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ATM Fees Going UP


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In my personal experience HSBC is now adding a 5.5% surcharge - I have stopped using these ATM's.  I do also know that this bank's charges can vary.  Perhaps the above poster is not being charged the surcharge.

CIBanco, near the movie house in Plaza Laguna, is currently the cheapest ATM around but because of that, often out of money.

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2 hours ago, Mostlylost said:

The exchange rate is the same at any ATM. The rates are set by Visa or Mastercard.  You can check the Visa, or Mastercard website for the  worldwide exchange rates daily

I too used HSBC recently with no surcharge..

I am not to sure of this. It would appear the banks may or may not choose to use the Mastercard or Visa rates.

 

Bank of America on their site says they set the exchange rate.

"Answers

  • Hide How does Bank of America determine foreign exchange rates and why might I see different rates online or in the newspaper?

    The consumer exchange rate that Bank of America N.A. (Bank of America) offers you is determined by Bank of America and is based upon such factors as we determine relevant, including without limitation, market conditions, exchange rates charged by other parties, our desired rate of return, market risk, credit risk and other market, economic and business factors. When you order foreign currency online or at one of our financial centers, the exchange rate we offer is, in effect, a rate quotation. You may accept or decline our rate quotation. If you accept our rate quotation and we have not canceled your order, you have entered into a final and binding transaction at the rate you accepted. Exchange rates shown in the newspaper and on some currency conversion sites are generally inter-bank rates available only to banks for transactions in an amount of $1 million U.S. dollars or more effected during regular business hours. These rates are not generally available to consumers obtaining foreign currency for international travel and likely will be different from exchange rates offered by Bank of America. Exchange rates offered by other dealers or shown at other sources (including online sources) may be different from Bank of America's exchange rates.Footnote1  The exchange rate you are offered may be different from, and likely inferior to, the rate paid by us to acquire the underlying currency."

    And from Mastercard:

    "Please Note: The foreign exchange rate and the converted FX amount are indicative only and inclusive of the bank fee you entered. Your bank may or may not use Mastercard foreign exchange rates to bill you and may impose additional fees in connection with foreign currency transactions. Foreign exchange rates are specific to the date and time Mastercard processes the transaction which may be different from the transaction date. If your transaction is converted by the merchant or ATM operator, Mastercard foreign exchange rates will not apply. This will usually occur when you select to pay in your card's currency as opposed to the currency of the merchant or ATM. "

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11 hours ago, Mostlylost said:

The exchange rate is the same at any ATM. The rates are set by Visa or Mastercard.  You can check the Visa, or Mastercard website for the  worldwide exchange rates daily

I too used HSBC recently with no surcharge..

According to management at BBVA that is incorrect. They told me that the rate they give at their ATM is lower than others and that not all banks give the same rate.

After reading this same statement here, I inquired because I always check the rate I get when I get home and it has always seemed that BBVA is lower than HSBC.

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48 minutes ago, tomgates said:

The 5.5% markup at HSBC is new. Schwab will rebate the $68p ATM fee but not the markup. That markup effectively makes the 19.1 exchange rate more like 18.2.

When asked whether or not you accept the markup, press "decline". I've been doing that for around 2 months and I'm NEVER charged the 5.5% markup.

 

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1 hour ago, tomgates said:

The 5.5% markup at HSBC is new. Schwab will rebate the $68p ATM fee but not the markup. That markup effectively makes the 19.1 exchange rate more like 18.2.

Are you accepting or declining the suggested rate at HSBC? You have to decline it or you get the surcharge.

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16 hours ago, artsnob said:

CIBanco fills their atm machine Monday and Thursday mornings so I can get 9,000 pesos in those afternoon. Only 17 pesos 

CI bank fills their ATM machine M-F at about 1pm when the armored truck gets there.  Sometimes it can take an hour for the bank employees to get around to filling the machine; the  armored truck guys don't do it at CI.  Money usually available at 2pm or after.  BTW--CI many times refuses to give change at the counter to non-CI users of their ATM.  The Mexican law states that they MUST give change for 1000 pesos to anyone who walks through the door.

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45 minutes ago, FlyFree said:

Where on the HSBC ATM screen is the decline button located? 

A message appears after you enter how much you want to withdraw.  It is on the bottom of the screen.  The right side is Yes, I accept.  The left side is. No, I decline.  Choose the left side for no surcharge.   You will then receive your withdrawal.   

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1 hour ago, Lily H said:

Lower left.

 

33 minutes ago, ibarra said:

A message appears after you enter how much you want to withdraw.  It is on the bottom of the screen.  The right side is Yes, I accept.  The left side is. No, I decline.  Choose the left side for no surcharge.   You will then receive your withdrawal.   

Thank you both, Lily H and Ibarra. 

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What this thread confuses is a bank fee for the transaction with the dynamic currency conversion (DCC), which can be up to 12%, and is becoming much more prevalent here than even three or four months ago. The bank in which the ATM is housed isn't getting this additional fee, nor is your bank, and in most cases you lose significantly as well. It is up to the cardholder to know whether the current economic environment favors letting your card-issuing bank set your currency conversion rate, or you want that done by a third party. If you want to accept your bank's set rate (usually, but not always, more favorable than the DCC) press the Decline Conversion button at the bottom left of the screen.

How to figure this out? Check the conversion rate of your card before you go to the ATM, do the math on your withdrawal, and compare that to the conversion offered on the ATM screen. Accept or decline as is favorable to you.

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13 minutes ago, bmh said:

Lily , yesterday I had 2 transaction of 7000 at HSBC one I accepted the rate of exchange and the other I did not, it came to exactly the same amount at the end.

There's nothing you can do about the exchange rate. 

It's the surcharge you can choose to decline.

Also, withdraw more in one transaction if your bank doesn't reimburse the fees at the end of the month.

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