ATM fees

by Ironwood @, Sunday, May 03, 2020, 22:28 (32 days ago) @ victorio

Hola. Just went to the ATMs at Mega Soriana and got some pesos. I went to the HSBC ATM. They asked if I would accept an exchange rate of 16.55 pesos to the Canadian dollar. I declined and when I checked later I got 16.63 pesos to the Canadian dollar. Not much difference. My wife went to the Scotiabank ATM and was asked to accept an exchange rate of 12.0 pesos per Canadian dollar. She said no and when we checked later, she got a rate of 16.63 pesos to the Canadian dollar. What is going on?

I'm the last one to defend Scotiabank, but I think your wife has made the same mistake I did back in February and early March.
I wrote a post on 10 February complaining about that same Scotiabank "offer" of 12 pesos/ Canadian $.....when the "real" exchange rate was around 14 pesos.

In a subsequent post a few days later, which has apparently been deleted, I corrected my earlier information. That small print on the bottom of the ATM screen doesn't offer 12 pesos. Although it is difficult to read, what it says is that if you accept the rate offered by the bank, the bank charges a 12% commission. The proof is that, with the "real" exchange rate now up around 17.5 pesos, that "12" figure is still on the screen. Even Scotiabank wouldn't dare offer 12 pesos when the official rate is 17.5

So, with the mid-rate at 17.5, you should expect about 16.9 or 17.0 at the Scotiabank ATM. ((That assumes 2.75% less that the rate, which I've found is fairly accurate.)

If you accepted Scotiabank's "offer", you'd probably get around 15.4....reflecting their 12% commission.

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