David Rodwell Posted October 24, 2019 Report Share Posted October 24, 2019 I hear some Lakeside banks are bumping up ATM fees and possibly adding surcharges for accessing funds in banks NOB. What are the best places to access funds from US banks in Ajijic or at least Lakeside? Quote Link to comment Share on other sites More sharing options...
Lily H Posted October 24, 2019 Report Share Posted October 24, 2019 I use HSBC ATM by Black Coffee Gallery withdrawing 15000 pesos at a time. Schwab reimburses bank ATM fees at the of the month when you withdraw pesos here at the day's exchange rate. There're quite few US banks do that but I've only used Schwab. Quote Link to comment Share on other sites More sharing options...
bournemouth Posted October 24, 2019 Report Share Posted October 24, 2019 In my personal experience HSBC is now adding a 5.5% surcharge - I have stopped using these ATM's. I do also know that this bank's charges can vary. Perhaps the above poster is not being charged the surcharge. CIBanco, near the movie house in Plaza Laguna, is currently the cheapest ATM around but because of that, often out of money. 1 Quote Link to comment Share on other sites More sharing options...
Lily H Posted October 24, 2019 Report Share Posted October 24, 2019 A question to ask you to accept or deny the surcharge appear on the screen before the end of the transaction, it is up to you to not accept the surcharge. The lower left side key works on this question. None of the right side keys work. 1 Quote Link to comment Share on other sites More sharing options...
artsnob Posted October 24, 2019 Report Share Posted October 24, 2019 CIBanco fills their atm machine Monday and Thursday mornings so I can get 9,000 pesos in those afternoon. Only 17 pesos 1 Quote Link to comment Share on other sites More sharing options...
mudgirl Posted October 24, 2019 Report Share Posted October 24, 2019 CiBanco definitely has the lowest ATM fees. For Canadians, if you have a Canadian Scotiabank account, as long as you keep the required minimum balance in your account, you can use any Scotiabank machine without incurring any fees. 1 Quote Link to comment Share on other sites More sharing options...
FlyFree Posted October 24, 2019 Report Share Posted October 24, 2019 48 minutes ago, artsnob said: CIBanco fills their atm machine Monday and Thursday mornings so I can get 9,000 pesos in those afternoon. Only 17 pesos What exchange rate are they giving? In addition to the 17 peso fee, are they charging a surcharge like HSBC? Quote Link to comment Share on other sites More sharing options...
Mostlylost Posted October 25, 2019 Report Share Posted October 25, 2019 The exchange rate is the same at any ATM. The rates are set by Visa or Mastercard. You can check the Visa, or Mastercard website for the worldwide exchange rates daily I too used HSBC recently with no surcharge.. 1 Quote Link to comment Share on other sites More sharing options...
David Rodwell Posted October 25, 2019 Author Report Share Posted October 25, 2019 2 hours ago, Mostlylost said: The exchange rate is the same at any ATM. The rates are set by Visa or Mastercard. You can check the Visa, or Mastercard website for the worldwide exchange rates daily I too used HSBC recently with no surcharge.. I am not to sure of this. It would appear the banks may or may not choose to use the Mastercard or Visa rates. Bank of America on their site says they set the exchange rate. "Answers Hide How does Bank of America determine foreign exchange rates and why might I see different rates online or in the newspaper? The consumer exchange rate that Bank of America N.A. (Bank of America) offers you is determined by Bank of America and is based upon such factors as we determine relevant, including without limitation, market conditions, exchange rates charged by other parties, our desired rate of return, market risk, credit risk and other market, economic and business factors. When you order foreign currency online or at one of our financial centers, the exchange rate we offer is, in effect, a rate quotation. You may accept or decline our rate quotation. If you accept our rate quotation and we have not canceled your order, you have entered into a final and binding transaction at the rate you accepted. Exchange rates shown in the newspaper and on some currency conversion sites are generally inter-bank rates available only to banks for transactions in an amount of $1 million U.S. dollars or more effected during regular business hours. These rates are not generally available to consumers obtaining foreign currency for international travel and likely will be different from exchange rates offered by Bank of America. Exchange rates offered by other dealers or shown at other sources (including online sources) may be different from Bank of America's exchange rates.Footnote1 The exchange rate you are offered may be different from, and likely inferior to, the rate paid by us to acquire the underlying currency." And from Mastercard: "Please Note: The foreign exchange rate and the converted FX amount are indicative only and inclusive of the bank fee you entered. Your bank may or may not use Mastercard foreign exchange rates to bill you and may impose additional fees in connection with foreign currency transactions. Foreign exchange rates are specific to the date and time Mastercard processes the transaction which may be different from the transaction date. If your transaction is converted by the merchant or ATM operator, Mastercard foreign exchange rates will not apply. This will usually occur when you select to pay in your card's currency as opposed to the currency of the merchant or ATM. " Quote Link to comment Share on other sites More sharing options...
chapalence Posted October 25, 2019 Report Share Posted October 25, 2019 11 hours ago, Mostlylost said: The exchange rate is the same at any ATM. The rates are set by Visa or Mastercard. You can check the Visa, or Mastercard website for the worldwide exchange rates daily I too used HSBC recently with no surcharge.. According to management at BBVA that is incorrect. They told me that the rate they give at their ATM is lower than others and that not all banks give the same rate. After reading this same statement here, I inquired because I always check the rate I get when I get home and it has always seemed that BBVA is lower than HSBC. Quote Link to comment Share on other sites More sharing options...
tomgates Posted October 25, 2019 Report Share Posted October 25, 2019 The 5.5% markup at HSBC is new. Schwab will rebate the $68p ATM fee but not the markup. That markup effectively makes the 19.1 exchange rate more like 18.2. Quote Link to comment Share on other sites More sharing options...
chapalence Posted October 25, 2019 Report Share Posted October 25, 2019 48 minutes ago, tomgates said: The 5.5% markup at HSBC is new. Schwab will rebate the $68p ATM fee but not the markup. That markup effectively makes the 19.1 exchange rate more like 18.2. When asked whether or not you accept the markup, press "decline". I've been doing that for around 2 months and I'm NEVER charged the 5.5% markup. 1 Quote Link to comment Share on other sites More sharing options...
cedros Posted October 25, 2019 Report Share Posted October 25, 2019 1 hour ago, tomgates said: The 5.5% markup at HSBC is new. Schwab will rebate the $68p ATM fee but not the markup. That markup effectively makes the 19.1 exchange rate more like 18.2. Are you accepting or declining the suggested rate at HSBC? You have to decline it or you get the surcharge. Quote Link to comment Share on other sites More sharing options...
Lily H Posted October 25, 2019 Report Share Posted October 25, 2019 Push the decline key as your choice. The surcharge is not mandatory. I would rather give the surcharge to someone in need, not a banking institution. Quote Link to comment Share on other sites More sharing options...
tomgates Posted October 25, 2019 Report Share Posted October 25, 2019 Do you still get the money if you decline the markup?? Quote Link to comment Share on other sites More sharing options...
Lily H Posted October 25, 2019 Report Share Posted October 25, 2019 2 minutes ago, tomgates said: Do you still get the money if you decline the markup?? Yes! Quote Link to comment Share on other sites More sharing options...
Yo1 Posted October 25, 2019 Report Share Posted October 25, 2019 16 hours ago, artsnob said: CIBanco fills their atm machine Monday and Thursday mornings so I can get 9,000 pesos in those afternoon. Only 17 pesos CI bank fills their ATM machine M-F at about 1pm when the armored truck gets there. Sometimes it can take an hour for the bank employees to get around to filling the machine; the armored truck guys don't do it at CI. Money usually available at 2pm or after. BTW--CI many times refuses to give change at the counter to non-CI users of their ATM. The Mexican law states that they MUST give change for 1000 pesos to anyone who walks through the door. Quote Link to comment Share on other sites More sharing options...
FlyFree Posted October 25, 2019 Report Share Posted October 25, 2019 1 hour ago, chapalence said: When asked whether or not you accept the markup, press "decline". I've been doing that for around 2 months and I'm NEVER charged the 5.5% markup. Where on the HSBC ATM screen is the decline button located? Quote Link to comment Share on other sites More sharing options...
Lily H Posted October 25, 2019 Report Share Posted October 25, 2019 14 minutes ago, FlyFree said: Where on the HSBC ATM screen is the decline button located? Lower left. Quote Link to comment Share on other sites More sharing options...
ibarra Posted October 25, 2019 Report Share Posted October 25, 2019 45 minutes ago, FlyFree said: Where on the HSBC ATM screen is the decline button located? A message appears after you enter how much you want to withdraw. It is on the bottom of the screen. The right side is Yes, I accept. The left side is. No, I decline. Choose the left side for no surcharge. You will then receive your withdrawal. Quote Link to comment Share on other sites More sharing options...
FlyFree Posted October 25, 2019 Report Share Posted October 25, 2019 1 hour ago, Lily H said: Lower left. 33 minutes ago, ibarra said: A message appears after you enter how much you want to withdraw. It is on the bottom of the screen. The right side is Yes, I accept. The left side is. No, I decline. Choose the left side for no surcharge. You will then receive your withdrawal. Thank you both, Lily H and Ibarra. Quote Link to comment Share on other sites More sharing options...
bmh Posted October 25, 2019 Report Share Posted October 25, 2019 Lily , yesterday I had 2 transaction of 7000 at HSBC one I accepted the rate of exchange and the other I did not, it came to exactly the same amount at the end. Quote Link to comment Share on other sites More sharing options...
jrod Posted October 25, 2019 Report Share Posted October 25, 2019 What this thread confuses is a bank fee for the transaction with the dynamic currency conversion (DCC), which can be up to 12%, and is becoming much more prevalent here than even three or four months ago. The bank in which the ATM is housed isn't getting this additional fee, nor is your bank, and in most cases you lose significantly as well. It is up to the cardholder to know whether the current economic environment favors letting your card-issuing bank set your currency conversion rate, or you want that done by a third party. If you want to accept your bank's set rate (usually, but not always, more favorable than the DCC) press the Decline Conversion button at the bottom left of the screen. How to figure this out? Check the conversion rate of your card before you go to the ATM, do the math on your withdrawal, and compare that to the conversion offered on the ATM screen. Accept or decline as is favorable to you. Quote Link to comment Share on other sites More sharing options...
Lily H Posted October 25, 2019 Report Share Posted October 25, 2019 13 minutes ago, bmh said: Lily , yesterday I had 2 transaction of 7000 at HSBC one I accepted the rate of exchange and the other I did not, it came to exactly the same amount at the end. There's nothing you can do about the exchange rate. It's the surcharge you can choose to decline. Also, withdraw more in one transaction if your bank doesn't reimburse the fees at the end of the month. Quote Link to comment Share on other sites More sharing options...
cedros Posted October 25, 2019 Report Share Posted October 25, 2019 2 hours ago, tomgates said: Do you still get the money if you decline the markup?? Yes Quote Link to comment Share on other sites More sharing options...
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