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Exchange rate at ATMs

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 I don't usually use the ATM at HSBC, but yesterday they were the one with money.  The offered exchange rate was 17.5, which I declined.  When looking at my online banking info, I was given 18.5.  ALWAYS decline the offered exchange rate by these thieving banks.

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3 hours ago, Yo1 said:

 I don't usually use the ATM at HSBC, but yesterday they were the one with money.  The offered exchange rate was 17.5, which I declined.  When looking at my online banking info, I was given 18.5.  ALWAYS decline the offered exchange rate by these thieving banks.

This has been discussed multiple times in recent months.

Good for you for reading and following the recommendations offered by board members.

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I was mainly interesting in posting the difference between the two exchange rates and what a huge difference it can make.

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10 hours ago, Yo1 said:

 I don't usually use the ATM at HSBC, but yesterday they were the one with money.  The offered exchange rate was 17.5, which I declined.  When looking at my online banking info, I was given 18.5.  ALWAYS decline the offered exchange rate by these thieving banks.

If you declined it, how was the transaction concluded? 

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After declining their low/bad rate, it just continues and gives one the better visa rate. 

 

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I saved 1000 pesos on one transaction.  Of course I had to pay a fee and some other dumb charge.  But I kept the thieving bank from making an extra 1000 pesos off me.  Imagine how much they make off people who don't know better.  Normally,  I frequent an ATM that doesn't have an offer of a crappy exchange rate first.

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30 minutes ago, gringohombre said:

How stupid is that?

Actually it is quite smart.... of the bank.  Many folks are not knowledgable of ATM rates nor usage and if this bank can get those folks to 'bite' on the lower rate, they make more money. If not, no harm no foul... they still make some money.

It appears from your original question that you do/did not know about it.... others don't for sure.

 

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Most banks will probably have that gimmick soon. HSBC was first and others have started to follow.

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I was asked that question for the first time at CIBANCO yesterday...

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1 hour ago, gringohombre said:

So, if you DECLINE, you can go ahead with the transaction at a better rate? Weird!!!

This has been discussed here for a year in ad nauseam....

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1 hour ago, Mostlylost said:

You go ahead at the rate sent by your card processor.  My guess is it will almost always be a better rate. 

I've check many times and the declined rate is always worse.

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16 hours ago, gringohombre said:

How many more banks/ATM's participate in this scam to extort expats? 

Maybe Mexico isn’t for you..  You might find somewhere like Russia more to your taste..  North America is part of the free world, business's can charge what they wish,  you don’t have to accept what they offer at the price they offer it at, it’s called freedom of choice. It’s not a scam or extortion,  It’s called free enterprise.... 

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Visa, Mastercard, etc set a daily exchange rate. That rate is what you get at any ATM, less any "alien" fee that ATM charges you. HSBC is unique in that they "offer" you an exchange rate markdown that you can decline and proceed with your withdrawal, less their "alien" ATM fee. 

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1 hour ago, TelsZ4 said:

Maybe Mexico isn’t for you..  You might find somewhere like Russia more to your taste..  North America is part of the free world, business's can charge what they wish,  you don’t have to accept what they offer at the price they offer it at, it’s called freedom of choice. It’s not a scam or extortion,  It’s called free enterprise.... 

Believe me, i am as capitalist and pro free trade as anyone here. When you deal with a bank you expect honesty and openness. This is surely not that.

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4 hours ago, gringohombre said:

So, if you DECLINE, you can go ahead with the transaction at a better rate? Weird!!!

A bit weird but it makes sense in a way. If you accept the crummy rate offered you can't dispute it.

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