777 Posted August 12, 2020 Report Share Posted August 12, 2020 There is a new question on the ATM machine at CI Banco. At the end it asks you to accept this additional (?) rate or reject it. What does this mean? How does this choice affect the exchange rate you receive? Thanks! Quote Link to comment Share on other sites More sharing options...
cedros Posted August 12, 2020 Report Share Posted August 12, 2020 Best to reject. They are tryng to get you to accept a worse exchange rate. 3 Quote Link to comment Share on other sites More sharing options...
sm1mex Posted August 12, 2020 Report Share Posted August 12, 2020 They offer a lower exchange rate. DECLINE it. Yesterday they offered an exchange rate of about 20 and I declined it and my bank gave me 22.3. It’s save me $25 of what they were offering at the exchange rate. 1 Quote Link to comment Share on other sites More sharing options...
Mostlylost Posted August 12, 2020 Report Share Posted August 12, 2020 If you click accept you are choosing the bank's own rate. If you click do not accept you will get the exchange rate of your card processor which will be better. Several of the different banks here are adding this option to their ATMs in the hopes of making a profit on the exchange. Quote Link to comment Share on other sites More sharing options...
jrod Posted August 12, 2020 Report Share Posted August 12, 2020 The Dynamic currency conversion (DCC) or cardholder preferred currency (CPC) is a process whereby the amount of a Visa or MasterCard transaction is converted by a merchant or ATM to the currency of the payment card's country of issue at the point of sale. It is totally legal and, in some financial situations or currencies, it could be favorable. To us, here and now, it is not. It's been worldwide for years; in Mexico in several ATMS for the last two or more. In this financial market, it is best to decline the DCC rate. The button to do so is on the very bottom, on the opposite side of the ATM screen (left) from the buttons you push to make your typical cash withdrawal. Sometimes these are marked; at other times, they are not, so you have to know where to push to decline. FYI, the difference, right now, is significant. 1 Quote Link to comment Share on other sites More sharing options...
tomgates Posted August 12, 2020 Report Share Posted August 12, 2020 Is CI Banco still the cheapest fee, at a little above $18p? Quote Link to comment Share on other sites More sharing options...
Shag Posted August 12, 2020 Report Share Posted August 12, 2020 I discovered something interesting. We had always gone to CiBanco because of the low fee. But one day we went and got 10,000 pesos. My bank statement showed $475 U.S. taken out. the next day i had to go back and get the same amount. They were out of money so i went to Banorte in Chapala which has a 40 pesos fee. I got 10,000 pesos but my bank only took out $450. It was a difference of $25 US. It was only the next day and the rate was the same. I have since experimented with both ATM's and have found the same result. So as a result I now go to Banorte. Has anyone else seen this? I know some banks charge "cross border fees and other fees" and some do not. Quote Link to comment Share on other sites More sharing options...
Mostlylost Posted August 12, 2020 Report Share Posted August 12, 2020 The conversion rate is not determined by the bank unless you accept the bank's rate if asked. The conversion rate is determined by the company that processes the transaction for your Visa or Mastercard. Look on your card and there might be a name of the networks your card uses. The ATM will have a network that matches (sometimes posted on the ATM) At the top of the "pyramid" are national networks Plus (Visa) and Cirrus (MasterCard). At the next level there are networks such as NYCE, Jeanie, Star (East and West), Mac, Quest, Pulse and others. The ATM you use has no way of changing the network's rate unless they offer an option to use the dynamic rate and you accept it. You could go to Banorte, HSBC, Bancomer, CI Banco or anywhere and it is the same rate on the same day. You can get a very good estimate before you go at the Visa or Mastercard websites https://www.mastercard.us/en-us/personal/get-support/convert-currency.html https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/ 3 Quote Link to comment Share on other sites More sharing options...
cedros Posted August 12, 2020 Report Share Posted August 12, 2020 On 8/12/2020 at 10:21 AM, tomgates said: Is CI Banco still the cheapest fee, at a little above $18p? No. I pay nothing at HSBC and some pay nothing at Intercam. Some who have a Schwab account get refunds on any fee they are charged at any bank. swab Quote Link to comment Share on other sites More sharing options...
cedros Posted August 13, 2020 Report Share Posted August 13, 2020 7 hours ago, Mostlylost said: The conversion rate is not determined by the bank unless you accept the bank's rate if asked. The conversion rate is determined by the company that processes the transaction for your Visa or Mastercard. Look on your card and there might be a name of the networks your card uses. The ATM will have a network that matches (sometimes posted on the ATM) At the top of the "pyramid" are national networks Plus (Visa) and Cirrus (MasterCard). At the next level there are networks such as NYCE, Jeanie, Star (East and West), Mac, Quest, Pulse and others. The ATM you use has no way of changing the network's rate unless they offer an option to use the dynamic rate and you accept it. You could go to Banorte, HSBC, Bancomer, CI Banco or anywhere and it is the same rate on the same day. You can get a very good estimate before you go at the Visa or Mastercard websites https://www.mastercard.us/en-us/personal/get-support/convert-currency.html https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/ Good to know. Quote Link to comment Share on other sites More sharing options...
Jim Bowie Posted August 14, 2020 Report Share Posted August 14, 2020 On 8/12/2020 at 12:30 PM, Shag said: I discovered something interesting. We had always gone to CiBanco because of the low fee. But one day we went and got 10,000 pesos. My bank statement showed $475 U.S. taken out. the next day i had to go back and get the same amount. They were out of money so i went to Banorte in Chapala which has a 40 pesos fee. I got 10,000 pesos but my bank only took out $450. It was a difference of $25 US. It was only the next day and the rate was the same. I have since experimented with both ATM's and have found the same result. So as a result I now go to Banorte. Has anyone else seen this? I know some banks charge "cross border fees and other fees" and some do not. Looks like you accepted their rate. Don't do that. Quote Link to comment Share on other sites More sharing options...
artsnob Posted August 14, 2020 Report Share Posted August 14, 2020 I have a question about Multiva ATM s can you take 10,000 pesos in one transaction or do you have to do two 5,000. I have been using CI Banco and get 9,000 in one. But lately there machines were not working and I can walk to Multiva ... Quote Link to comment Share on other sites More sharing options...
Mainecoons Posted August 14, 2020 Report Share Posted August 14, 2020 11 minutes ago, artsnob said: I have a question about Multiva ATM s can you take 10,000 pesos in one transaction or do you have to do two 5,000. I have been using CI Banco and get 9,000 in one. But lately there machines were not working and I can walk to Multiva ... Yeah, that is the problem I'm finding. CI Banco ATM doesn't seem to be working much at all these days. Quote Link to comment Share on other sites More sharing options...
John Shrall Posted August 14, 2020 Report Share Posted August 14, 2020 It is or at least was possible to withdraw $20,000 pesos from the ATMs at Multiva. However past performance is no guarantee of future results. On the other hand, BBVA always has a fairly low transaction limit. Even with a BBVA card the limit is $8,000 pesos. The Banamex ATM that used to be in the Farmacia Guadalajara always had a $10,000 peso transaction limit. Cash transaction limits can fluctuate based on unknown internal rules. At times I think that when the cannisters get low on cash, the ATM starts reducing the transaction limit allowing more people to get cash before the machine is empty. The absolute limit is based on physical characteristics of the dispensing device. New bills are more compact than old ones. When the throat opens to dispense cash it can only load so many before the machine jams. $20,000 pesos is 40 bills which can be a pretty sizable stack when loaded with well worn bills. Quote Link to comment Share on other sites More sharing options...
#HarryB Posted August 14, 2020 Report Share Posted August 14, 2020 I've been a very satisfied Multiva customer for many years. They recently went from 5000 to 8000 pesos per day from the ATM. If you are importing from a foreign bank/converting currency I have no idea if there is any difference. Quote Link to comment Share on other sites More sharing options...
John Shrall Posted August 14, 2020 Report Share Posted August 14, 2020 22 minutes ago, #HarryB said: I've been a very satisfied Multiva customer for many years. They recently went from 5000 to 8000 pesos per day from the ATM. If you are importing from a foreign bank/converting currency I have no idea if there is any difference. All ATM cards have their own rules no matter where the authorizing bank is located. In the case of Multiva and BBVA, the $8,000 limit is daily, not transaction. If your US bank imposed a $500 per day limit you could only get about $11,000 pesos from an ATM even though it was capable of dispensing more on a single transaction Quote Link to comment Share on other sites More sharing options...
Curmudgeon Posted August 14, 2020 Report Share Posted August 14, 2020 27 minutes ago, #HarryB said: I've been a very satisfied Multiva customer for many years. They recently went from 5000 to 8000 pesos per day from the ATM. If you are importing from a foreign bank/converting currency I have no idea if there is any difference. I regularly get $20,000 pesos from the Multiva ATMs. This makes the transaction fee negligible. I find it's the cheapest/easiest way to move cash from my US account to my Intercam account. Get the cash at the Multiva ATM, the walk down the street and deposit it at Intercam. Quote Link to comment Share on other sites More sharing options...
artsnob Posted August 14, 2020 Report Share Posted August 14, 2020 I checked with the money delivery guy at Multiva and he told me you can only take one transaction a day fo 8,000 limit, and th girl inside confirmed that is correct what is the daily limit at Banamex ATM Quote Link to comment Share on other sites More sharing options...
Mainecoons Posted August 14, 2020 Report Share Posted August 14, 2020 I got 20,000 out of CI Banco this morning. They had just refilled the machine. Quote Link to comment Share on other sites More sharing options...
Shag Posted August 15, 2020 Report Share Posted August 15, 2020 20 hours ago, Jim Bowie said: Looks like you accepted their rate. Don't do that. I knew to never accept the rate and did not....but thanks for the advice 1 Quote Link to comment Share on other sites More sharing options...
Curmudgeon Posted August 15, 2020 Report Share Posted August 15, 2020 20 hours ago, artsnob said: I checked with the money delivery guy at Multiva and he told me you can only take one transaction a day fo 8,000 limit, and th girl inside confirmed that is correct what is the daily limit at Banamex ATM Well all I can say is that I regularly get 20,000 from Multiva ATMs Quote Link to comment Share on other sites More sharing options...
Curmudgeon Posted August 15, 2020 Report Share Posted August 15, 2020 22 hours ago, Upfront said: any deposit over 10000 peso is now subject to new scrutiny is that not correct No longer correct... Quote Link to comment Share on other sites More sharing options...
#HarryB Posted August 15, 2020 Report Share Posted August 15, 2020 You are doing a currency conversion transaction which appears to be different from a straight withdrawal ($8000). which carries no fee for Multiva customers. Quote Link to comment Share on other sites More sharing options...
InChapala1 Posted August 15, 2020 Report Share Posted August 15, 2020 19 hours ago, Mainecoons said: I got 20,000 out of CI Banco this morning. They had just refilled the machine. Was it one transaction or two? I thought the limit at CI Banco at Laguna mall was 10,000 pesos. Quote Link to comment Share on other sites More sharing options...
John Shrall Posted August 15, 2020 Report Share Posted August 15, 2020 When the CI Banco ATM is working properly it can dispense at least $20,000 pesos, possibly $22,000 in a single transaction. If most withdrawals are for that amount, it doesn't take too long to empty the canisters. Quote Link to comment Share on other sites More sharing options...
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