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What exchange rates are people getting from various ATM machines down here?


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3 minutes ago, WideSky said:

I always decline the conversion as my bank gives me a better rate.

I don't think OP is talking about that (which has been widely covered on this board).  I think  the question is exchange rate which would between user and their bank once the ATM offer is declined.

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36 minutes ago, TelsZ4 said:

I believe it’s the same rate in all ATM’s , the only difference is the fees you are charged…

It can vary, depending on if you use a MC or a Visa (atm card), but not a lot. MC and VISA set the RATE !!! The bank only sets the rate if you choose to let them do the  conversion (big mistake).

 

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19 hours ago, Natasha said:

I don't think OP is talking about that (which has been widely covered on this board).  I think  the question is exchange rate which would between user and their bank once the ATM offer is declined.

Banks DO NOT set the rate !!! (which has been widely covered on this Board)  How long have You been a member here ?

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On 5/26/2023 at 11:11 AM, mexijims1 said:

I know XE.com com says today about 17.66 but what rates are people actually receiving from their ATM withdrawals?

 

Thanks.

XE.com has Nothing to do with atm rates., nor do banks. Only MC and VISA ! Time of withdrawal is important, as if you go before noon, the bank may not have changed the rate from the day before and it could be lower (or higher) than today's rate.

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6 minutes ago, mexijims1 said:

I know all that, which is why I asked for what people are getting for their ATM rates !

Everyone gets the same, but many don't know how to figure it, so you will get different numbers from people. Some go early, some go late. some include the bank fee, some don't. It's unbelievable.

 

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Plus, Cirrus or Visa are the switches that convert local currency to the destination currency as the ATM transaction leaves Mexico heading toward the authorizing bank. This is as long as you decline the conversion at the acquiring bank.

It doesn't matter if you're in Mexico, Argentina or Kenya. It works the same way everywhere.

Surcharges are assessed at the ATM and are just added to the amount you requested. The amount is shown on your receipt and nowhere else .

Currency exchange fees are assigned by Master Card or Visa based on the card logo. This type of fee shows up as a separate charge on your statement. 

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On 5/26/2023 at 6:01 PM, Natasha said:

I don't think OP is talking about that (which has been widely covered on this board).  I think  the question is exchange rate which would between user and their bank once the ATM offer is declined.

No the exchange is set by Visa or Mastercard not the bank that issued your card

https://www.mastercard.com/global/en/personal/get-support/convert-currency.html

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

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5 hours ago, mexijims1 said:

I know all that, which is why I asked for what people are getting for their ATM rates !

The exchange is set by Visa or Mastercard not the bank that issued your card unless you opt for the atm's bank rate which will almost always be far worse

https://www.mastercard.com/global/en/personal/get-support/convert-currency.html

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

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16 minutes ago, mexijims1 said:

That is true and I knew that.

However, people are still getting various exchange rates, which I am interested in hearing. 

No they are not ! They just don't know how to compute the rate. I always get just what Visa and MC tell me I will get, and that is because I know how to compute the rate I get.

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34 minutes ago, Natasha said:

The exchange rate I get on DEBIT card is determined by my home (Canadian) bank  on arrival at their end. Never tied with Visa credit card so can't say.

Not if it is a Visa or MC atm card ! We are never talking credit cards here, as that is a different animal. I have never had a Debit Card, only an atm card, as I believe the former is too  dangerous to use. If you lose an atm card, no problem, but if you lose a debit or are robbed, problems.  YMMD

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Excerpts:

These fees are set by the credit card networks (Visa, Mastercard, Discover, and American Express). Each card association has its own schedule of interchange fees...

The exchange rate for international purchases and foreign ATM transactions is set by Visa® or MasterCard®, depending on your card's logo. This exchange rate is either the wholesale market rate or a government-mandated rate on the day before the date the transaction is processed.

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1 hour ago, Natasha said:

The exchange rate I get on DEBIT card is determined by my home (Canadian) bank  on arrival at their end. Never tied with Visa credit card so can't say.

I think that you may be mistaken.....

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2 hours ago, Natasha said:

The exchange rate I get on DEBIT card is determined by my home (Canadian) bank  on arrival at their end. Never tied with Visa credit card so can't say.

Foreign exchange fee is determined by your bank. 

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1 hour ago, ibarra said:

Foreign exchange fee is determined by your bank. 

Exactly !

There are three ways you could be hit with fees when using your debit card overseas. First, your bank could charge you a fee for using an out-of-network ATM — both at home and at ATMs abroad. Second, the bank that owns the ATM could tack on additional fees. Finally, you can be charged foreign transaction fees at the ATM, just as you can when making credit card purchases.

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John and MostlyLost are 100% correct. The net amount of pesos, euros or whatever you get from the ATM reflects the various fees the ATM charges you. The actual rate is fixed each day by VISA or MC. You can click on the 2 links and see the daily posting.

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