k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
Member Is Offline
|
|
Bank of America Sells Mexican Equity Stake Back to Santander
I wonder if BofA customers will still be able to use Santander ATMs without foreign transaction fees.
http://www.businessweek.com/news/2010-06-09/bank-of-america-...
|
|
|
tjBill
Senior Nomad
Posts: 516
Registered: 10-6-2007
Location: Tijuana
Member Is Offline
|
|
| Quote: | Originally posted by k-rico
I wonder if BofA customers will still be able to use Santander ATMs without foreign transaction fees.
|
I hope so. That's the whole point of having a B of A account.
B of A has lots of partnerships with foreign banks in foreign countries where you don't pay the foreign transaction fee. So if Santander is out
another bank would be in.
|
|
|
bacquito
Super Nomad
Posts: 1615
Registered: 3-6-2007
Member Is Offline
Mood: jubilado
|
|
Ouch!! I have an account at B of A and recently opened an account with Santander.
bacquito
|
|
|
Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
Member Is Offline
|
|
It appears to me that the sale had absolutely nothing to do with customers or customer service. While it may be possible that some aspect of the
agreement might grandfather the existing arrangement, I would not bet on it. I just don't think that the Spain-based bank would care about American's
in Mexico. I could be wrong.
|
|
|
MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
Member Is Offline
|
|
I think the economic advantage of charging a fee for withdrawal of pesos by American B of A debit card holders at Santander ATMs will far out weigh
any economic advantage (if any) to allowing free withdrawals. I fully expect the charges to begin any minute now. Profits outweigh goodwill in the
long run... always.
Anybody notice the new window/page at the Santander ATMs stating a fee charge of $0.00 that several months ago was not there?
[Edited on 6-13-2010 by MitchMan]
|
|
|
tjBill
Senior Nomad
Posts: 516
Registered: 10-6-2007
Location: Tijuana
Member Is Offline
|
|
| Quote: | Originally posted by MitchMan
Anybody notice the new window/page at the Santander ATMs stating a fee charge of $0.00 that several months ago was not there?
|
Yes, I noticed that a week ago. No maybe there are getting their systems set up to start charging.
|
|
|
toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
Member Is Offline
Mood: Skeptical
|
|
I hope B of A keeps their Safesend program in place. Like tjbill says regarding Santander's ATM, "That's the whole point of having a B of A account."
The only reason I haven't dumped B of A is because of the convenience of available ATMs. 
I was ready to pledge to dump B of A anyway during Ariana Huffington's Dump the big banks campaign. Community Banks and Credit Unions are
really the only place to get any kind of personal attention and service. I am talking about U.S. Banks...NOT Mexican Banks.
|
|
|
k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
Member Is Offline
|
|
I'll probably switch to HSBC. They have a branch across the street from my US mailbox in San Ysidro and down the street from me in TJ.
|
|
|
irenemm
Senior Nomad
Posts: 623
Registered: 7-16-2009
Location: vicente guerrero, baja
Member Is Offline
Mood: relaxed
|
|
HSBC will charge for just walking by. Had them for years.
Don't like them.
But in this town it is them or Banamex nothing else. Oh well
|
|
|
MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
Member Is Offline
|
|
I thought I read that Scotia Bank in Baja has the same arrangement with B of A that Santander has (not charging a fee for withdrawing pesos from BofA
chkg acct with BofA debit card at Scotia's ATM in Baja). Anybody else read this? Is it true?
|
|
|
toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
Member Is Offline
Mood: Skeptical
|
|
Not all of these banks have a close by presence to a particular town or area. Santander has an ATM (but not a bank)right in the police station, which
is a real convenient location. We were lucky to get them. The only other is Bancomer. Opening an account there is NOT an option. Been there, done
that!
|
|
|
Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
Member Is Offline
Mood: Luminescent Waves at Rosarito Beach
|
|
| Quote: | Originally posted by bacquito
Ouch!! I have an account at B of A and recently opened an account with Santander. |
ditto. ugh.  Although I'd still be willing to pay a fee to withdraw "pesos"
from my USA BA account because of the great exchange rate they always give- the closest to getting what you see on your computer when you make the
dash from your house to the bank. The favorable rate alone may make up for any small fee for ATM use. we'll see soon I'm sure.
[Edited on 6-13-2010 by Woooosh]
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
|
|
|
toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
Member Is Offline
Mood: Skeptical
|
|
| Quote: | Originally posted by Woooosh
| Quote: | Originally posted by bacquito
Ouch!! I have an account at B of A and recently opened an account with Santander. |
ditto. ugh. Although I'd still be willing to pay a fee to withdraw "pesos"
from my USA BA account because of the great exchange rate they always give- the closest to getting what you see on your computer when you make the
dash from your house to the bank. The favorable rate alone may make up for any small fee for ATM use. we'll see soon I'm sure.
[Edited on 6-13-2010 by Woooosh] |
Don't forget...You are charged a fee by the banks on both ends of the
transaction. It adds up to @9.50/transaction between B of A and Bancomer. Set up and use B of A's Safesend instead.
|
|
|
Cyanide41
Nomad
Posts: 303
Registered: 1-7-2009
Location: Tijuana
Member Is Offline
|
|
At work the other day I saw this woman pull out a Banamex usa card. I didn't get a chance to ask her about it, but it sounds like it would possibly be
a good way to avoid fees.
|
|
|
bajalou
Ultra Nomad
Posts: 4459
Registered: 3-11-2004
Location: South of the broder
Member Is Offline
|
|
I asked at the Banamex USA branch in Calexico a while back and they confirmed that withdrawals in Mexico at a Banamex branch carry no fees at either
end.
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 |
|
|
k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
Member Is Offline
|
|
What banks have branches both in the US and Mexico?
HSBC, Banamex, Bancomer??? and ???
|
|
|
Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
|
|
| Quote: | Originally posted by MitchMan
I thought I read that Scotia Bank in Baja has the same arrangement with B of A that Santander has (not charging a fee for withdrawing pesos from BofA
chkg acct with BofA debit card at Scotia's ATM in Baja). Anybody else read this? Is it true? |
I think this is the reason for that speculation. I have never tried my B of A card at a Scotia AT<.
But if B of A stays in this alliance, the fees may not come.
|
|
|
bajalou
Ultra Nomad
Posts: 4459
Registered: 3-11-2004
Location: South of the broder
Member Is Offline
|
|
BBVA (another Spanish Bank) that owns Bancomer has some US banks also, Compass and a few more. But I was told at Compass that the BBVA ownership does
not make it so there are no transaction fees when using Bancomer's ATMs.
And to confuse things a little more, I'm looking at at ATM receipt from Bancomer in San Felipe for a Debit card withdrawal from my Bancomer Dollar
account. HSBC is printed at the top of the receipt.
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 |
|
|
Baja&Back
Senior Nomad
Posts: 549
Registered: 9-10-2004
Location: Vancouver, Canada / todo de Baja
Member Is Offline
Mood: Rarin' to go South!
|
|
| Quote: | Originally posted by MitchMan
I thought I read that Scotia Bank in Baja has the same arrangement with B of A that Santander has (not charging a fee for withdrawing pesos from BofA
chkg acct with BofA debit card at Scotia's ATM in Baja). Anybody else read this? Is it true? |
Yes. you are right. We don't get "International Transaction Fees" from Scotia ATMs.
|
|
|
k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
Member Is Offline
|
|
I just called HSBC and there is a 3% "currency conversion fee" for withdrawals in Mexican branches from US based accounts. BUT, if you invest a
minimum of 100,000 dollars with them they'll waive the fee. Mighty big of them wouldn't you say?
I'll look for a nearby Scotia ATM if the BofA/Santander freebie goes away.
------------------------------
Also, from the BofA website:
"Withdrawals, deposits, transfers, payments and balance inquiries made at ATMs in foreign countries outside of the ATM Global Alliance will be
charged a $5.00 fee.
In addition, an International Transaction Fee will be charged for ATM Card and Check Card transactions made for foreign purchases or ATM cash
withdrawals in currency other than U.S. Dollars, regardless of whether or not the transaction occurred at an ATM in a country covered in the ATM
Global Alliance. The International Transaction Fee will be 3% of the U.S. Dollar amount for each converted purchase or 1% of the U.S. Dollar amount
for each converted ATM cash withdrawal. This International Transaction Fee will appear as a separate item on your banking statement for each
international transaction."
I'm guessing a 1% fee will be added to withdrawals in Mex, if anything.
[Edited on 6-14-2010 by k-rico]
|
|
|
![[*]](images/xmbforum/default_icon.gif){kind=icon}
