-26-2009
Member Is Offline
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| Quote: | Originally posted by AndyP
Wow, I'm horrified that any frequent traveler- let alone expat- is using a regular bank like Wells Fargo to withdraw money from an ATM. A $5
transaction fee, plus conversion fee, charged by your own bank is CRIMINAL!
Most credit unions will only charge the normal 1% foreign conversion fee, saving you that $5 over and over again. Even better, get a Charles Schwab
checking account. Not only do they not charge you any transaction fee, they REFUND you any local ATM fees that you incur. That means you don't have
to worry how many pesos Santander or whatever is charging to use their ATM. I just got back from a long trip where I used the card exclusively for my
money, and every month they refunded me $15 to $30 bucks or so, money that banks in Central and South America charged me. Works in the States too. I
need to double check this but I also don't think they charge the conversion fee.
Don't pay BS fees! You have options; vote with your feet!
I've been using Schwab bank for several years. They don't charge a fee (B of A charged $8) and they reimburse the local Mex Banks fee. I have to wait
until I return home and fax Schwab bank my ATM reciepts, but I was reimbursed $134 usd last winter.
Used the Chula Vista Costo one year and did not receive the best exchange rate |
Dorado Don
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absinvestor
Senior Nomad
Posts: 725
Registered: 11-28-2009
Member Is Offline
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Update. Yesterday I got 6000 pesos at the Bancomer ATM. Net 13.78 pesos to $. Bank posted exchange $13.26. I continue to use Wells Fargo. The $5
charge amounts to about 1% and I like them for other services. I had a Schab account for a few months but I actively trade stocks and have found
Fidelity to be much more efficient for what I do.
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