# Atm fees



## diablita

ATM fees seem to have jumped in the past week. Yesterday I was charged 29 pesos to withdraw cash from a Banamex ATM in Acapulco. Previously the charge was around 7.5 pesos or 0. My USA bank is Wells Fargo. Is this countrywide or just here?


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## sparks

Bancomer yesterday 19.50 plus 3.12 IVA. Others are reporting no fee at Banamex in Jocotepec. Santander was closed to foreign cards yesterday assuming they were upgrading software


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## RVGRINGO

If you have the right bank and ATM combination, you may not have to pay those fees. I am an eligible member of USAA and pay no ATM fees at all, anywhere. I understand that Bank of America and CitiBank have relationships with certain Mexican banks and that you can avoid most fees if you bank with them and use the correct ATM in Mexico. So, all I can recommend is that you talk to your bank in the USA and/or to other US banks to find the best combination.


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## chicois8

BanamexUSA an online bank in Los Angles was set up by Banamex for expats, in fact you need to fax or send a receipt of a Mexican electric,water or phone bill in your name to open a checking ,savings or money market account...You then can get an ATM card that you can use at any Banamex ATM in Mexico or Citibank ( owners of both banks) ATM anywhere in the world without a fee...if you use a Citibank ATM card at a Banamex ATM you are charged a 3% international exchange rate fee...I can transfer money from my Citibank account to Banamex USA accounts without any fees....


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## sparks

RV ... the Mexican fees are changing at least for some banks. It looks like they may become universal. It's supposedly been in the Mexican news but I've not found it


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## Salto_jorge

I have been using my BOA card at santander without a fee in GDL. I will check my statements to see if I am now charged a fee.


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## sparks

Salto_jorge said:


> I have been using my BOA card at santander without a fee in GDL. I will check my statements to see if I am now charged a fee.


It started yesterday and Santander has been closed to foreign cards

A post from Zihua


> Today I was at HSBC and a 16% IVA was tacked on to My Withdrawal , OUCH !!


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## Southbound

At the Bancomer branch near the Plaza in Ajijic last Thursday it was the usual fee of 10 pesos total, the next day on Friday April 30th it had jumped to the 19.5 plus 3.12 IVA that Sparks experienced in Jocotepec, effectively doubling overnight. It appears from the posts above that the fees are varying quite a bit, depending on location.
This amounts to seeds of inflation any way it is viewed, lets hope other services and goods do not follow suit too soon!


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## sunnyvmx

I used my BoA debit card twice this week at a ScotiaBank in Catemaco in preparation for a trip to Playa del Carmen. I have not been charged any additional fee on the limit amount as of yesterday. I hope this holds true.


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## sparks

From May 5 banks apply a commission ranging from 7 to 36.36 pesos when an ATM cash withdrawal outside the bank issuing the card, depending on the location and line of business.

Bancos escudan nuevas tarifas en cajeros - El Universal - Finanzas


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## RVGRINGO

For any of you who have had military service, you may wish to check USAA.com and consider joining. That will allow you to use the USAA Federal Savings Bank and avoid these withdrawal fees. Any that are charged are paid by USAA and not you. In years past, this membership was limited to officers and their families, then senior enlisted. Now, It appears that it is open to all, active or veteran. There are many other advantages that you will discover, especially if you have stateside property, etc.


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## Mexprax_GDL

For german expats I recommend a DKB-Visa card. Worldwide free cash at all ATMs ...well it´s not free but you don´t have to pay a fee ;-) 

Saludos

Florian / Mexprax Relocation Services S.A. de C.V.


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## Guest

In my area, ScotiaBank is now charging $21 plus IVA with a MX$3000 limit per transaction (previously $11), and Banamex is charging $25 plus IVA, with a MX$4000 limit per transaction (previously free). Santander's fees here were excessive before this last jump in cost, and I haven't checked Bancomer or HSBC's ATMs.

I can deposit a US check in my account here, but the MX bank told me it would be 3 to 4 weeks for access to the funds because they are not connected electronically to the US banking system.

I would use wires, but thanks to all of the regulations, my US bank does not seem to want to send wires of MY money to MY account here in MX. I live a cash life and avoid using my credit cards here in MX. 

The USAA thing would work, but my US bank seems to have gone deaf to customer service. My US bank would need to request a connection to USAA, according to their website. I have no plans to travel to the US, and it has gotten difficult to open a new account in a strange bank in the US without showing your face when opening the account.

Maybe the casa de inversiones would work better to send a periodic larger wire transfer here to myself in MX for living expenses. How do I find one which is reliable in Queretaro state (and do I need to open an investment account as well to do business with them ?


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## circle110

Wow, all this makes me glad I'm with Charles Schwab bank. Although they have done some things to aggravate me, they do reimburse 100% of my international ATM fees so that I wind up paying nothing for any withdrawal. I guess I better watch and see how long they keep that up!


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## elchante

for a lot of us, the only option seems to be just to withdraw the absolute maximum when you use the ATM so you only get hit with the minimum number of withdrawal fees. because the exchange rates change on a daily basis, it's a little hard to confirm how much the "maximum" withdrawal is. that is, my US bank says i can have, say, no more than $500US a day withdrawn, but then i have to check to see how many pesos that translates to. can i get $5,000MX or $6,000MX for that amount?? 

nonetheless, i'm happy to have the convenience of using an ATM to get my cash from an american bank using a mexican bank's ATM. and to be able to take advantage of withdrawing cash when the exchange rate is favorable to me.


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## HolyMole

GringoCArlos said:


> In my area, ScotiaBank is now charging $21 plus IVA with a MX$3000 limit per transaction (previously $11), and Banamex is charging $25 plus IVA, with a MX$4000 limit per transaction (previously free). Santander's fees here were excessive before this last jump in cost, and I haven't checked Bancomer or HSBC's ATMs.......


I am a Scotiabank customer in Canada, so all my ATM withdrawals from a Scotiabank ATM anywhere in the world are free.
The screen on the Scotiabank ATM in Zihuatanejo said the maximum withdrawal was 3000 pesos, so that's what I was taking. My daily cash limit is $1000 Canadian, so I would often do three withdrawals at a time.....3000 x 3 = 9000 pesos.

Others have since advised that if you choose the option "Other" as the amount, you can withdraw up to at least 9000 pesos in one transaction, (provided that amount doesn't exceed the limit set by your home bank). 

Another problem is that the ATM usually gave four 500 peso notes in every 3000 peso withdrawal. If you take 9000 pesos, you've got twelve 500 peso bills to try to get rid of. Solution? As soon as you've made your ATM withdrawal, go to a teller, (provided there isn't a huge line-up), and exchange those 500 peso bills for 100's and 200's. Of course, this being Mexico, they wouldn't provide change for more than 2000 pesos at a time, leaving you with eight 500 peso bills. 

Ever tried paying your 60 peso laundry bill with a 500?


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## elchante

holymoly, those $500MX notes are always a pain, aren't they? here around lake chapala about the only places you can unload them with frequency are at the Pemex gas stations and the Paz liquor stores. personally, i also use them to pay my rent and at Costco when i'm there, or during the early spring i save them to pay for my car insurance, my FM3 renewal costs, and my IMSS renewal costs.


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## conklinwh

The USAA possibility is useful. Right now we use wire transfers from our US credit union to Actinver Lloyd. Costs $15 US but we do in large amounts.
We distribute our cash across Lloyds options that balance return and availability. We actually make a lot more on our Lloyd's accounts than we would in the US.
I think we might have done 1 ATM transaction in the last 6 months. Other values with our Lloyds are no lines and no problem with getting smaller bills.


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## Ana Hernandez

circle110 said:


> Wow, all this makes me glad I'm with Charles Schwab bank. Although they have done some things to aggravate me, they do reimburse 100% of my international ATM fees so that I wind up paying nothing for any withdrawal. I guess I better watch and see how long they keep that up!


Edward Jones is the same.


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## moisheh

RV ******: I joined the USAA but I see that there are limitations and hidden ATM fees with their accounts. You are charged a 1% transacton fee outside the USA. Your credit for foreign machine fees are limited to $15.00. There is no free lunch!!


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## RVGRINGO

The 1% is the internationl transaction fee, which can't be avoided with any card. Some do hide it until the end of year statement, but must reveal it.
I think you will find some of those 'limits' are per month and easily avoided by raising your limit and taking out the maximum each time.
The new 'commissions' charged by the Mexican banks, in addition to ATM fees, are a puzzle, at the moment. I have seen one reimbursed on my statement last month.


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## moisheh

Yes they are per month but there is a catch 22. Many Mexican machines will not dispense your max. For instance some Scotiabank machines do not give over 3000 pesos. So if you want 5000 that would mean 2 transactions. You could reach the limit before the end of the month. But you are correc t that this better than paying the fees. Please explain that !% transaction fee. None of my accounts ( Canadian and USA) show any such fee on any statement


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## RVGRINGO

There is a 1% international currency exchange fee on debit card transactions. If it doesn't show now, it will probably show at the end of the year on your annual statement.

You can ask your bank to raise your limit to something like $600 USD per day. Having done that, you may be able to withdraw up to that amount. We generally use an HSBC machine and take 6000 to 6500 pesos each time. Yes, some machines have lower limits, so check around for one that doesn't. Also, you may find that machines will be short of money and limit you to smaller amounts. When that happens, you can cancel the transaction and go to a different machine. Such situations often occur on long weekends, holidays, Friday nights, etc. Always avoid private, non-bank machines.


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## moisheh

I have been using ATM's in Mexico since they first arrived. I have 3 different ATM accounts and not one of them has ever (knowingly) charged me any 1% fee. Of course all foreign currency transactions include a commision but it sounds like the USAA also charges 1% on top of that commisison. I am aware of the 2 to3% that credit cards charge but not of this fee. No extar fees have ever showed up omy statements. I think after the fee fiascos with some banks and a class action lawsuit they must disclose those fees.


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## sunnyvmx

Even though the Scotiabank says it has a 3000 peso limit, I punch in 5000 and always get it.


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## RVGRINGO

The 1% fee for international exchange is not charged by your bank. It is charged by the major card companies; ie: Visa and MasterCard.


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## bournemouth

moisheh said:


> I have been using ATM's in Mexico since they first arrived. I have 3 different ATM accounts and not one of them has ever (knowingly) charged me any 1% fee. Of course all foreign currency transactions include a commision but it sounds like the USAA also charges 1% on top of that commisison. I am aware of the 2 to3% that credit cards charge but not of this fee. No extar fees have ever showed up omy statements. I think after the fee fiascos with some banks and a class action lawsuit they must disclose those fees.


I think you are either lucky, Moisheh, or they are not showing you the charge and it is reflected in the exchange rate. My Compass Bank, "fee free" card shows a 1% foreign currency exchange fee each time I use it.


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## moisheh

RV ******:

I think you are mistaking a debit card and a credit card. All credit cards charge from 2 to 3% over the exchange rate. There is know leagl method to obtain foreign currency at the rate that banks pay. There is always a per centage added to the rate. Not every bank gives the same rate. In Canada the B of M is always 1/2% higher than the RBC. The only way to find out if I am indeed paying a fee is to compare exhange rates on the same day, same hour. Hard to do. I will call Wells Fargo and ask them about the excahnge rate. One thing is fact: You will never see the word "Benevolent" in the mission statement of any bank!

Moisheh


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## moisheh

UPDATE: I think we all need to understand that banks do all they can to make things hard to understand. One bank may not charge an ATM fee but they get you in some other fashion. Bankrate.com shows a lot of the fees that banks charge. Wells Fargo normally charges $5.00 to use an ATM card in a foreign country. There is no % added on. I had that fee waived as I keep a large balance and have been a customer for more than 20 years. On March 16 I withdrew some cash from a machine in Hermosillo. I got 5000 pesos and the charge was $399.57. I checked xe.com for the rate on that day and it should have been $399.31 usd. However the Mexican banks change the rate during the day. XE.com is the most accurate of all the currency sites as they use a mid market rate. I tried one other transaction on a different day and it was less than 35 cents different than XE.com, This is a debit card. Credit cards are completely different and using a debit card to make foreign purchases is even worse. Every time this subject arises I learn a new twist to how banks operate.

Moisheh


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## HolyMole

*Credit Cards*

On one of our first trips to Mexico, to Los Cabos 15 years ago, I was surprised to learn that many local merchants added an extra charge of from 5 - 10% for using a credit card.
I know that in Canada, (and presumably the States as well), the contract between the credit card company..... American Express, VISA, Mastercard, etc ...... and the retailer specifically forbids the retailer from adding any kind of extra charge for credit card use, (or for offering a discount for cash, but that's another story).
As soon as I got home, I contacted both VISA and Mastercard to advise them what was happening in Los Cabos. Both organizations confirmed that any retailer accepting their particular cards should not be adding such a charge, and they promised "to look into it right away." 
Ya, right.
Since then, I simply have never bothered to use a credit card in Mexico. 
ATM cash is the way to go, through a bank that doesn't charge any fees for doing so.


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## MangoMike

I read that Bank of America sold it's interest in Santander back to Santander today. I suppose this means ATM fees and foreign exchange rates for BofA customers will be going up as they will no longer have a relationship. You can easily find the story by Googling or Yahooing or otherwise searching the Web.
MM


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## telcoman

Bank of America is associated with Canadian Scotia bank which has a lot of ATM' s in Mexico. You should be able to avoid fees by using them.


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