| Pages:
1
2
3 |
mrfatboy
Nomad
Posts: 478
Registered: 4-17-2008
Member Is Offline
|
|
I just got off the phone with Charles Schwab to make sure all my ATM fees have been reimbursed for my last 3 trips to mexico. I used Scotia, HSBC,
Bancomer and Banamex ATM's. All but Bancomer went without a hitch. It turns out that Bancomer does not list there fees as a separate charge so
Schwab's system can't pick it up.
Schwab fixed the problem by hand and told me to avoid them if I didn't want to call and have it fixed manually if I used Bancomer. Avoid Bancomer if
you can. Looking at my receipts they are charging 3 times the amount in fees as everybody else.
|
|
|
chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
|
|
Geez! Is a couple of bucks really worth the bloody agro?Go one time get enough money and fugedaboudit.....
|
|
|
SFandH
Elite Nomad
Posts: 7215
Registered: 8-5-2011
Member Is Offline
|
|
| Quote: | Originally posted by mrfatboy
I just got off the phone with Charles Schwab to make sure all my ATM fees have been reimbursed for my last 3 trips to mexico. I used Scotia, HSBC,
Bancomer and Banamex ATM's. All but Bancomer went without a hitch. It turns out that Bancomer does not list there fees as a separate charge so
Schwab's system can't pick it up.
Schwab fixed the problem by hand and told me to avoid them if I didn't want to call and have it fixed manually if I used Bancomer. Avoid Bancomer if
you can. Looking at my receipts they are charging 3 times the amount in fees as everybody else. |
Bancomer fees are 5 dollars plus 10% of the amount withdrawn. The two parts to the fee show up as separate entries on my BofA statements as Bancomer
charges, contrary to what Schwab told ya.
|
|
|
chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
|
|
The 5 bucks looks right, but it aint 10%...yesterday at Bancomer on a 5000 peso withdrawal I was charged 60 pesos + 9.60 pesos.....thas all.....
|
|
|
Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
|
|
I took out 10,000 pesos the other day to pay monthly concession fees and taxes...
the fee $24 usa
I still got 12.5 to the dollar AFTER the fees
there are international fees you may see later
|
|
|
chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
|
|
Just for grins, I went back and reviewed my last 8 withdrawals, each of 5000 pesos....The 60pesos is a constant and the iva seems to have gone from
6.60 to 9.60. My bank in the US charges my 1% as well.....To put all that in terms that a Baja resident can relate to, each 5000 peso withdrawal costs
me about a sixpack of Pacifico. But with the peso falling against the dollar, I think my Pacifico for the last couple of xactions was free..
|
|
|
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,
|
|
Chuckie reported Bancomer accurately. They dropped the fee 9 pesos in the last month. I saw this on the screen of both (new) cajero automaticos in
Vizcaino just before I got a message saying "No Puede Verificar Con Su Banco"
We'll see what happens mañana when la dueña of Mercado Sotres and I go to 5211 and confront the manager. Bank manager's ears seem to grow larger when
they are listening to a million-dollar a year customer. Rumor suggested the bank branch imposed limits on the cajeros so that the machines would not
run out of cash for locals using BanComer VISA cards. That I find hard to swallow.
A Lot To See And A Lot To Do
|
|
|
SFandH
Elite Nomad
Posts: 7215
Registered: 8-5-2011
Member Is Offline
|
|
| Quote: | Originally posted by chuckie
The 5 bucks looks right, but it aint 10%...yesterday at Bancomer on a 5000 peso withdrawal I was charged 60 pesos + 9.60 pesos.....thas all.....
|
Yikes, I made a HUGE mistake. It's 5 bucks plus a 1% foreign transaction fee. Precisely. My account is at BofA, that might make a difference.
This according to my April statement, I just checked it again. Of course the fees are expressed in dollars, not pesos.
Sorry for my error. Thanks for catching it.
Wonder if the fee differs depending upon the bank that has your account?
[Edited on 7-11-2013 by SFandH]
|
|
|
SFandH
Elite Nomad
Posts: 7215
Registered: 8-5-2011
Member Is Offline
|
|
"The 60pesos is a constant and the iva seems to have gone from 6.60 to 9.60. My bank in the US charges my 1% as well"
Chuckie, are you saying the total fee is a sum of three components: flat fee of 60 pesos, another "iva" fee, what's that? A tax? And also the
international transaction fee? I don't see this "iva" fee on my statements.
|
|
|
chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
|
|
The lil tickee thingy that comes out of the ATM here in Mulege shows TWO charges. The 60 peso charge and an IVA Comision of 9.60 pesos. My bank in the
US charges me 1% of the DOLLAR withdrawal. The Bancomer charges are deducted from the amount of pesos you GET and do not show on my US bank statement.
(First National)....I have no clue what the IVA Comision is...too small to fret about.....
|
|
|
Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
|
|
when I go to the ATM in mulege to take money out of my USA account...
I ask for 10,000 pesos
all fees are posted online at my USA bank
the machine ALWAYS spits out the correct 10,000 pesos
I add the cost of the withdrawal and the dollar amount to calculate the rate
"there is no such thing as a free lunch"
|
|
|
SFandH
Elite Nomad
Posts: 7215
Registered: 8-5-2011
Member Is Offline
|
|
I'm beginning to understand. There's the ATM fee, the international transaction fee, and the IVA tax on the fees. AND the IVA tax doesn't show as up
as a fee on bank statement. Instead, when I withdraw 3000 pesos, the machine spits out 3000 pesos, but more than 3000 pesos worth of dollars is
deducted from my account, the difference being the IVA and this is in addition to the ATM and international transaction fees that are listed. Right?
Jeez, who thought this up, Chapo Guzman or Wall Street types?
Maybe this IVA "fee" is what Schwab was saying it doesn't see when reimbursing ATM fees to its account holders.
[Edited on 7-11-2013 by SFandH]
|
|
|
RnR
Senior Nomad
Posts: 839
Registered: 5-1-2010
Member Is Offline
|
|
| Quote: | Originally posted by chuckie
I have no clue what the IVA Comision is...too small to fret about..... |
The IVA fee is the Mexican government's "Value Added Tax". It is added to practically every transaction in Mexico and is equivalent to a "sales tax".
It is usually included in the sales price of merchandise in Mexico rather than added on as in the US. Many times a Mexican sales advertisement will
say (in small print) IVA inc, as in "IVA incluido". It is also added to fees, Bancomer's transaction fee, fideicomiso fees, INM fees, etc.
It's interesting that the IVA at Bancomer in Mulege is 9.60 pesos on a 60 peso fee. This is 16%. That is the MAINLAND rate. The IVA tax in both Baja's
is 11%.
(Unless it has been recently changed to equal the mainland rate.....?)
|
|
|
mrfatboy
Nomad
Posts: 478
Registered: 4-17-2008
Member Is Offline
|
|
| Quote: | Originally posted by SFandH
I'm beginning to understand. There's the ATM fee, the international transaction fee, and the IVA tax on the fees. AND the IVA tax doesn't show as up
as a fee on bank statement. Instead, when I withdraw 3000 pesos, the machine spits out 3000 pesos, but more than 3000 pesos worth of dollars is
deducted from my account, the difference being the IVA and this is in addition to the ATM and international transaction fees that are listed. Right?
Jeez, who thought this up, Chapo Guzman or Wall Street types?
Maybe this IVA "fee" is what Schwab was saying it doesn't see when reimbursing ATM fees to its account holders.
[Edited on 7-11-2013 by SFandH] |
At least for Schwab (as far as they tell me. They also say they see a lot this in mexican banks), Bancomer doesn't break any fees out. It just
lumps them in as one line item. Everybody else breaks it down from the actual pesos you get and the fees as two separate line items.
|
|
|
ncampion
Super Nomad
Posts: 1238
Registered: 4-15-2006
Location: Loreto
Member Is Offline
Mood: Retired and Loving it
|
|
I don't worry about these small fees. I consider it lucky to be able to walk into an ATM any time of day and get money out in about two minutes. I
consider it part of the cost of living here, not enough to worry about. I can remember many years ago that getting cash down here was quite an
ordeal. I used to get friends who were coming down to "smuggle" cash down for me to exchange at the bank. Times are easy now.
|
|
|
chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
|
|
One more time....The Bancomer receipt "breaks the fees out" Everytime! If you ask for 5000 pesos, thats what you get. The fees are added back to the
DOLLARS charged for the pesos. The US bank charges 1% on the DOLLAR xaction. The BANCOMER fees dont show on the US statement because they are in the
DOLLAR xaction....The IVA has gone from 6.60 to 9.60 recently. Its all chump change....
|
|
|
| Pages:
1
2
3 |
![[*]](images/xmbforum/default_icon.gif){kind=icon}
