ATM Exchange Rate

[NDL_Diver]

A while back I read that the ATMs no longer gave current exchange rate. I remember reading it would ask you would you accept a lower exchange rate. If you said yes you would get a lower rate, if you said no you would get a higher rate.

Is that true?

Is all ATMs that way now?

What about airport ATMs?

Al

 

[horn34]

I was there 3 weeks ago and didn't see any evidence of this at any Banamex ATM I used. I think someone was reporting Santander did this, but I didn't hit one up this trip.

 

[gopbroek]

That is goofy, a legitimate ATM (Bank branded) should charge a service fee ($30 -60 MXN typical) for the transaction. They are then on the hook to remit the funds to the ATM operator, the rate or fees over the actual bank exchange rate is on them. The money is coming from your bank, the exchange rate your home bank charges you is set by them.

 

[Harro10]

There was a discussion on Tripadvisor about this awhile ago. Here is a link (if it works).

Be Mindful of ATM Withdrawls - Cozumel Forum - TripAdvisor

 

[WetInPortland]

I usually withdraw from Santander ATMs, as their fees are relatively low and they give a good variety of denominations. Recently an extra screen appeared asking if I wanted to do a currency conversion to dollars. As far as I'm concerned, this is a scam. They convert the pesos requested to a USD amount at a less favorable exchange rate. The screen doesn't make it clear, but you can (and should!) decline the option and the transaction will be processed the old way at the inter-bank exchange rate.

 

[gopbroek]

There was a discussion on Tripadvisor about this awhile ago. Here is a link (if it works).

Be Mindful of ATM Withdrawls - Cozumel Forum - TripAdvisor

Thank you Harry, it sounds like an workaround scam by the local banks / ATM operators. As best as I can tell if you decline the 'BS lowball exchange rate' they have to follow standard banking ATM charge rates and leave you to your home banking exchange rates.

 

[Sallygirl]

Good information! It is never good to be surprised by these things, I am not always good at reacting to unexpected situations.

 

[deepsea21]

So I guess the next time I'm at the Mega I'll try one bank ATM after the next until I find one that lets me decline this lower Mexican Bank offered exchange rate. The US bank that has issued me my debit and credit cards controls the exchange rate so if I agree to a lower exchange rate the Mexican bank offers me it seems to me the Mexican bank pockets the difference between what they receive from my US bank at its exchange rate and what I agreed to at this lower bogus exchange rate.

 

[ggunn]

So I guess the next time I'm at the Mega I'll try one bank ATM after the next until I find one that lets me decline this lower Mexican Bank offered exchange rate. The US bank that has issued me my debit and credit cards controls the exchange rate so if I agree to a lower exchange rate the Mexican bank offers me it seems to me the Mexican bank pockets the difference between what they receive from my US bank at its exchange rate and what I agreed to at this lower bogus exchange rate.

I have been using the ATM's in the Palacio Municipale across the street from the Palace for many years, as recently as this past May, and I have never seen what you guys are talking about.

 

[DandyDon]

I am so glad to read about this. I am so intimidated by ATMs in Spanish that I tend to try to take the easiest way to get thru the transactions and would have fell for it. On TA, one poster referred to it as Dynamic currency conversion - Wikipedia.

A poster on FB's CozumelMyCozumel posted photos of the machine screen asking her to accept 18 Peso to the USD plus their 34.80 Peso fee. She also referred to the as DCC. So the warning is to not hit the Accept button. I can't make out what the other red button says, but I suppose that's the reject button so you get 19 Peso per buck instead.