# Best exchange rate....



## chicois8 (Aug 8, 2009)

There have been many posts lately about US banks, ATMs and exchange rates so yesterday I withdrew 10,000 Pesos with my Citibank ATM card at a Banamex ( which Citibank owns) and I just went online and $764 was taken from my account fee free, so 10,000 Pesos divided by $764 = 13.08 .....I then went to the Banco de Mexico web site and their official exchange rate yesterday was 13.08, finally I believe this is the way to go for the best exchange rate...


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## coondawg (May 1, 2014)

What was the fee charged?


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## chicois8 (Aug 8, 2009)

fee free, no charge, nada, zero......


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## coondawg (May 1, 2014)

chicois8 said:


> fee free, no charge, nada, zero......


Sorry, you said that but I was "sleep reading". 

So, a citibank ATM card will be fee free. Nice to know.


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## chicois8 (Aug 8, 2009)

When used at a Banamex ATM...Citibank owns Banamex........


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## TundraGreen (Jul 15, 2010)

chicois8 said:


> There have been many posts lately about US banks, ATMs and exchange rates so yesterday I withdrew 10,000 Pesos with my Citibank ATM card at a Banamex ( which Citibank owns) and I just went online and $764 was taken from my account fee free, so 10,000 Pesos divided by $764 = 13.08 .....I then went to the Banco de Mexico web site and their official exchange rate yesterday was 13.08, finally I believe this is the way to go for the best exchange rate...


I came to the same conclusion and do the same thing with the same bank combination after attempting several other routes.


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## joaquinx (Jul 3, 2010)

You saved around 14.00 usd over other methods. Spend it wisely.


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## chicois8 (Aug 8, 2009)

joaquinx said:


> You saved around 14.00 usd over other methods. Spend it wisely.



Great, that may help some folks on this board who's pensions are less than average, 
A $14 savings may not seem worth it to you but I bet someone with a pension less than $2000 a month would love the savings..Remember what Ben Franklin said about a penny.


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## joaquinx (Jul 3, 2010)

chicois8 said:


> Great, that may help some folks on this board who's pensions are less than average,
> A $14 savings may not seem worth it to you but I bet someone with a pension less than $2000 a month would love the savings..Remember what Ben Franklin said about a penny.


Can't take a compliment? Plus, I am in that category of less than.


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## coondawg (May 1, 2014)

The sad thing about written words is that sometimes you cannot tell the intent of the writer.


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## Hound Dog (Jan 18, 2009)

These exchange rate dances usually do not result in a later roll in the hay. 

After over 13 years of living here in West Ajijic on Lake Chapala and in the historic center of San Cristóbal de Las Casas and affecting countless ATM transactions, I say, find a U.S. bank as have I (Charles Schwab) that reverses ALL ATM fees on any ATM on the planet instantly, find the nearest and most convenient ATM to your home and exchange your U.S.D. there for Pesos since exchange rates are subject to constant fluctuations and cruising among ATM machines looking for the best deal to save a few bucks is, in my opinión, a foolish errand. 

When in Ajijic, I patronize the ATM at Multi Banco because it´s convenient with easy parking and near my house while going to Banamex in Chapala where I have an account, requires at 24 kilometer round trip drive so so much for that alternative to save money. In San Cristóbal, I patronize Banamex since all the major bank ATMs are mostly located in Centro and an easy walk for me. However, I could as easily use Bancomer, Santander, HSBC or other banks on the central plaza and life´s too short to nitpick ATM exchange rates which are often not comparable anyway. No matter which bank ATM I use, Schwab routinely and immediately credits back any and all disclosed ATM fees to my account at Dollar equivalents.

Call Chuck.


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## joaquinx (Jul 3, 2010)

coondawg said:


> The sad thing about written words is that sometimes you cannot tell the intent of the writer.


We rewrite all that we read within our own context.


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## coondawg (May 1, 2014)

Yuup !


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## Isla Verde (Oct 19, 2011)

Hound Dog said:


> These exchange rate dances usually do not result in a later roll in the hay.
> 
> After over 13 years of living here in West Ajijic on Lake Chapala and in the historic center of San Cristóbal de Las Casas and affecting countless ATM transactions, I say, find a U.S. bank as have I (Charles Schwab) that reverses ALL ATM fees on any ATM on the planet instantly, find the nearest and most convenient ATM to your home and exchange your U.S.D. there for Pesos since exchange rates are subject to constant fluctuations and cruising among ATM machines looking for the best deal to save a few bucks is, in my opinión, a foolish errand.
> 
> ...


Is there a minimum amount of money you need to be able to open an account with Chuck? Can you do it if you're living full-time in Mexico?


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## Hound Dog (Jan 18, 2009)

_


Isla Verde said:



Is there a minimum amount of money you need to be able to open an account with Chuck? Can you do it if you're living full-time in Mexico?

Click to expand...

_Isla:

You can telephone Schwab for free as follows:

Fistt dial AT&T´s Mexican number at (01) 800 288 2872

When the AT&T recording comes on, one the things the recording will prompt you to do is "Dial the number you are calling now."

Call 877 686 1937 

You will get a Charles Schwab recording with several optios one of which will be to speak with a customer representative and when one comes on the line, they can either help you or forward your call to someone who will help you.

We signed up with Charles Schwab for our IRA accounts and a Schwab One joint checking account while still living in California. After moving to Mexico, we were required to convert from domestic to international Schwab clients status which entailed a bit of paperwork but nothing daunting. All was accomplished converting us to international clients via mail utilizing overnight courier services. This was a very easy process. Now, whether of not you can initate this process from Mexico with only a Mexico address is someting you will need to discuss with the Schwab resprsentative over the pone but I can tell you from years of experience that they will respond with the utmost courtesy and level with you as to whether your opening an account ifrom Mexico a feasible notion. Keep in mind that:

* In order to open a checking account at Schwab, you should consider opening a "Schwab One" account and not a Schwab Bank checking account. There is quite a difference between the two. The Schwab One account is actually a Schwab corporate checking checking account domiciled at PNB in Philadelphia and your personal checking account is actually piggybacked on Schwab´s corporate account with PNB. Therefore, technically speaking, you are not seeking as an overseas resident to open a personal checking account in a U.S. bank and, this, running into Patriot Act restrictions that would preclude your so doing. I promise you that Shwab bank will not open an account for you if you have no legitimate U.S. address so remember - Schwab One only and who knows if they will open even that for you with no U.S. address- call them and inquire.
* I dont know the mínimum balance requirements for a free Schwab One account and free ATM transactons worldwide. You´ll have to ask them. If you have some IRA accounts with them or other accounts as well as the proposed Schwab One account, might help

Good luck. They have been real pleasure for me to deal with for some 15 years and I could not recommend them more highly.


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## chicois8 (Aug 8, 2009)

joaquinx said:


> Can't take a compliment? Plus, I am in that category of less than.


I did not take it as a complement, maybe inserting a LOL at the end of the sentence would make a difference....


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## coondawg (May 1, 2014)

chicois8 said:


> There have been many posts lately about US banks, ATMs and exchange rates so yesterday I withdrew 10,000 Pesos with my Citibank ATM card at a Banamex ( which Citibank owns) and I just went online and $764 was taken from my account fee free, so 10,000 Pesos divided by $764 = 13.08 .....I then went to the Banco de Mexico web site and their official exchange rate yesterday was 13.08, finally I believe this is the way to go for the best exchange rate...


Do you know the daily limit for withdrawal? Did you go inside to withdraw, or did you use the ATM? Seems like most ATMs don't let you get 10,000 at once. I set my bank at $1,000 USD a day, but often 3,000 is all I can get at a time (don't have citi yet).


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## chicois8 (Aug 8, 2009)

My Banamex in SMA or Puerto Vallarta will give out 10,000 Pesos at a time ( maybe large tourist cities ), when I need $2000 USD I go into an ATM at the bank and withdrawal 3 times in a row, 2 times x 10,000 and 6000 Pesos = 26,000 pesos or about $2000.00USD.......With my Citibank account........

I do the same with my Schwab Bank ATM card but I can do that at any banks ATM......


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## AllBbear (Apr 17, 2013)

*Banking costs??*

I have been following this thread closely because I had to decide what route to go for international banking and to be able to access my money as cheaply as possible.

I called Charles Schwab and they said you need to maintain 150K in an account to get the free of charge withdrawals. I called another international bank (forget which one) and they said 250K to open an account. All my money is tied up with Wells Fargo and I am not interested in moving to another account.

After reading about folks success with Citi bank I opened a Citigold account. I will get unlimited charge free withdrawals from Banamax. For the "gold" account you need to have 150K in assets with the bank to get for "free". Otherwise there is a $30. per month charge for the account. So.........for $360 per year you do get free of charge/transaction fees. I figure this will be far cheaper than paying a 3-7% transaction fee each time I withdraw. $1.00USD per day I think is a reasonable charge. I hope everything works out the way it was presented.

Bob


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## Longford (May 25, 2012)

Hound Dog said:


> The Schwab One account is actually a Schwab corporate checking checking account domiciled at PNB in Philadelphia and your personal checking account is actually piggybacked on Schwab´s corporate account with PNB.


Correction: It's PNC Bank, a major USA bank these days.


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