ATM Offered Exchange Rate

by midalake @, Saturday, October 06, 2018, 13:13 (132 days ago) @ HolyMole

Drew pesos from HSBC ATM this morning. They offered a rate of 13.68 pesos/Cdn$.
Someone suggested earlier to reject this rate, which I did. The ATM continued and gave me my pesos. Got home, check my bank account and had received and exchange rate of 14.18 pesos/Cdn$. That's a difference of .5 pesos per Cdn$.
Just wanted to let everyone know that this works.

In Mexico, I've primarily used my Scotiabank client card at their machines, but have, on occasion, used Banorte, Santander, Banamex, etc., and don't recall ever being "offered" an exchange rate at an ATM.
Where, in the ATM transaction process, is an "offer" made.....and why, in Heaven's name, would any bank worth its salt ever say "OK, we'll give you a rate that's 3 or 4% better, just 'cuz you said 'no'"?
Just curious.

You have this all WRONG. It is not about the banks salt and giving you more. It is about taking away what is or should be given. You need to read about : Dynamic Currency Conversion (DCC)

It is offered in the last step of the process.

It is a RIPOFF


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