Exchange rate?
- Thread starter bryanmc57
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JamesBon92007
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That's good to know. There is a HSBC (I'm pretty sure) right next to where we will be staying so I was going to check it out but now I guess I won't. We stayed there before and it seemed to have a steady flow of customer so perhaps it's more practical for locals or members or something. In any case it's a good landmark when telling the taxi driver where to go.
mediumone
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Just ran across some old ATM receipts.
In 2016 and earlier, Scotiabank charged ~ $25.00 commission for my usual $5,000 - $7,000 withdrawal. These withdrawals were in Playa and Tulum. In 2017 their commission was $86.20 on a $4,000 withdrawal on the island.
In 2015 HSBC Charged $28.75 on a $3,000 withdrawal, (on the island), and they must have increased their commissions after that, as that appears to be the last time that I used them.
In 2016 and earlier, Scotiabank charged ~ $25.00 commission for my usual $5,000 - $7,000 withdrawal. These withdrawals were in Playa and Tulum. In 2017 their commission was $86.20 on a $4,000 withdrawal on the island.
In 2015 HSBC Charged $28.75 on a $3,000 withdrawal, (on the island), and they must have increased their commissions after that, as that appears to be the last time that I used them.
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86½ Pesos or USDollars? I hope you mean Pesos, and guess you do - for commission amount and withdrawal amount.
gopbroek
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Peso's (MXN) and Dollars (USD) use the same currency symbol, which really confuses some people. A coworker commented on how high the prices were at Chichen Itza. His kids went into a shop and got 3 bottles of water. They were marked $15 each so they gave the vendor $45 (USD) instead of $45 (MXN)
XE - World Currency Symbols
XE - World Currency Symbols
JamesBon92007
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I'm sure it's pesos--I don't think any ATM machine will let you withdraw $7000 US
25 pesos is $1.35 US.
Keep in mind (anyone reading this thread) that this is only the ATM fee--your bank will likely charge you a separate foreign currency conversion fee which will show up on your bank statement. When I withdrew 3000 pesos there was a $1.00 US ATM fee plus a "Cross-border" fee of $2.92. This is in addition to the 25 pesos fee at the machine itself, I think. So, the total fees I paid to get 3000 pesos ($161.95 US) was $5.27 US. The ATM fee always seems to be $1.00 US so it is a little cheaper to make fewer withdrawals of larger amounts. Personally I don't like to have too much cash on hand, just in case of loss or theft so I usually just get what I think I'll need within the upcoming week or so.
From what I've read banks such as Charles Schwab will reimburse most of the fees if you have enough money in your account. I also came across a web site that says HSBC will too but you have to pay $50/month for your checking account which sure won't work out for me. If I was to transfer some money to a bank in Mexico I would still have to pay some fees to get it transferred so it looks like, not matter what, you have to pay someone something unless you have a bunch of money in a Charles Schwab (or similar) account.
For me the bottom line is that for a two-week trip I may pay a little over $10 in ATM fees which I do not consider to be significant. If I start living in Mexico for longer periods of time then I'll need to make some changes.
JamesBon92007
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AT CUN those prices might have been US dollars
I bought a bottle of water once at the bar just outside the terminal and it was something like $5 US.I also found it interesting when I went into an OXXO and the water said $15 but they only charged me $7. I get the impression than an "hola" and a "buenos tardes" can go a long way. That and no cruise ship badge around my neck.... These are prices in pesos, of course.
mediumone
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Excellent post (#46) by JamesBon92007.
JamesBon92007
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Aw, gee
I was just looking at CapitalOne 360 checking accounts and it looks they are are no fees whatsoever, however I doubt if it's possible to get around the on-site ATM fee of $25-$30 MX but I'm not sure. So far I have not seen a "minimum balance" on the 360 accounts so it looks like I'll be calling them for that question. I think the Charles Schwab minimum is something like $10,000 which is going to take a lot of Social Security checks
So far the only snag I've seen on the 360 account is that they are MasterCard and on one trip to Puerto Vallarta we could only find ATMs that accepted Visa only. We finally found one at Casa Ley but not at the hotel and the one at MEGA was out of order. In addition, the 360 checking account pays interest! I might make 8 cents a year! Better than having to pay for it anyway.Online Checking Account | No-Fee 360 Checking | Capital One
gopbroek
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I'm sure it's pesos--I don't think any ATM machine will let you withdraw $7000 US
From what I've read banks such as Charles Schwab will reimburse most of the fees if you have enough money in your account. I also came across a web site that says HSBC will too but you have to pay $50/month for your checking account which sure won't work out for me. If I was to transfer some money to a bank in Mexico I would still have to pay some fees to get it transferred so it looks like, not matter what, you have to pay someone something unless you have a bunch of money in a Charles Schwab (or similar) account.
For me the bottom line is that for a two-week trip I may pay a little over $10 in ATM fees which I do not consider to be significant. If I start living in Mexico for longer periods of time then I'll need to make some changes.
Actual with Chuck (Schwab) the minimum balance is $0 and the monthly fee is $0 and the dreaded foreign transaction fee is 0%. The exchange rate is very close to FOREX. I have nothing in the accompanying brokerage account but if I do decide to gamble in the markets (other than my 401K) I will use them out of loyalty, which I believe is their intent. I only use the account for travel and they see my frequency and they don't lock it out for bouncing around locations (once it happened and 5 minutes on the phone and the locks came off the account). I like having a fire-walled pre-funded account that is not tied to my savings in my primary account
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