ATM vagaries

[DandyDon]

I bank with Chase and they charge me a flat rate $5 fee for each ATM withdrawal with a non-Chase ATM. So, I tend to take out a large amount up front at the beginning of the trip, so as not to incur this fee multiple times.
Exchange rate came out to: $1US = $18 Pesos

Ouch! 36 Peso fee at the ATM plus $5 fee at the bank plus a crappy exchange rate?! Or was it 18:1 after both fees? Did you fall for the Dynamic Conversion scam? More photos of the bank ATM scam

Last August, I knew to decline that scam after warnings here, so I calculated my net rate after fees was 19.27:1. WF offers to ship Pesos to my home in advance without a fee, but they use a crappy exchange rate, then charge for shipping.

Where is that Santander ATM exactly? I'd like to try it next trip, but google maps doesn't seem to know.

 

[Trailboss123]

Ouch! 36 Peso fee at the ATM plus $5 fee at the bank plus a crappy exchange rate?! Or was it 18:1 after both fees? Did you fall for the Dynamic Conversion scam? More photos of the bank ATM scam

Last August, I knew to decline that scam after warnings here, so I calculated my net rate after fees was 19.27:1. WF offers to ship Pesos to my home in advance without a fee, but they use a crappy exchange rate, then charge for shipping.

Where is that Santander ATM exactly? I'd like to try it next trip, but google maps doesn't seem to know.

SW Corner of 10th Ave and Calle 3

 

[DandyDon]

SW Corner of 10th Ave and Calle 3

Great. I suggested that addition on google maps to make it easier to find.

 

[WetInPortland]

Back to no fee, only dispensing $500 peso notes at Santander at 3rd St & 10th Ave today. No dynamic conversion offered. My exchange rate was 19:21:1. Dollar Today shows the official rates at 19.23:1 and the average at 19.07:1.

I may stop at a CIBanco ATM. They aren't as convenient for me, but the last time I withdrew there, the fee was 17 pesos and they only dispensed $200 peso notes.

 

[DandyDon]

No dynamic conversion offered.

Goood! That is a sneaky trick.

I may stop at a CIBanco ATM. They aren't as convenient for me, but the last time I withdrew there, the fee was 17 pesos and they only dispensed $200 peso notes.

Where is that? Google maps shows it across Melgar from Mega in Plaza Baracuda, but people screw those maps up at times. Let us know how that one works.

 

[mikeycanuk]

Thanks for the info, 10 days and counting.

is there a max withdrawal limit per transaction? Last year I bumped into my credit card limit, I upgraded the card recently and called today to discover my limit is much higher. I want to withdraw in one shot what I’ll need for 2 weeks

my bank up here charges 5% for non US$ foreign currency

 

[ChrisM]

Curious, I've never paid much attention to the rate, I withdrew 7,000 and 4,000 when we were there. Wells Fargo bank all in was 19.1. Oddly can't find a international transaction fee for the 4K. HSBC in mega so not sure what their peso charge is

 

[DandyDon]

Thanks for the info, 10 days and counting.

is there a max withdrawal limit per transaction? Last year I bumped into my credit card limit, I upgraded the card recently and called today to discover my limit is much higher. I want to withdraw in one shot what I’ll need for 2 weeks

my bank up here charges 5% for non US$ foreign currency

I use my debit card for Atm withdrawals, as my credit cards all charge extra for cash advances. I don't remember how much, but I am in the habit of thinking "never do that!" Whichever you choose to use, your card account will have its own daily limit, and the Atms limits will vary as well. My bank has a puny limit, but I'm not much of a spender so it's no biggie. I use my credit card at the hotel to secure my account there, but pay in Pesos to save on that bill. It's a cheap hotel I enjoy but they do charge 3% more on credit cards, plus my bank charges me 3% extra on my credit card use in Mexico but nothing on debit card withdrawals. I just go by the ATM on the block every day for more. I think all of these details vary with banks, and they can all add up.

Most restaurants and other businesses charge less for cash than credit cards usage, which is understandable, and I don't like exposing my credit card down there anyway. My dive op doesn't, and I think he's missing out there; we've discussed that, but he sees it as a cost of doing business - which must add up tremendously for him.

Who knows how much they will spend in two weeks anyway? It's okay to go home with some extra Pesos to use on first day of the next trip, but I don't want that to be excessive either.

You live in Canada, but your bank "charges 5% for non US$ foreign currency?" I don't understand, but I'd want to avoid that waste.

 

[mikeycanuk]

The banks up here essentially take 5% of the exchange rate for themselves. It’s not a fee per se but you are losing $50 per $1000 Canadian exchanged. I pay .075% on US currently as I exchange quite a lot for my biz using a private forex company.

I use a non-forex fee credit card that I overpay so my account is in negative balance. I withdraw against that balance early on in our trip. I did get hit with the dynamic forex rate last year so thanks for the tip. I do get 2% cash back on that card so it is actually cheaper to pay with the card when I can, obviously not everyone takes cc’ds but at Mega and Europa it’s the cheapest way to go.

I always like to go home with extra pesos for taxi fare and Diego’s next time

 

[DandyDon]

The banks up here essentially take 5% of the exchange rate for themselves. It’s not a fee per se but you are losing $50 per $1000 Canadian exchanged.

I'd call that a fee, and a significant one to be avoided.

I use a non-forex fee credit card that I overpay so my account is in negative balance. I withdraw against that balance early on in our trip.

I hadn't thought of that. I'll have to look into it with mine.

I do get 2% cash back on that card so it is actually cheaper to pay with the card when I can, obviously not everyone takes cc’ds but at Mega and Europa it’s the cheapest way to go.

Yeah, the main card I use is 2% cash back and my backup card that I use less i 1½% cash back so I use them around home. I worry that I am too conditioned to their use and my spending is overly tracked, but that's life these days. I end up carrying the same cash around for weeks. I had accumulated a significant coin collection of pocket change was delighted to run into Red Kettle bell ringers today where I unloaded.

Down there, the places I spend at usually charge less for Pesos so I try to go that way, as well as avoid credit card risks. I know the bank will refund any fraudulent charges I catch, but it's too easy to pad with charges I won't catch, and it's a pain to have my card replaced - so I only use credit cards with my dive Op, hotel (until I pay cash), Mega, and the airline.

I always like to go home with extra pesos for taxi fare and Diego’s next time

Yeah, some, but not a lot.