ATM Exchange Rate

[ggunn]

ETA: It's sucks that the banking industry is allowed to partake in this kind of unethical and predatory nonsense, no matter the country and without conscious.

It's the Golden Rule. Them with the gold writes the rules.

 

[dflaher]

It's the Golden Rule. Them with the gold writes the rules.

Yep. The financial "services" industry is all too adept at transferring your wealth to theirs.
Thanks to all who contributed to this thread - I will be much more aware when in Coz in a few weeks.

 

[DandyDon]

Then you should have been able to Decline that rate, then proceed with the right rate. But it kicked your card back when you Declined, or did you bail?

Declined and it spitted out the card. This morning I walked up to the HSBC bank bank off the square. Again it offered the Cambio rate of 18.3 / dollar and I declined it but it did spit out the 6K MXN. The ATM charge at HSBC is 63.80 MXN but Schwab refunds that. Checked my Schwab account and they exchanged it @ 19.27 MXN to the dollar.

Downside was it was all 500's but I can live with that.

Please update the status of other Banks in anyone has recent knowledge.

Odd. I thought Declining the bad conversion would simply allow the good rate like you experienced at the HSBC bank bank off the square. I hope that one stays like that as it's convenient to my little hotel down the street. Yeah, the 500 Peso bills are a pain to use at times even tho that's only about $25+ USD, depending on exchange rates.

 

[BRT]

Don't know if anybody else found this but here it is. Using an ATM in a Foreign Country? How to Avoid Paying Too Much for the Local Currency

 

[yle]

If this helps the discussion a bit, on Monday I was in Coz and withdrew 5000 pesos from the Scotiabank ATM in the Mega. I used my BofA account, which reportedly cut out most fees because of the agreement between the two banks.

The first screen, offering to make the "conversion" for me, displayed a price of $280. I declined and the ATM processed the transaction the regular way. The cost was $254 (which I only found out after accessing my account information later.)

So it seems that accepting the first offer results in a premium of about 10%.

 

[dflaher]

So it seems that accepting the first offer results in a premium of about 10%.

Nice work if you can get it!

 

[lionfish-eater]

And the working hours aren't bad either.

 

[DandyDon]

And the working hours aren't bad either.

24/7 is job security.

My usual fear is that I'll forget to tell my bank that I'm going to use my debit card in Mexico and the machine will eat it on the first try. I think I have done that twice. I'm going tomorrow if I ever get packed, and I called my bank twice this to be sure. Now to be careful to not lose it, as well as decline the conversion.

 

[cvchief]

I wonder which let you decline and which don't? I have heard a lot are just canceling the transaction if you don't accept.

 

[dflaher]

HSBC definitely lets you decline, both at its Mega and square locations. That would suck if banks began requiring acceptance.