ATM vagaries

[mikeycanuk]

Not all cards do but I’ve used this card before like that. There used to be a amazon.ca card that I used for years until they withdrew it from the market.

there is a $200 fee for the world elite version of the MasterCard I have but I will get that back with spending. It gives 1% on top of the 1% for the free version for 2% up to $25,000 plus health insurance and more

 

[WetInPortland]

is there a max withdrawal limit per transaction?

I frequently see a prompt on the ATM that I can withdraw up to $8,600 pesos. I don't know if that's their limit or they are getting that from my bank/card. But there have been times when I've tried to withdraw something less than that and been told the transaction is to large for the ATM. Other times they go through.

 

[WetInPortland]

Where is that [CIBanco]? 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.

There are quite a few around. Most are small hole-in-the-wall outlets with an ATM attached. The one I've used is on 30th Ave near Calle 7, on the same block as Meridiano. There's also a larger one at 65th Ave & QRoo (Calle 11). Zoom in on Google maps far enough and they start populating.

 

[WetInPortland]

Hmph. The good news for anyone who is paying ATM fees is that CIBanco's fees appear to be the lowest (unless you find an ATM that charges nothing, like my couple of recent experiences with Santander, but that's hardly a sure thing). CIBanco charges $15 + 2.40 IVA. The exchange rate seems similar to Santander; today I got 19.10:1, the official rate is 19.24:1 and the current average is 18:99:1.

Unfortunately, the ATM on 30th near Meridano gave me two $50's, two $100's, one $200, and the rest in $500's. So I'm back to looking for at ATM that gives more small bills.

And a small nit - the screen at CIBanco is bad, and there's a lot of glare, so it's hard to read.

 

[DandyDon]

IVA

What's that? A flat rate extra or a percentage?

$15 + 2.40

If that's a flat $17.40 MXN charge, that's super!

The exchange rate seems similar to Santander; today I got 19.10:1, the official rate is 19.24:1 and the current average is 18:99:1.

Isn't the exchange rate set by your home bank, not the ATM?

 

[WetInPortland]

@DandyDon
IVA = impuesto al valor agregado; value added tax or what most Americans would call sales tax. It's a flat rate, so CIBanco's ATM total fee is a flat $17.40 pesos per withdrawal.

I suspect you're correct that the rate is set by the bank providing the funds. If I felt like I was being gouged I'd dig into it a little more.

 

[mikeycanuk]

Super! nothernone posted last year CIBanco has rather higher limits.

Peso LIMIT at ATM

And since I'm pre-loading a credit card to achieve a negative balance - I'm going to have to withdraw early before the negative balance becomes positive and I'm paying 20% to the bank the cash advance interest

and for piece of mind I'll reduce my cash advance limit back down to $500 once I've got pesos in hand.

 

[DandyDon]

The exchange rate seems similar to Santander; today I got 19.10:1, the official rate is 19.24:1 and the current average is 18:99:1.

Google is quoting 19.07:1 at the moment. WSJ the same. I think I got around 19.3 last August even after HCSB's $65 Peso fee, after I avoided the dynamic conversion booby trap. Whatever, $17 Peso fee is better than $65 Pesos, about $2.50 USD better.

the screen at CIBanco is bad, and there's a lot of glare, so it's hard to read.

Except I'd hate that.

 

[WetInPortland]

OK, I think I've figured out that it's one specific ATM. Why is anyone's guess.

Inside the ATM lobby of the Santander at Calle 3 & Ave 10, there is a bank of five ATMs. The two left-most are for deposits and payments. The three to the right are for withdrawals. It's the one in the middle of the five - the first one for withdrawals, from left to right - that has a different software configuration. If you look carefully at the welcome screen, there's a software version displayed, and this one is different. This is the one with no ATM fee, no offer of dynamic currency conversion, and that only dispenses $500 peso notes. The other two dispensing ATMs, as well as the Santander ATMs at Chedraui and Mega, are the "old" software with a $35 peso ATM fee, and they offer dynamic currency conversion (which can and almost always should be declined), and they dispense a good mix of denoninations.

There's a lot about how things work in Mexico that I don't understand, but this one-off ATM is especially puzzling.

 

[mediumone]

OK, I think I've figured out that it's one specific ATM. Why is anyone's guess.

Inside the ATM lobby of the Santander at Calle 3 & Ave 10, there is a bank of five ATMs. The two left-most are for deposits and payments. The three to the right are for withdrawals. It's the one in the middle of the five - the first one for withdrawals, from left to right - that has a different software configuration. If you look carefully at the welcome screen, there's a software version displayed, and this one is different. This is the one with no ATM fee, no offer of dynamic currency conversion, and that only dispenses $500 peso notes. The other two dispensing ATMs, as well as the Santander ATMs at Chedraui and Mega, are the "old" software with a $35 peso ATM fee, and they offer dynamic currency conversion (which can and almost always should be declined), and they dispense a good mix of denoninations.

There's a lot about how things work in Mexico that I don't understand, but this one-off ATM is especially puzzling.

Thanks for posting.
Probably worth $1.86 USD +/- to me to avoid changing that many $500 MXN notes, ($6,000 - $8,000 MXN).