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Exchange rate when using ATMs


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On 7/15/2021 at 3:29 AM, gringohombre said:

Wow...learn something every day. I always click ACCEPT the conversion rate since I thought that this was just confirming it with them and if I declined the transaction would be also.

Once you click accept you cannot dispute the rate. The accept rate is always worse for me.

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On 7/17/2021 at 8:27 PM, gringohombre said:

Sn. Bowie, I bow down to your superior intelligence and knowledge of everything...TAKE A HIKE!!!

Quite a while ago I discovered how to create currency transfers from my US bank to my Mexican bank, so I rarely use ATM's and this notice was new with the one that I occasionally use. This board was created for mutual information sharing...not people like you trying to boost your ego!!!

Boys ; Boys : --HA

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  • 2 weeks later...

I won't go to any ATMs that want to play that game. 

I did go to 2 ATMs today to compare rates.  I used a Chas. Schwab Visa debit card.  The Visa site shows the MX exchange rate for today as 19.852.  Chas. Schwab will reimburse the ATM fees charged by the MXN banks (69.60p at Intercam; 174p at BBVA) so I calculated the rate without those charges.  

At both ATMs the exchange rate was exactly the same, to 3 decimal points.  19.798

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21 minutes ago, Bisbee Gal said:

I won't go to any ATMs that want to play that game. 

I did go to 2 ATMs today to compare rates.  I used a Chas. Schwab Visa debit card.  The Visa site shows the MX exchange rate for today as 19.852.  Chas. Schwab will reimburse the ATM fees charged by the MXN banks (69.60p at Intercam; 174p at BBVA) so I calculated the rate without those charges.  

At both ATMs the exchange rate was exactly the same, to 3 decimal points.  19.798

That rate is calculated by the exchange that either Visa or Mastercard owns that actually process the international transactions so it should be the same at any ATM as long as you don't accept dynamic exchange .

You can always check before you go. 

https://www.mastercard.us/en-us/personal/get-support/convert-currency.html

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

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39 minutes ago, AndyPanda said:

Are there ATMs around here that don't try to use the rate scam?

The two I used today.  One is the Intercam machine at LCS (you do not need to be a member to access).  The other is the BBVA-Bancomer in Ajijic across from Plaza, catty-corner from Police/Delegacion building.  

And while I haven't used them for a few months, neither the Intercam ATM in Ajijic next to OXXO, nor the Multiva ATM in Ajijic (mountain side carretera next to Calle Javier Mina) have ever run that scam.  

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4 hours ago, Bisbee Gal said:

I won't go to any ATMs that want to play that game. 

I did go to 2 ATMs today to compare rates.  I used a Chas. Schwab Visa debit card.  The Visa site shows the MX exchange rate for today as 19.852.  Chas. Schwab will reimburse the ATM fees charged by the MXN banks (69.60p at Intercam; 174p at BBVA) so I calculated the rate without those charges.  

At both ATMs the exchange rate was exactly the same, to 3 decimal points.  19.798

Something is wrong with that rate you got. I ALWAYS get the same rate as either Visa or MC, EVERY time I withdraw from an ATM, no matter which one I use. Either you miscalculated, or the atm charged you more than they should have. You should have gotten 19.852, if that was today's Visa rate.  Might want to check that out. (Remember, to check the rate, you take the total amount of pesos you received + the peso charge, and divide that by the dollar charge to your Schwab account. That should ALWAYS give you the exact daily Visa rate.

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11 minutes ago, Bisbee Gal said:

Here's exchange rate....I always put in 0 bank fee rate--is that correct??

 

visa rate.png

Today's exchange rate is 19.798, NOT 19.852, so when you do your calculation, you get that. All good there. The bank did not mistreat you. I believe the problem was that when you computed the Visa Exchange rate from the Visa Currency Converter, you got yesterdays rate, because you probably did it in the morning BEFORE they changed to today. Actually, if you had gone to the banks earlier (before they changed to today's rate) you would then have received the 19.852. All ok. Thanks for sharing and Buena Suerte ! :D

 

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Bisbee Gal... You are correct. I believe that Chase has a zero % foreign transaction fee.  The rate you are posting is yesterdays., but close enough. 

However there will always be a very slight  difference between the rate quoted by the Visa website and the division of Visa that processes the foreign transaction 

One question.... Does Chase reimburse the very high Commission BBVA is charging?  I just paid 74.24 with IVA at HSBC but I did have the extra step of Decline. 

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7 minutes ago, Mostlylost said:

Bisbee Gal... You are correct. I believe that Chase has a zero % foreign transaction fee.  The rate you are posting is yesterdays., but close enough. 

However there will always be a very slight  difference between the rate quoted by the Visa website and the division of Visa that processes the foreign transaction 

One question.... Does Chase reimburse the very high Commission BBVA is charging?  I just paid 74.24 with IVA at HSBC but I did have the extra step of Decline. 

It's Charles Schwab  and yes they credit all ATM fees at end of month.  

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  • 1 month later...

Not looking to resurrect an old thread but thought I would add some Canadian content for those searching.

The way we are setup there are no fees for any transactions whether ATM, Debit, or CC purchases.

The credit cards we have are Home Trust Visa, and MBNA World Elite Mastercard. Neither charge foreign transaction fees and the exchange is always inline with xe.com. The Home Trust Visa is a no-fees card. The MBNA card is $150/year but has a 1.8% cash back, which more than pays for the card. I believe these terms may be changing in the near future. We do not use credit cards for cash withdrawals.

We have a no fees Tangerine bank account. This is Scotia's online only affiliate. They are partnered with Bank of America in the USA and Scotia here in Mexico. If we decline all offers that popup on the screen we get the same exchange rate that is posted at xe.com and no transaction fees show up on our statements. Yes, Bank of America runs the same scam as the machines here in Mexico. 

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2Expats,

As per your previous inquiry about a mex bank account; another benefit I've found is when the exchange rate is favorable, I transfer a swack of cash from NOB to the Mexican bank. Then withdraw from there. I have a few staggered expiry date CEDES, for the excess that I will not need for a while. 

When covid first started to be a concern in the spring of 2020, the Peso was quite low. I believe the USD got close to 25 to one.

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15 minutes ago, Whipstock said:

2Expats,

As per your previous inquiry about a mex bank account; another benefit I've found is when the exchange rate is favorable, I transfer a swack of cash from NOB to the Mexican bank. Then withdraw from there. I have a few staggered expiry date CEDES, for the excess that I will not need for a while. 

When covid first started to be a concern in the spring of 2020, the Peso was quite low. I believe the USD got close to 25 to one.

I do the same. Follow the rate on XE and pounce when it's good,after all, this is where we live and spend our money and it's pesos. I'm hoping that after the 20th my canbuck starts rising again. Right now it's in the tank.

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3 hours ago, happyjillin said:

I do the same. Follow the rate on XE and pounce when it's good,after all, this is where we live and spend our money and it's pesos. I'm hoping that after the 20th my canbuck starts rising again. Right now it's in the tank.

What rate do you aim for?

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On 9/11/2021 at 8:59 PM, 2Expats said:

Not looking to resurrect an old thread but thought I would add some Canadian content for those searching.

If you have a  Scotiabank account in Canada, as long as you keep the minimum amount required in the account, you can use any Scotiabank ATM worldwide without any fees.

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