Exchange rate, etc.

[divingjd]

That’s possible and would explain what happened, but that’s not how I remember it. Schwab covers the fees, so I don’t have any reason to decline the fees. I suppose I could have been really confused. After three or four different banks, I was frustrated enough to be really confused. I’ll have to watch out for it next time.

 

[DandyDon]

Schwab covers the fees, so I don’t have any reason to decline the fees.

I understand, but that happens on your Schwab account when they reimburse you for fees paid at the ATM.

I suppose I could have been really confused.

That happens to me dealing with instructions in Spanish, even if there are English instructions as well.

You could look at the transaction you did make after accepting and see what the final conversion rate was. That may or may not shed light on the confusion.

 

[gopbroek]

Schwab has been great, but I had issues with the ATM exchange rate gimmick in October. Every time I declined the offered rate, the ATM was unable to process the transaction. I tried every bank I could find - Santander, USBC, Scotia, and more I can’t remember now. Maybe I was doing something stupid, but I never figured out how to decline. I had to suck it up and accept the offered rate or go without cash. Any suggestions would be appreciated.

Earlier last year I had that happen to me several times at Santander, I refused the conversion rate (8% clip) and it would terminate the transaction. I quit using them and normally use Banamex and have not had any issues.
Since then I have boycotted Santander so I do not know if they cleaned up their act since.

 

[Dan G]

It sounds like you were declining when asked to accept the fee, as that will kill the transaction...

View attachment 763034

Declining the conversion rate is after that, which you should if the machine presents it...

View attachment 763035

This was one of the best pieces of travel advice I have ever learned on SB. I did not know I could decline the exchange rate offered by the ATM until reading about this a year or so ago. It works every time and you end up getting the "official rate" which is always better. Getting a Schwab account/ATM card was the other bit of advice that has made travel a easier and saves a bit of money, too.

 

[H2ODoc]

Well, I just learned something too about declining the exchange rate.

Going over receipts from our recent trip ATM withdrawls at the Mega:

CitiBanamex: $18.26 pesos per USD
Santander: $18.50 pesos per USD

Note that this also include my bank fee and ATM fees.

I think the exchange rate during our trip was about $19.60 pesos/USD. So, this lower exchange rate cost me about 7% ($7 per $100).

I think there are 3 or 4 ATMs at the Mega. Not sure how to tell the best deal without trying them all.

I think Blue Angel exchange rate was about $19.99 pesos/USD. The best of the trip!

 

[DandyDon]

I took some photos of the Conversion Scam a few years back: More photos of the bank ATM scam

 

[lionfish-eater]

Well, I just learned something too about declining the exchange rate.

Going over receipts from our recent trip ATM withdrawls at the Mega:

CitiBanamex: $18.26 pesos per USD
Santander: $18.50 pesos per USD

Note that this also include my bank fee and ATM fees.

I think the exchange rate during our trip was about $19.60 pesos/USD. So, this lower exchange rate cost me about 7% ($7 per $100).

I think there are 3 or 4 ATMs at the Mega. Not sure how to tell the best deal without trying them all.

I think Blue Angel exchange rate was about $19.99 pesos/USD. The best of the trip!

Try CI Banco , higher withdrawal limit and lower fee last time I used them.

 

[ChuckP]

Well, I just learned something too about declining the exchange rate.

Going over receipts from our recent trip ATM withdrawls at the Mega:

CitiBanamex: $18.26 pesos per USD
Santander: $18.50 pesos per USD

Note that this also include my bank fee and ATM fees.

I think the exchange rate during our trip was about $19.60 pesos/USD. So, this lower exchange rate cost me about 7% ($7 per $100).

I think there are 3 or 4 ATMs at the Mega. Not sure how to tell the best deal without trying them all.

I think Blue Angel exchange rate was about $19.99 pesos/USD. The best of the trip!

The best cash exchange rates - like buying pesos at Azteca Bank has not been 19 in the last few months. I had some wire transfers that came in at 19.60-80 but those are true at the moment exchange rates.

Use the CIBanco ATM on 65 and 11 - they will have better rates than anyone else.

The Blue Angel rate - they were not giving you 19.99 pesos in exchange for a dollar bill I would bet. They were doing the opposite, it was costing you 19.99 pesos to buy a dollar - two very different things..... They charge your CC in dollars but they did the conversion and they win in the end, not really win but it is to their advantage.......

 

[gopbroek]

Note that this also include my bank fee and ATM fees

Here is a good article on US bank fees.

Foreign ATM Fee Comparison at Top U.S. Banks | MyBankTracker

Need to get cash at an foreign ATM while being abroad? Compare the foreign ATM fee and foreign transaction fees at the top 10 banks in America.

www.mybanktracker.com

Here is another one on US brokerage checking accounts.

Brokerage Checking Accounts: Pros And Cons | Bankrate

Some online brokerages offer free checking accounts that come with free checks, mobile banking, online bill pay or unlimited ATM access with fee reimbursement. Here are some pros and cons to consider before opening a brokerage checking account.

www.bankrate.com