Interact new fees?

by Ceejay@burnaby @, Burnaby, Tuesday, January 07, 2020, 10:24 (86 days ago)

We have gotten used to withdrawing cash from the HSBC machine here in Ixtapa over the years. Of course the usual withdrawal fee, but....this year and additional 5.5% “exchange” fee added on. Is this something new? Are all the banks doing it? Santander, Banco Mexico? This is quite a big jump in fees from our past experience. (A boring topic, I know; but at least not about Trumstper)

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¿Intercam?

by ZihuaRob ⌂ @, Zihuatanejo, México, Tuesday, January 07, 2020, 11:41 (86 days ago) @ Ceejay@burnaby

We have gotten used to withdrawing cash from the HSBC machine here in Ixtapa over the years. Of course the usual withdrawal fee, but....this year and additional 5.5% “exchange” fee added on. Is this something new? Are all the banks doing it? Santander, Banco Mexico? This is quite a big jump in fees from our past experience. (A boring topic, I know; but at least not about Trumstper)

Here in Mexico the bank charges SHOULD be coming down as new legislation takes effect thanks to our Presidente López Obrador and his political party Morena. CitiBanamex has been robbing me for years yet for some stupid reason I still do business with them (because they're the closest bank to my home, I guess). But if you want to be treated right AND get excellent service I highly recommend Intercam. They have a new branch in Zihuatanejo by the Cinemex movie theaters. Is that who you were referring to?

¿Intercam?

by JACK @, Tuesday, January 07, 2020, 12:15 (86 days ago) @ ZihuaRob

HSBC's ATMs ask you if you accept the exchange rate that they offer you on the screen. Answer "NO" to this question. You will still get your money but will get a much better rate. I believe at least one other bank does this, Santander.

¿Intercam?

by Ceejay@burnaby @, Burnaby, Tuesday, January 07, 2020, 22:13 (86 days ago) @ JACK

Thanks Jack and Rob...will try your suggestions and let you know the results. What a rip! The poor banks just aren’t making enough money of their unsuspecting clients!

¿Intercam?

by Scott, Playa del Carmen, Quintana Roo, Mexico, Thursday, January 09, 2020, 09:00 (84 days ago) @ Ceejay@burnaby

The difference is if you accept their exchange rate, they withdraw the funds from your account in your home currency (CAD), so you know what you see on the screen is exactly what will be withdrawn. If you decline their conversion, it goes the the traditional way, as an international transaction, including with any foreign currency conversion fees charged by your bank.

I always decline it and let it go through the normal/traditional way. RBC charges me 2.5%, less than 5.5% or whatever HSBC or other banks want to do it.

¿Intercam?

by Ceejay@burnaby @, Burnaby, Thursday, January 09, 2020, 09:44 (84 days ago) @ Scott

So, I tried a withdrawal last night...when I declined to accept the fee, it canceled my transaction. So the “fees” on my 4000 pesos ended up as follows: Surcharge 55 MXN, Tax 8.80 MXN and Exchange Rate Mark-up 5.5%. Plus then my bank at home took $3 more! Sheesh. Exchange rate was $13.58. The interesting thing is I am a credit union board director, and credit union in Canada along with HSBC, are in the same interac exchange group and advertise our service as “ding free” if we use other member branches and machines. This is not just a Ding! I think I will take Robs advise and find Intercam.

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¿Intercam?

by mexicoman @, Zihuatanejo, Thursday, January 09, 2020, 13:07 (84 days ago) @ Ceejay@burnaby

So, I tried a withdrawal last night...when I declined to accept the fee, it canceled my transaction. So the “fees” on my 4000 pesos ended up as follows: Surcharge 55 MXN, Tax 8.80 MXN and Exchange Rate Mark-up 5.5%. Plus then my bank at home took $3 more! Sheesh. Exchange rate was $13.58. The interesting thing is I am a credit union board director, and credit union in Canada along with HSBC, are in the same interac exchange group and advertise our service as “ding free” if we use other member branches and machines. This is not just a Ding! I think I will take Robs advise and find Intercam.

If you are only needing small amounts - "up to 5,000 per withdrawal - Inbursa charges 17.4 Pesos.

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Inbursa

by Talley Ho @, Playa la Ropa, Thursday, January 09, 2020, 14:50 (84 days ago) @ mexicoman

You have made believers out of us. It's convenient, a nice machine, and the fee is very good and fair. Thanks!

¿Intercam?

by Scott, Playa del Carmen, Quintana Roo, Mexico, Thursday, January 09, 2020, 14:47 (84 days ago) @ Ceejay@burnaby

I'm in a different part of the country, but I decline the HSBC exchange rate all the time, and it goes through fine.

Are you sure you declined the exchange rate, and not their service fee?

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Santander

by jbmass ⌂ @, Mass,.. N.H...Zih., Thursday, January 09, 2020, 16:28 (84 days ago) @ Scott

we tested the fees, at Santander, one-day last week. one of us declined the rate the other accepted. It cost us $332 with no fee to accept their exchange rate, It cost us $318 to decline it with no fee.

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Santander

by Talley Ho @, Playa la Ropa, Thursday, January 09, 2020, 16:32 (84 days ago) @ jbmass

How did you avoid the 33.something peso fee?

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Santander

by jbmass ⌂ @, Mass,.. N.H...Zih., Thursday, January 09, 2020, 16:39 (84 days ago) @ Talley Ho

I'm not sure but must be deal we had with our bank the receipt said fees $00 and looking at the bank transaction that night they showed the same.

¿Intercam?

by Ceejay@burnaby @, Burnaby, Thursday, January 09, 2020, 18:04 (84 days ago) @ Scott

Yes...for sure!

Interact new fees?

by Ceejay@burnaby @, Burnaby, Saturday, January 11, 2020, 09:44 (82 days ago) @ Ceejay@burnaby

Thank you everyone for the advise. It seems my first attempt at declining fees was in error. Yesterday, I tried HSBC again (as it is close to our lodging), and accepted the fee/tax of 69 Mex, and then the 5.5% page came up. From the translation available, it seems they are trying to sell the idea that if you pay this Exchange fee, you will get a better rate. I declined, and saved $15 Canadian on $4000 pesos. Yahoo!