Fri. Oct. 23, 2020. I just got hosed! The Scotiabank bank machine near Walmart in Ajijic charged me a 12% markup (on the exchange rate) plus a 100 peso fee. I was using a Canadian bank card (TD debit card) and I withdrew 10,000 pesos.
C$712.23 (Canadian dollars) was withdrawn from my TD checking account when I went home and checked online. I also checked the exchange on XE.com for Canadian dollars to Mexican pesos and it was 15.89 pesos per Canadian dollar.
Using this exchange rate, 10,000 pesos should cost C$629.33 if there were no fees or exchange rate markup. So, I ended up paying C$82.90 to withdraw 10,000 pesos. This is insane!!!
Before using the Scotiabank machine I tried the CI bank first but it was out of money (it's Friday morning now). Then, at the Citibank machine in Walmart I tried to withdraw 10,000 pesos and it wouldn't let me withdraw any money, then I tried 8,000 pesos and again it wouldn't let me again. I can't remember now what the message was why not.
I will try the HSBC machines tomorrow. Hopefully the exchange rate markup will be less.
Don't be fooled, it's not the bank fees that kill you it's the crappy exchange rate they give you or as the bank machine says the "markup".