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Have new USAA Bank account...can I transfer funds directly to my Bancomer account? How?


gringohombre
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21 minutes ago, oregontochapala said:

I have never heard of any app called Zelle.

I don't have enough money to raise any red flags, but you can set your daily withdrawal limit on the app which is good for a certain period of time.  Then, you are only limited by that and whatever limit the atm has. Also, they only refund the fees for 5 or 6 transactions.

I was on the phone with them today to answer some of my questions. Somewhere I had read that if I registered with them that I was travelling in a foreign country (and that could be for up to 2 years) they would waive the Foreign Transaction Fees for any ATM withdrawals. This proved to be untrue, although this fee is 1% as compared to the 3% that I was being charged by my California community bank. However if I could directly transfer US Dollars from USAA Bank to my Bancomer account in Pesos, life would be more simple besides a probable better conversion rate and avoiding ATM fees. Always trying to save a few pesos!!!

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I suspect the only way to accomplish what you want is wire transfer however USAA probably has an outgoing wire fee and Bancomer charges several hundred pesos for the incoming side. Brokerage firms often waive international wire fees making the transfer less costly. Multiva only charges $10US for an incoming wire making it pretty cost effective when paired with a brokerage firm. I’ve wired in $25,000 with no problems.

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6 hours ago, Michael Turner said:

https://transferwise.com

We have been using TransferWise every month for years.  Money from USA and Canada directly into our BBVA account.

Me too, except last week they limited the amount to 980 dollars and had a message that they are working to resolve the limit.

 

 

 

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The time it takes to receive your money through TransferWise decreases the longer you use their service.  In the beginning it took 2-3 days, then 1-2 days, then same day.  Now I receive the money in hours and lately in seconds.  You close their app after you made the transfer, go to BBVA and the money is already there.  Love their service.

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After playing around with Transferwise it seems to be cost effective only for small amounts. A $1000US transfer costs about $11 but if you raise the amount to $10,000 the fee jumps to $100US and $150 for $20,000. 

I can wire $20K or $50K for the same $10 Multiva fee from Ameritrade. No fee on that end. And the more you transfer this way the better rate you get. 

Am I missing something?

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17 hours ago, Michael Turner said:

The time it takes to receive your money through TransferWise decreases the longer you use their service.  In the beginning it took 2-3 days, then 1-2 days, then same day.  Now I receive the money in hours and lately in seconds.  You close their app after you made the transfer, go to BBVA and the money is already there.  Love their service.

Actually I have used them a dozen times or more and sometimes even recently they will send a message that it is taking longer for them to receive the funds from my bank ( no reason given ) and then the recent $980 limit, not sure what is going on.

 

 

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2 hours ago, John Shrall said:

After playing around with Transferwise it seems to be cost effective only for small amounts. A $1000US transfer costs about $11 but if you raise the amount to $10,000 the fee jumps to $100US and $150 for $20,000. 

I can wire $20K or $50K for the same $10 Multiva fee from Ameritrade. No fee on that end. And the more you transfer this way the better rate you get. 

Am I missing something?

What rate are you getting compared to www.XE.com ? 

Transferwise is usually at or higher 

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7 hours ago, John Shrall said:

After playing around with Transferwise it seems to be cost effective only for small amounts. A $1000US transfer costs about $11 but if you raise the amount to $10,000 the fee jumps to $100US and $150 for $20,000. 

I can wire $20K or $50K for the same $10 Multiva fee from Ameritrade. No fee on that end. And the more you transfer this way the better rate you get. 

Am I missing something?

So it looks like Transferwise charges 1%. That is not bad. USAA Bank charges a 1% Foreign Transaction Fee for ATM transactions (+the small ATM fee). This same $ amount would save a trip to the ATM (and hassle if they are out of money) and to Bancomer waiting in line to deposit the money. I was paying a 2.9% Foreign Transaction Fee to my California community bank where my SS was going before I switched to USAA Bank.  Transferwise looks like the best option to me!!!

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15 hours ago, AngusMactavish said:

Gosh, my USAA account does not charge a foreign transaction fee and reimburses me the fee charged by the ATM at the end of the month.

I think you should check your USAA statements more closely. This just off their website:

Foreign ATMs

When traveling outside the U.S., you can use your USAA ATM/debit card to get foreign currency from an ATM. The money you withdraw, plus 1% foreign transaction fee will post to your account in U.S. dollars. ATM fee refunds do not apply to other banks' usage fees in foreign countries. For more information, see the Service Fee Schedule.

USAA ATM/Debit Card Fees & Limits

ATM FEES

ATM Service Fee ………………………………………………………………………………………………….. First 10 transactions free, then $2 per withdrawal

ATM Surcharge Rebate ……………………………………………………………………………………………………………………….. Up to $15 per statement cycle

USAA Bank refunds up to $15 in other banks’ ATM usage fees for transactions at ATMs in the United States. This ATM fee refund does not apply for the month in which the account is closed. This ATM fee refund does not apply to USAA Cashback Rewards Checking.

ATM Fees (Foreign Transaction Fee) ………………………………………………………………………………………………..……… 1% of Transaction Amount

Applies to debit card or ATM transactions with a merchant or ATM in a foreign country, whether the transaction is originally made in US dollars or converted from foreign currency.

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12 minutes ago, AngusMactavish said:

Transactions

Transaction History
Date Description Category Amount Current Balance
Dec 28, 2020December 28 2020 Banco Santanderbanco Santajijic Cash -$407.79 $87.76
Dec 11, 2020December 11 2020 Banco Santanderbanco Santajijic Cash -$407.90 $495.55
Dec 07, 2020December 07 2020 ATM Surcharge Rebate Atm Fee +$1.50 $903.45

 

I check the exchange rate every withdrawal and it is correct. If they took out 1% it would be apparent. I also have a CapitalOne account and find the USAA gives me the same exchange rate (based on MasterCard) and rebates me the ATM charge like your quote says it won't.

 

 

I was not talking about the ATM charge...I am talking about the Foreign Transaction Fee: "The money you withdraw, plus 1% foreign transaction fee will post to your account in U.S. dollars". Are you going to believe me or your lying eyes??? Plus I had been on the phone with a rep there and she told me the same thing. When I questioned her she put me on hold and consulted her compatriots there and came back with the same answer: 1% fee and no way to get around it!!! 

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Angus there is a simple way to check. Is your  USAA debit a Visa? 

Enter date of transaction ...Transaction currency Mexican Peso ... Card currency US Dollar. Put in the amount you received in pesos Then and enter zero in the bank fee box and check your results against the amount on your statement.  If it matches you did not pay the 1 % fee. If it doesn't then enter the 1% in the bank fee box and see if it matches.  

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/

  December 28 $403.75  = $8000 mxp  Zero% foreign fee. 

  December 28  $407.79 = $8000 mxp with a 1% foreign fee 

 

 

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My card is a MasterCard branded debit card. I am also mathematically literate and have checked on the MC website and compared simultaneous net rates using CapitalOne and USAA cards in the same ATM. Thank you for your concern.

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14 minutes ago, AngusMactavish said:

My card is a MasterCard branded debit card. I am also mathematically literate and have checked on the MC website and compared simultaneous net rates using CapitalOne and USAA cards in the same ATM. Thank you for your concern.

Just admit that you were wrong and get on with it...If you are using an ATM with a USAA Bank debit card you are being charged a 1% Foreign Transaction Fee!!! 

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Foreign exchange fees are reported as separate line items on a checking or credit card statement. That’s by law. Surcharges on the other hand are not required to be disclosed. The only place a surcharge appears is on your ATM receipt.

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I have been using worldremit and Xoom for years from my U. S. accounts direct to my BBVA. I am in another country right now and Xoom works just fine. Now I have major commercial banks. I would think the transfer would work from any bank. $3.99 for each transaction plus they are upfront the make a little on exchange. Still good rates. I usually send a $1000.00 at a time. 

I hope this helps. Good luck. 

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1 hour ago, John Shrall said:

Foreign exchange fees are reported as separate line items on a checking or credit card statement. That’s by law. Surcharges on the other hand are not required to be disclosed. The only place a surcharge appears is on your ATM receipt.

I am not sure if you are agreeing with me or the "dissenter" but as I was told on the phone and as you see here on the official USAA Bank website. FOREIGN ATM's: "The money you withdraw, plus 1% foreign transaction fee will post to your account in U.S. dollars". 

Oh...Maybe there is an exception for the "dissenter". I have done my research and see that he is the great grandson to Angustus Mactavish the founder of USAA Bank early in the last century, so maybe he is one of the few with with this FAMILY EXCEPTION to any of this banks fees...Lucky guy!!!

Screenshot.png

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On 1/3/2021 at 7:29 PM, vetteforron said:

I use Zelle also but, just between my U. S. banks. Easy transfer and no charge. I did search Zelle and not all banks participating.Plus only in the U. S. 

Using Xoom and XE and not all banks qualify for use with this service.  Seems the major banks like BOA do work.

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