Zeb Posted July 20, 2016 Report Share Posted July 20, 2016 Trying to find a more economical way to get money from US to Mexico. As I understand it, some people just go to the ATM and withdraw their money that way instead of paying for wire transfers, which are pretty expensive. So, here's what I am wondering. Those of you who do that, are you not paying a conversion rate? One of our banks says they will reimburse any ATM fees, but then we do pay 1% to convert to pesos. Link to comment Share on other sites More sharing options...
RVGRINGO Posted July 20, 2016 Report Share Posted July 20, 2016 The 1% international transaction fee is common, and if that is the only charge you get, that is probably the best you can do using an ATM with a good US bank. Link to comment Share on other sites More sharing options...
Irish Gal Posted July 20, 2016 Report Share Posted July 20, 2016 Not sure if this works for Americans, but I go to Intercam currency exchange in Ajijic and write a cheque on my Canadian bank account in exchange for pesos. The exchange rate is good there. Link to comment Share on other sites More sharing options...
El Saltos Posted July 21, 2016 Report Share Posted July 21, 2016 Americans can do that too. Link to comment Share on other sites More sharing options...
Bisbee Gal Posted July 21, 2016 Report Share Posted July 21, 2016 16 hours ago, Irish Gal said: Not sure if this works for Americans, but I go to Intercam currency exchange in Ajijic and write a cheque on my Canadian bank account in exchange for pesos. The exchange rate is good there. 51 minutes ago, El Saltos said: Americans can do that too. Do you have to first open an account with Intercam in order to do that? Link to comment Share on other sites More sharing options...
ned small Posted July 21, 2016 Report Share Posted July 21, 2016 1 hour ago, Bisbee Gal said: Do you have to first open an account with Intercam in order to do that? My Canadian friends and I didn't. We do have to register with them annually though. The usual CFE bill, passport,visa i think haven't done it for a couple of years because I didn't need the service. Link to comment Share on other sites More sharing options...
Yo1 Posted July 21, 2016 Report Share Posted July 21, 2016 If you use one of several US banks, you will have no fees of any kind. I believe that now you must open a regular account with Intercam in order to cash a check. Link to comment Share on other sites More sharing options...
Shira Posted July 21, 2016 Report Share Posted July 21, 2016 Capitol One has no fees for international transaction or ATM fees if you use an ATM on their network. Link to comment Share on other sites More sharing options...
Irish Gal Posted July 21, 2016 Report Share Posted July 21, 2016 4 hours ago, Bisbee Gal said: Do you have to first open an account with Intercam in order to do that? I didn't open a bank account if that's what you mean. I just provided copies of my passport, Residente Permanente, and proof of residence. easy peasy. Link to comment Share on other sites More sharing options...
Zeb Posted July 26, 2016 Author Report Share Posted July 26, 2016 On 7/21/2016 at 2:22 PM, Yo1 said: If you use one of several US banks, you will have no fees of any kind. I believe that now you must open a regular account with Intercam in order to cash a check. If I use several US banks, I would have no fees? I think I misunderstand this statement. Because there is still the 1% conversion rate fee. Link to comment Share on other sites More sharing options...
bournemouth Posted July 26, 2016 Report Share Posted July 26, 2016 14 minutes ago, Zeb said: If I use several US banks, I would have no fees? I think I misunderstand this statement. Because there is still the 1% conversion rate fee. Not with all banks - most yes, but there are some that do not charge that fee, depending on your account/s with them. Link to comment Share on other sites More sharing options...
Hud Posted July 26, 2016 Report Share Posted July 26, 2016 15 minutes ago, Zeb said: 15 minutes ago, Zeb said: If I use several US banks, I would have no fees? I think I misunderstand this statement. Because there is still the 1% conversion rate fee. If I use several US banks, I would have no fees? I think I misunderstand this statement. Because there is still the 1% conversion rate fee. If I use "ONE" of several... I don't pay any conversion fees, but Visa and MC both charge a fee when I use their cards (usually MC charges the smaller fee).. Link to comment Share on other sites More sharing options...
Zeb Posted July 26, 2016 Author Report Share Posted July 26, 2016 16 minutes ago, bournemouth said: Not with all banks - most yes, but there are some that do not charge that fee, depending on your account/s with them. Ok. Which banks , that you know of, do not charge a conversion fee and I will check them out? Link to comment Share on other sites More sharing options...
bournemouth Posted July 26, 2016 Report Share Posted July 26, 2016 With sufficient funds in accounts, BBVA Compass does not charge any fees and we can use BBVA Bancomer ATM's with no charge from Bancomer. Link to comment Share on other sites More sharing options...
Yo1 Posted July 26, 2016 Report Share Posted July 26, 2016 Capital One, which is a virtual bank so no need to go to the US to sign up. Schwab has an investment account, although you don't have to invest anything and they return all fees. Capital One credit cards charge no fees of any kind including no international transaction fee and you can earn point, etc.. Link to comment Share on other sites More sharing options...
cedros Posted July 26, 2016 Report Share Posted July 26, 2016 Can a Canadian living Lakeside get a Capital One credit card (or any other CC from here)? I am too old to get one at HSBC, Link to comment Share on other sites More sharing options...
Fred Habacht Posted July 26, 2016 Report Share Posted July 26, 2016 Cedros: good point about being too old. Although, no one like to discuss it....there is an age limit in Mexico to open or get a new credit card. Once opened age is of no concern but try to open a new one when you reach 70+ and you will be politely rejected. Link to comment Share on other sites More sharing options...
gfresh Posted July 26, 2016 Report Share Posted July 26, 2016 Zeb, I've found that Schwab Checking with the ATM card is all I need. They refund all ATM/transaction fees monthly and their exchange rate is excellent, better than any Mx bank where you could write a check. Note, not all ATMs give you the same exchange rate, some make 1-3% "commission" over the posted Foreign Exchange Rate. I find Banamex gives me the best rates at their ATMs. YMMV Link to comment Share on other sites More sharing options...
tomgates Posted July 26, 2016 Report Share Posted July 26, 2016 As I have posted many times, my main US bank is the US branch of RBC Wealth Mgmt. they don't charge anything to me for foreign debit card transactions, including cash withdrawals. I do pay on this end what is called an alien ATM fee, the lowest is at CE Banc (?) in Central Laguna about $18p on a $7000p withdrawal, which works out to 5 basis points or .05%. All of the "private banks" here, as well as the internet exchange house XE.com charge on the order of 2.5%. I know someone who has his funds in USAA in the US and he transfers money here to Intercam but USAA converts it to pesos for free on their end and they just transfer pesos to Intercam and no fee from Intercam. That is the cheapest system I know of. You have to be a Vet or relative of a Vet to do business with USAA. Link to comment Share on other sites More sharing options...
Zeb Posted July 26, 2016 Author Report Share Posted July 26, 2016 18 hours ago, bournemouth said: With sufficient funds in accounts, BBVA Compass does not charge any fees and we can use BBVA Bancomer ATM's with no charge from Bancomer. You are saying there is no charge to use the ATM and NO 1% conversion fee as well? Link to comment Share on other sites More sharing options...
shirley Posted July 26, 2016 Report Share Posted July 26, 2016 3 hours ago, Zeb said: You are saying there is no charge to use the ATM and NO 1% conversion fee as well? BBVA Compass does charge a 1% foreign exchange fee, no ATM fee, but most certainly the 1% foreign exchange fee. Link to comment Share on other sites More sharing options...
cedros Posted July 26, 2016 Report Share Posted July 26, 2016 Quote I don't know how to find out if I'm charged a 1% foreign fee so I don't know if I am charged it. But I do know I'm never charged an ATM fee. I guess because I have a HSBC account in Canada and I use the HSBC AMs here. Over 7 years I 've withdrawn tens of thousands of dollars without any ATM fees. Link to comment Share on other sites More sharing options...
Zeb Posted July 26, 2016 Author Report Share Posted July 26, 2016 44 minutes ago, shirley said: BBVA Compass does charge a 1% foreign exchange fee, no ATM fee, but most certainly the 1% foreign exchange fee. Ok, well then that is not better than the other bank accounts I have and it is actually more economical to just pay for a wire transfer and send a larger amount. What I am looking for is a way to reduce or eliminate those fees. Link to comment Share on other sites More sharing options...
Zeb Posted July 26, 2016 Author Report Share Posted July 26, 2016 10 hours ago, gfresh said: Zeb, I've found that Schwab Checking with the ATM card is all I need. They refund all ATM/transaction fees monthly and their exchange rate is excellent, better than any Mx bank where you could write a check. Note, not all ATMs give you the same exchange rate, some make 1-3% "commission" over the posted Foreign Exchange Rate. I find Banamex gives me the best rates at their ATMs. YMMV I have an investment account and they will also refund any ATM fees, but then there is the 1% conversion fee, which, as I stated above, I am trying to eliminate or find a less costly option. To be clear, are you saying that I will not be charged that 1% conversion fee if I go with Schwab. Link to comment Share on other sites More sharing options...
Yo1 Posted July 26, 2016 Report Share Posted July 26, 2016 Google Capital One and sign up for the 360 account. You can get savings and checking and they both pay pretty good interest (ok, not as good as the old, old days) You can make a bank to bank transfer from your current bank to open your account. There are NO, nada fees for anything. Link to comment Share on other sites More sharing options...
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