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More photos of the bank ATM scam

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divinh

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The merchant (non-bank affiliated ATM too) usually goes through a card processing service that will offer for you to pay in your own currency, with their conversion service. The conversion service will charge a fee or take a percentage. If your card allows you to pay in local currency, you do not need this service and will save some money.
 

dflaher

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I don't know what that 5.5% or 165.66 entry is about; maybe it's part of the scam I rejected.

View attachment 535493

It was. MXN3,063.80 / 18.49464 = $165.66. That's what you would have paid for the 3,000 some pesos you received. The rate of 18.49464 is a 5.5% ripoff (I mean mark-up) from the interbank rate of the day. 18.49464 * 1.055 = 19.51 which was likely close to the XE rate at the time of the transaction.

Thanks for sharing. HSBC on the square is my go-to peso printer.
 
OP
DandyDon

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Thanks @dflaher
 

miserkris

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So looks like i paid $2.50 usd WF bank fee and approx $10 to $18 usd (5.5 % markup) for HSBC... when i withdrew 3500 pesos last Monday. Wf app shows i withdrew $195 usd...

At least hsbc near suites colonial is convenient.
 
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DandyDon

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So looks like i paid $2.50 usd WF bank fee and approx $10 to $18 usd (5.5 % markup) for HSBC... when i withdrew 3500 pesos last Monday. Wf app shows i withdrew $195 usd...
I did warn you in your original thread, linking this one. Now you know.
 

jpm4osu

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Just returned from Cozumel Sunday. My daughter has lived there full time for the past for years. As mentioned, never use a non-bank ATM. The locales only use the bank ATMs. The bank ATM I have been using the past year is Ci Banco located at 11th and 65 avenue. The machine is in both English as well as Spanish. Your card is not sucked into the machine, but inserted and held during the transaction. If you have a card with the chip you have to insert, then remove and re-insert to continue the transaction. I have never been asked to approve a reduced rate on the conversion. You are asked at one point if you want to continue the transaction and you just reply yes. The exchange rate was around 19.4 on the transactions plus a reasonable low fee. I realize 11 & 65 is out of the way for a lot of people, especially if you do not rent a car.
 

living4experiences

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I do it the easy way. I get my pesos at Wells Fargo for no transaction fee. They don't charge fees if they have the currency you want in their vault, i.e., Pesos, Euros, Pounds. I would never try an ATM transaction anywhere outside the U.S. IMO, it's not worth taking the risk of a scam or the fact that very little of the transaction is in English, so it's confusing. Plus, who wants to hunt down money on vacation? I'd rather spend that time with a cocktail in my hand.:cheers: The fees can add up getting your money outside the U.S. You need to find out how much your debit bank card charges for the foreign transaction fee. It's usually 2-4%. Then you'll have two ATM fees, one from your bank at home for using an out-of-network ATM and one from the bank's ATM machine you're standing at. It varies, but could be an unpleasant amount when it's all done.

If you have extra Pesos at the end of your trip, you can spend them in the airport to buy your lunch or bottled water or give them to a local Mexican citizen and make their day. If you do bring them home, then you have a few to start your next trip. Wells Fargo will also buy them back (not coins, just bills) at a lower buyback rate but it's nominal.

I always take USD, Pesos, and credit cards (Visa & Mastercard, no Am Ex or Discover)...lots of redundant back-up money. Check with your bank if they charge a foreign transaction fee for credit card use.
 

living4experiences

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I do it the easy way. I get my pesos at Wells Fargo for no transaction fee. They don't charge fees if they have the currency you want in their vault, i.e., Pesos, Euros, Pounds. I would never try an ATM transaction anywhere outside the U.S. IMO, it's not worth taking the risk of a scam or the fact that very little of the transaction is in English, so it's confusing. Plus, who wants to hunt down money on vacation? I'd rather spend that time with a cocktail in my hand.:cheers: The fees can add up getting your money outside the U.S. You need to find out how much your debit bank card charges for the foreign transaction fee. It's usually 2-4%. Then you'll have two ATM fees, one from your bank at home for using an out-of-network ATM and one from the bank's ATM machine you're standing at. It varies, but could be an unpleasant amount when it's all done.

If you have extra Pesos at the end of your trip, you can spend them in the airport to buy your lunch or bottled water or give them to a local Mexican citizen and make their day. If you do bring them home, then you have a few to start your next trip. Wells Fargo will also buy them back (not coins, just bills) at a lower buyback rate but it's nominal.

I always take USD, Pesos, and credit cards (Visa & Mastercard, no Am Ex or Discover)...lots of redundant back-up money. Check with your bank if they charge a foreign transaction fee for credit card use.

Sorry. Somehow this got posted twice.
 

mediumone

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I do it the easy way. I get my pesos at Wells Fargo for no transaction fee. They don't charge fees if they have the currency you want in their vault, i.e., Pesos, Euros, Pounds. I would never try an ATM transaction anywhere outside the U.S. IMO, it's not worth taking the risk of a scam or the fact that very little of the transaction is in English, so it's confusing. Plus, who wants to hunt down money on vacation? I'd rather spend that time with a cocktail in my hand.:cheers: The fees can add up getting your money outside the U.S. You need to find out how much your debit bank card charges for the foreign transaction fee. It's usually 2-4%. Then you'll have two ATM fees, one from your bank at home for using an out-of-network ATM and one from the bank's ATM machine you're standing at. It varies, but could be an unpleasant amount when it's all done.

If you have extra Pesos at the end of your trip, you can spend them in the airport to buy your lunch or bottled water or give them to a local Mexican citizen and make their day. If you do bring them home, then you have a few to start your next trip. Wells Fargo will also buy them back (not coins, just bills) at a lower buyback rate but it's nominal.

I always take USD, Pesos, and credit cards (Visa & Mastercard, no Am Ex or Discover)...lots of redundant back-up money. Check with your bank if they charge a foreign transaction fee for credit card use.

Oh good grief.
Not again.
Wells Fargo is going to screw you as compared to what you'll get from an ATM.
You're much more likely to have your card compromised at a ATM in the US than you are in Mexico. Your fears and warning have no basis in fact.
How often have you traveled to Mexico?
Have you ever traveled to Mexico?
Nearly all of the transaction is in English, but it might be a good idea to remember that you are in a Spanish speaking country.
Hunt down money??
For goodness sakes, you can hardly swing a dead cat without hitting a bank in downtown San Miguel, and add the grocery stores.....
And there's no risk to carrying around a wad of cash?
Whatever you say.
Your quoted fee structure also has no basis in fact. Do your homework, and choose a financial institution accordingly.
Nothing Wells Fargo does is nominal.
 
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DandyDon

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I do it the easy way. I get my pesos at Wells Fargo for no transaction fee.
People fall for that line a lot.
5,000 Pesos at WF: $245.67
5,000 Pesos on google: $231.88
That's a 6% fee hidden in their rates before I have to figure FedEx fees and meeting the courier, and I think the original poster who lives in the mountains would have the same issue. My costs at the ATM are in the 2% range.

I would never try an ATM transaction anywhere outside the U.S.
Always check for skimmers, but I've had no problems. I am well protected and check my Wells Fargo app soon after to check my fees. Your carried Pesos are not so safe.

The fees can add up getting your money outside the U.S. You need to find out how much your debit bank card charges for the foreign transaction fee. It's usually 2-4%. Then you'll have two ATM fees, one from your bank at home for using an out-of-network ATM and one from the bank's ATM machine you're standing at. It varies, but could be an unpleasant amount when it's all done.
As I mentioned my combined costs are around 2%, a third of what you pay to risk losing the Pesos on the way.

If you do bring them home, then you have a few to start your next trip.
Ok, I'll agree with that.
 
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