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ATM Exchange Rate Research


gwynne

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When Bank of America decided to take 3% of every ATM transaction, I knew it was time to find a new bank. Many on this web board recommended USAA so I've given them a try. So far, so good.....but it's been a learning experience. Just because I'm so anal about financial matters, I've treated this like a research project.

BOA now charges 3% of every transaction. They have stopped charging me the $5.00 foreign ATM fee, but 3% is still a chunk. So, I'm keeping the BOA account so I don't have to mess with moving my automatic bill pays and I'm keeping the BOA charge card.....which I seldom use. At the first of the month, I transfer money from BOA to USAA. The web site says to allow 5 days, but the money is actually available the next day. (my experience)

Using the Yahoo finance spot rate, I've kept track of what the ATMs are costing. I know, I know.....there are better exchange rate sites, but I chose this one. BOA, with their 3% charge, always gave me the exact rate that Yahoo was quoting. With my USAA card in hand, I started hitting the ATMs:

Santander Bank in Chapala - rate was less .4

Scotiabank by Dominoes - rate was less .9!

Scotia bank different day - rate was less .7

El Torito - rate was less .2

Wal Mart (Bancomer) - rate was less .2

Ajijic OXXO - rate was less .5 ($3,000.00 peso maximumm)

Santander in Chapala - rate was less .2

Santander in Jocotepec - rate was exactly as quoted (got $7,000.00 pesos on one transaction)

Since USAA isn't charging any fees (yet), by shopping around, I know how to save a little money.

Now I'll find something else to do with my spare time.

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Interesting about the exchange rate on ATMs. I never paid attention. We have had USAA for many years and they have never charged fees and they reimburse ATM fees.

Also if you pull the money from the non-USAA account into the USAA account rather than push it from BOA, the transfer happens in less than an hour. Go to your checking account and click the "I want to..." dropdown menu. Choose "transfer funds". Set up the BOA account information. Then choose transfer funds from external account and bingo - money is available. If you have any military connection, this is one great bank.

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I've had USAA insurance since 1961. But so far I haven't needed to open up a bank account. Why? because B of A doesn't charge everyone that 3% fee. Why don't they charge me? Because they bought out Merrill Lynch about 6 or 7 years ago. And once my average sized Merrill Lynch retirement account balance is added to my small B of A account balance, I have sufficient funds to insure I am not charged that 3% fee. Oh, and my total "aint' that high.

Remember there are all kinds of exceptions. Maybe you can find one too. :)

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I, too, have BofA with small balances in savings and checking accts. with no Merrill Lynch. When BofA stated charging the 3% fee I noticed that they only charged me when I used my ATM card to withdraw money from the checking acct. They still don't charge me a fee for withdrawals from my savings acct. I have since opened checking and savings accts with CapitalOne 360 but my pension still goes into the BofA savings acct. where I can withdraw for free or transfer to my 360 acct.

My last withdrawals from each bank was -.2% for the exchange rate. I'm happy with that.

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They still don't charge me a fee for withdrawals from my savings acct. I have since opened checking and savings accts with CapitalOne 360 but my pension still goes into the BofA savings acct. where I can withdraw for free or transfer to my 360 acct.

My last withdrawals from each bank was -.2% for the exchange rate. I'm happy with that.

Now THAT is interesting!

Thanks for the information.

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I, too, have BofA with small balances in savings and checking accts. with no Merrill Lynch. When BofA stated charging the 3% fee I noticed that they only charged me when I used my ATM card to withdraw money from the checking acct. They still don't charge me a fee for withdrawals from my savings acct. I have since opened checking and savings accts with CapitalOne 360 but my pension still goes into the BofA savings acct. where I can withdraw for free or transfer to my 360 acct.

My last withdrawals from each bank was -.2% for the exchange rate. I'm happy with that.

But do they reimburse you the ATM fees I hope they do because I have BofA savings and checking and also had Schwab bank acct. so have been using them as no fees period and reimbursement of ATM fees, but to transfer funds between banks BofA charges $3.00

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I use USAA who rebates ATM fees but they charge 1% foreign transaction fee and I have yet to figure out what the actual exchange rate is. I looked into Cibanco - they publish their exchange rate (if you ask) and it seemed like the 1% I pay with USAA wasn't so bad. I guess the next is to look into CapitalOne 360.

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USAA reimburses up to $15 per month for our account. I made eight withdrawals over the last month at four different machines and the rate varied from Yahoo's exchange for that date for each withdrawal. The Scotia (by Domino's) tended to be the worst and Santander the best with BVVA in the middle, but closer to Santander in general.

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I thought, like El Saltos said, that the 'banks' determine the rate, not the ATM provider. So why is it that The Scotia (by Domino's) seems to be consistently charging more for several people? Is it some 'affiliation' that is either there or missing? I like to use that machine as one doesn't have to let the card leave their fingers.

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I thought, like El Saltos said, that the 'banks' determine the rate, not the ATM provider. So why is it that The Scotia (by Domino's) seems to be consistently charging more for several people? Is it some 'affiliation' that is either there or missing? I like to use that machine as one doesn't have to let the card leave their fingers.

Scotia charges a 37P fee for using their machine. CI Bank just a block away charges 17P? and the card doesn't leave your hand either.

I use Wells Fargo and they give me full rate on their debit card. I generally withdraw on the weekend when the Peso is fairly fixed.

During the week, it will vary. Today it has been 14.6-14.7

http://forex.tradingcharts.com/chart/US%20Dollar_Mexican%20Peso.html

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