HSBC Caution

by midalake @, Monday, July 24, 2017, 23:57 (144 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

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HSBC Caution

by Labrat ⌂ @, The Roosterfish Foundation, Tuesday, July 25, 2017, 09:15 (144 days ago) @ midalake

17.72 says Google today.

Keith

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HSBC Caution

by Gringo Viejo @, Kansas/Zihuatanejo, Tuesday, July 25, 2017, 09:35 (144 days ago) @ Labrat

Transferwise.com 17.765 before fees; 17.566 net after fees.

It is the same old story on exchange rates. You have to look at the net after fees. Most credit cards say no foreign exchange fees but don't tell you the exchange rate. Usually ATMs debit cards charge 3% but what is the net exchange rate? Or you have the debit card that says no charge for ATM withdrawals but don't give you the exchange rate.

You have to know the NET exchange rate after all fees.

Update

by midalake @, Tuesday, July 25, 2017, 10:16 (144 days ago) @ Gringo Viejo

Transferwise.com 17.765 before fees; 17.566 net after fees.>
It is the same old story on exchange rates. You have to look at the net after fees. Most credit cards say no foreign exchange fees but don't tell you the exchange rate. Usually ATMs debit cards charge 3% but what is the net exchange rate? Or you have the debit card that says no charge for ATM thdrawals but don't give you the exchange rate.>
You have to know the NET exchange rate after all fees.

The ATM card I have is a NO FEE transaction card.Just the HSBC fee. I just went back to the same machine in Ixtapa.

The screen said you will get an exchange rate of "16.82"

Accept or decline.

I declined

it processed the transaction [anyway] at 17.39 In my opinion still too low!

I am done with HSBC........

Can anyone here tell me if the other banks allow a 15,000 peso withdrawal? What is the highest at some of the other banks?

Thanks D

Update

by Gringo Viejo @, Kansas/Zihuatanejo, Tuesday, July 25, 2017, 10:35 (144 days ago) @ midalake

9,000 is the most I have seen and that is at Santander (used to be associated with B of A but now Scotiabank is associated.

With some banks your withdrawal will show up on your statement first then later the charges will be posted.

Yes, as I said, some cards say "no foreign transaction fee" but the exchange rate is low. You have to calculate NET.

Update

by midalake @, Tuesday, July 25, 2017, 10:46 (144 days ago) @ Gringo Viejo

9,000 is the most I have seen and that is at Santander (used to be associated with B of A but now Scotiabank is associated.

With some banks your withdrawal will show up on your statement first then later the charges will be posted.

Yes, as I said, some cards say "no foreign transaction fee" but the exchange rate is low. You have to calculate NET.

You are mistaken on several items. First all the numbers I gave you are NET.

You will get NO DIFFERENT rate whether your card has a "foreign fee" attached to it or not.

IN fact.....if you have a card with a "foreign fee" is is deducted by the home bank or issuer. You would see this separate of the transaction.

The BANKS ATM sets the exchange rate regardless of what type of card is used. It just so happens HSBC seems to be using predatory practices.

D

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Update

by Labrat ⌂ @, The Roosterfish Foundation, Tuesday, July 25, 2017, 10:54 (144 days ago) @ midalake

IN fact.....if you have a card with a "foreign fee" is is deducted by the home bank or issuer. You would see this separate of the transaction.


All my Banking fees are displayed on my Account, never on the ATM Receipt.

Max withdrawal is set by my daily limit.

While I have seen ATMs in the area with 9000 as the top draw, more can be taken by choosing "Other Amount"

Keith

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Update

by Gringo Viejo @, Kansas/Zihuatanejo, Tuesday, July 25, 2017, 11:35 (144 days ago) @ Labrat

No doubt there are banks that will give more than 9000 pesos but I believe there is a daily limit at the ATM servicing bank I can set almost any limit at my home bank but doubt I could get, say, $10,00 USD in pesos from a local ATM. Could happen but I doubt it.

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Update

by Labrat ⌂ @, The Roosterfish Foundation, Tuesday, July 25, 2017, 12:05 (144 days ago) @ Gringo Viejo

Most U.S. banks have a daily limit not to exceed $1,000 U.S.

That's why I keep both an old ATM card and a Debit Card with me for the account.

I have taken 15,000 Pesos a draw from the Airport ATMs in the past.

Keith

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Más Chile Más Mejor

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Update

by Ottawa Joe, Tuesday, July 25, 2017, 21:33 (143 days ago) @ Labrat

17.45 to 17.75 today. USD to Mex Sooo glad I was in Mexico from mid Jan to late Feb when even our CAD$ was rocking the exchange rate.

Update

by Gringo Viejo @, Kansas/Zihuatanejo, Tuesday, July 25, 2017, 11:28 (144 days ago) @ midalake

My point is, and I have not questioned anything you say, is that you have to look at NET rate not just the exchange rate which will vary from ATM card to ATM card and credit card and between ATMs. For example, when I was recently in Patzcuaro I had to use the Banco Santander ATM with my B of A debit card. Banco Santander is not associated with B of A so I paid the 3% B of A fee plus the Banco Santander fee. I forget the exchange rate but the same day I made a purchase with my CitBank MC and the rate was much lower than the NET rae I got from Banco Santander.

Next day, I was in Morelia and used the B of A debit card to withdraw fromt he Scotiabank ATM (which is associated with B of A and paid the 3% bee which was deducted from my account the next day.

I am not questioning your truthfulness or your facts, just stating what I know to be true based on my experiences.

Update

by Paulf @, Mount Sterling, Ky 40353, Wednesday, July 26, 2017, 08:34 (143 days ago) @ Gringo Viejo

My bank reimburses me for any ATM fee- shows up on by account but charges a small conversion fee- just have to use a bank that is a member of one of the networks. I find that the credit card gives a better exchange rate than the debit card. The exchange rate for the credit card is at the day of the purchase and the debit card is set by the bank using to get cash from their ATM- that's why we look at restaurants that take credit cards.

HSBC Caution

by midalake @, Tuesday, July 25, 2017, 10:08 (144 days ago) @ Labrat

17.72 says Google today.

Keith

I know. I called my bank, they said nothing they can do. This is a $40-$50 mistake that will not happen again. I urge everyone to stay away from these machines.

D

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HSBC Caution

by frostbite ⌂ @, Hamilton MT, Tuesday, July 25, 2017, 10:41 (144 days ago) @ midalake

It has frequently been stated that, in the order of crappy exchange rate, exchange at your hotel, at your bank at home and from an ATM for the best. What has changed?

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HSBC Caution

by D-Loco, Thursday, July 27, 2017, 18:41 (141 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 (141 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 (139 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 (139 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 (139 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?

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Reminder - Heads Up ATM Users

by ZihuaRob ⌂ @, Zihuatanejo, México, Sunday, July 30, 2017, 11:36 (139 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

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Reminder - Heads Up ATM Users

by Labrat ⌂ @, The Roosterfish Foundation, Sunday, July 30, 2017, 11:54 (139 days ago) @ ZihuaRob

:megusta:

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ATM Peso Limits ? Fees?

by midalake @, Sunday, July 30, 2017, 12:40 (139 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 (138 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 (138 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 (138 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

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ATM Peso Limits ? Fees?

by Labrat ⌂ @, The Roosterfish Foundation, Sunday, July 30, 2017, 10:37 (139 days ago) @ mexicowanderer

Are those the actual Limit on the ATM or simply the highest number that you can select from the main screen?

By selecting Other Amount at the Airport ATMs I can take out many thousands more per transaction.


Keith

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