HSBC Caution

by midalake @, Monday, July 24, 2017, 23:57 (360 days ago)

I have always taken money from HSBC for the last several years via ATM. I am getting a new screen that tells me my exchange rate {WHICH SUCKS} the first time it worked out OK...TODAY I received a rate of 16.79 VERY UNACCEPTABLE. I will be on to my Visa Card in the AM.
BE AWARE!

D

HSBC Caution

by D-Loco, Thursday, July 27, 2017, 18:41 (357 days ago) @ midalake

I have always taken money from HSBC for the last several years via ATM. I am getting a new screen that tells me my exchange rate {WHICH SUCKS} the first time it worked out OK...TODAY I received a rate of 16.79 VERY UNACCEPTABLE. I will be on to my Visa Card in the AM.
BE AWARE!

D

If you can investigate your receipts or the ATM further check to see if they are charging you to tell you the Exchange Rate. It's called 'Dynamic Currency Conversion'. It's a fee that consumers get sneaked on them. Very rare but it does happen and you are suppose to be given a choice for it. Happened to me in Mexico twice and once in Italy.

Google 'dynamic currency conversion fee'

YES

by midalake @, Thursday, July 27, 2017, 22:48 (357 days ago) @ D-Loco

This is it! You know HSBC has been involved in ripping off the consumer before.....like I said....I am done with them..

D

ATM Peso Limits ? Fees?

by mexicowanderer, Saturday, July 29, 2017, 19:11 (355 days ago) @ midalake

BanComer charges 81.90 pesos per transaction and has a $6,000 peso limit

BanaMex charges a 41.90 peso fee and also has a $6,000 limit.

As of last week. Could it be fees and Tipo de Cambio are regional?

ATM Peso Limits ? Fees?

by Mexalberta @, Saturday, July 29, 2017, 19:34 (355 days ago) @ mexicowanderer

In Bucerias today used Scotia Bank ATM at Mega . No fee, 14.25 for cdn

ATM Peso Limits ? Fees?

by Scott, Playa del Carmen, Quintana Roo, Mexico, Sunday, July 30, 2017, 10:00 (355 days ago) @ mexicowanderer

Could it be fees and Tipo de Cambio are regional?

I have always gotten approximately 2.5% less than the "internet rate" from pretty much any ATM I have ever used in Mexico. I have never noticed any variation by region, only that nowadays the ATMs charge very different service fees compared to before, when they all used to charge the same fee.

I have preferred HSBC ATMs for a while now, because the fee is among the lowest and the withdrawal limit is usually higher.

I used an HSBC ATM here in Playa last week to withdraw from my Canadian RBC account, and also did an online transfer from RBC online banking to HSBC, and got virtually the same exchange rate using both methods, 2.5% less than the "internet rate".

I'm wondering if it's the OPs own bank who has changed their explicit or hidden foreign currency conversion fee?

Avatar

Reminder - Heads Up ATM Users

by ZihuaRob ⌂ @, Zihuatanejo, México, Sunday, July 30, 2017, 11:36 (355 days ago) @ Scott

Could it be fees and Tipo de Cambio are regional?

I have always gotten approximately 2.5% less than the "internet rate" from pretty much any ATM I have ever used in Mexico. I have never noticed any variation by region, only that nowadays the ATMs charge very different service fees compared to before, when they all used to charge the same fee.

I have preferred HSBC ATMs for a while now, because the fee is among the lowest and the withdrawal limit is usually higher.

I used an HSBC ATM here in Playa last week to withdraw from my Canadian RBC account, and also did an online transfer from RBC online banking to HSBC, and got virtually the same exchange rate using both methods, 2.5% less than the "internet rate".

I'm wondering if it's the OPs own bank who has changed their explicit or hidden foreign currency conversion fee?

Just a little safety reminder to all ATM users, especially in your region, Scott where much of the following investigation was carried out.

Tracking a Bluetooth Skimmer Gang in Mexico

ATM Peso Limits ? Fees?

by midalake @, Sunday, July 30, 2017, 12:40 (355 days ago) @ Scott

Could it be fees and Tipo de Cambio are regional?

I have always gotten approximately 2.5% less than the "internet rate" from pretty much any ATM I have ever used in Mexico. I have never noticed any variation by region, only that nowadays the ATMs charge very different service fees compared to before, when they all used to charge the same fee.

I have preferred HSBC ATMs for a while now, because the fee is among the lowest and the withdrawal limit is usually higher.

I used an HSBC ATM here in Playa last week to withdraw from my Canadian RBC account, and also did an online transfer from RBC online banking to HSBC, and got virtually the same exchange rate using both methods, 2.5% less than the "internet rate".

I'm wondering if it's the OPs own bank who has changed their explicit or hidden foreign currency conversion fee?

NO

This is an entire new screen that has never been on the machine at the HCBC Ixtapa before.

PLEASE read what D-Loco posted.

I will try to take a screen shot of this next time I go, for someone to post.

D

ATM Peso Limits ? Fees?

by Scott, Playa del Carmen, Quintana Roo, Mexico, Sunday, July 30, 2017, 21:51 (354 days ago) @ midalake

I read the original message, but the reason I speculated it could be the home bank is because a few things that showed up on google when I tried searching said the home bank is responsible for the exchange rate. I just read a few more articles though, and came across something I had never heard of before, called "dynamic currency conversion", or DCC.

Apparently it's a thing some financial institutions are doing now, not Mexico specific, where the foreign ATM or point of sale terminal can process your transaction in your home currency. In this case, the foreign bank has to show you the exchange rate, and the amount that will be debited from your account in your home currency. This is ostensibly for "convenience", but they may give you a worse exchange rate if you do this.

Bet You Didn’t Know: Avoid Getting Suckered by International ATM’s
HSBC expands DCC program

I wonder if this is what's going on? HSBC is offering "DCC" in some of their Mexico ATMs now?

ATM Peso Limits ? Fees?

by HolyMole @, Sunday, July 30, 2017, 22:23 (354 days ago) @ Scott

I read the original message, but the reason I speculated it could be the home bank is because a few things that showed up on google when I tried searching said the home bank is responsible for the exchange rate. I just read a few more articles though, and came across something I had never heard of before, called "dynamic currency conversion", or DCC.

Apparently it's a thing some financial institutions are doing now, not Mexico specific, where the foreign ATM or point of sale terminal can process your transaction in your home currency. In this case, the foreign bank has to show you the exchange rate, and the amount that will be debited from your account in your home currency. This is ostensibly for "convenience", but they may give you a worse exchange rate if you do this.

Bet You Didn’t Know: Avoid Getting Suckered by International ATM’s
HSBC expands DCC program

I wonder if this is what's going on? HSBC is offering "DCC" in some of their Mexico ATMs now?

A few years ago, I complained to Scotiabank Canada about their lousy foreign currency exchange rates, specifically for ATM peso vs. Canadian dollar transactions at Scotiabank's Zihua branch, and Toronto replied that Scotiabank Mexico sets the exchange rate, and I should complain to them. Passing the buck?

Screen shot

by midalake @, Monday, July 31, 2017, 11:55 (354 days ago) @ Scott

I have a screen shot of the ATM if someone can assist me to post? [send email]

FYI If I would have "agreed" the exchange rate would have been 16.94 [today]

Because I DECLINED.....the rate was 17.60.

D