ATM fees

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?

Check the prior discussions.

Many banks are now trying to get you to agree to a lower exchange rate. It's all about the profit. Unless things really change, you are ALWAYS better taking the non disclosed rate.

INBURSA is our new fav for their ATM, their fee is 17.4 pesos per transactions, 5000 p max per transaction, but you can go up to your "home" countries limit. Thanks Mexicoman. Four transactions, 5,000 pesos each, still under one thousand USD, our daily limit.

Always say NO!
They are trying to get you to take their exchange rate rather then your hometown exchange rate which is always better.

Check the prior discussions.

Many banks are now trying to get you to agree to a lower exchange rate. It's all about the profit. Unless things really change, you are ALWAYS better taking the non disclosed rate.

INBURSA is our new fav for their ATM, their fee is 17.4 pesos per transactions, 5000 p max per transaction, but you can go up to your "home" countries limit. Thanks Mexicoman. Four transactions, 5,000 pesos each, still under one thousand USD, our daily limit.

Haven’t tried for awhile but I got 20,000 for 43 at Banorte.
Now I use Transferwise and avoid ATMs
Makes more sense, (much better exchange rate) if you’re transferring large amounts, at least $1000USD
They take about 1% off the top but give a better exchange rate than Any ATM which uses a lower VISA or I guess Mastercharge or other credit/debit card rate

HSBC had the highest fee of the ATMs I used last November. Perhaps that's why their dynamic currency conversion rate was higher than the other bank.

Hola. Talley Ho the reason my wife likes Scotiabank is that she has an account at Scotiabank in Canada. No transaction fees at either end. Despite all of its flaws, they wont take my cards from other major Canadian institutions, she will use them because of their no transaction fees for her. Your INBURSA fees are very low for a single transaction, but if you are using it 4 times to get the money you want, 70 pesos is no longer a low fee.

A total fee of 70 pesos for 20,000 pesos is amazingly good.

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 www.xe.com 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 xe.com 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.

A total fee of 70 pesos for 20,000 pesos is amazingly good.

Zero fee is 70 pesos cheaper. For Scotiabank customers, there are no ATM fees. Where they get their pound of flesh is in the currency exchange rates.

5/04/2020

Hola @ Talley Ho

Re: "INBURSA is our new fav for their ATM, their fee is 17.4 pesos per transactions, 5000 p max per transaction".......

Me too, I have been using the INBURSA ATM for around 2 years, when they were down the street in their previous location next to Banamex.
Yes, their 17.40 fee is fine.

I just wanted to offer a "tip" (in case you weren't already aware) on making an INBURSA ATM withdrawl, and needing, for example 10,000 pesos......

I have both a checking and a savings at a Califorinia Credit Union bank.
So, (assuming both accounts have funds to cover the transactions) I make a 5,000 with-drawl from the checking, and ditto from the savings, getting the desired 10 mil pesos en efectivo, for 34.80 fee total.
We can conclude that the 5,000 limit is per bank account number.

There may be better option(s) as another User suggested.
But for a walk-up transaction, INBURSA seems to be the best option for me, for relatively small amounts of cash.

@Victorio, excuse this derail from your main topic about Soctia Bank.

--
jaui

I get that!!! LOL

The 5,000 peso limit is just their limit on the ATM. What we can get is based on our personal daily limit at our US bank.

We are having retaining walls and a pool put in, so we needed to stockpile some cash. I can take out up to the equivalent of 1,000 USD per day from my account. So, I take 5,000, then push yes for another transaction, and do it four times to get my 20,000 pesos, all from the same account, all without removing my card from the machine. Easy Works at all the other banks too, but the fees are higher.

The 5,000 peso limit is just their limit on the ATM. What we can get is based on our personal daily limit at our US bank.

We are having retaining walls and a pool put in, so we needed to stockpile some cash. I can take out up to the equivalent of 1,000 USD per day from my account. So, I take 5,000, then push yes for another transaction, and do it four times to get my 20,000 pesos, all from the same account, all without removing my card from the machine. Easy Works at all the other banks too, but the fees are higher.

So just to be certain.
Are you indicating you do all 4 transactions under one fee of 17.40?

Still surprised you don't use Transferwise

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 www.xe.com 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 xe.com 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.

Let's get scientific.
As of this very moment:
1. the xe.com is 17.3051
2. Transferwise is 17.3049, and if you transfer 1000 CAD, they will take 13.01 off the top for an effective rate of 17.10 (app)
3. Can someone run down to Scotia, Inbursa, Santander, Banorte, Intercam, etc and ATM the equivalent of 1000 CAD

No. Each transaction is charged 17.4 pesos, so four disposals of 5,000 pesos is four transactions.

Let's get scientific.
As of this very moment:
1. the xe.com is 17.3051
2. Transferwise is 17.3049, and if you transfer 1000 CAD, they will take 13.01 off the top for an effective rate of 17.3049.
3. Can someone run down to Scotia, Inbursa, Santander, Banorte, Intercam, etc and ATM the equivalent of 1000 CAD

It wasn't my intention to compare xe.com's rate to anyone else's. To repeat: the xe.com is a "mid-rate", which they point out is not normally available to consumers. I use it only to get some idea of what I'll get at Scotiabank's Zihua ATM, and I've found, over the years, that I'll get from 2.5 - 3% less that the posted xe.com rate.
If you routinely do better, good on ya.
Re #3: At Scotiabank Zihua, yes, since my daily cash limit on my Canadian Scotiabank account is $1000. I can't recall ever trying to withdraw more that 9000 pesos in one transaction. At the rates in effect last January/February, two withdrawals - one of 7000 pesos and one of 6000 - brought me close to my daily maximum of $1000 Canadian. As noted, I pay no ATM fee at Scotiabank.

Let's get scientific.
As of this very moment:
1. the xe.com is 17.3051
2. Transferwise is 17.3049, and if you transfer 1000 CAD, they will take 13.01 off the top for an effective rate of 17.3049.
3. Can someone run down to Scotia, Inbursa, Santander, Banorte, Intercam, etc and ATM the equivalent of 1000 CAD

It wasn't my intention to compare xe.com's rate to anyone else's. To repeat: the xe.com is a "mid-rate", which they point out is not normally available to consumers. I use it only to get some idea of what I'll get at Scotiabank's Zihua ATM, and I've found, over the years, that I'll get from 2.5 - 3% less that the posted xe.com rate.
If you routinely do better, good on ya.
Re #3: At Scotiabank Zihua, yes, since my daily cash limit on my Canadian Scotiabank account is $1000. I can't recall ever trying to withdraw more that 9000 pesos in one transaction. At the rates in effect last January/February, two withdrawals - one of 7000 pesos and one of 6000 - brought me close to my daily maximum of $1000 Canadian. As noted, I pay no ATM fee at Scotiabank.

Wasn't meant to be personal.
It's an academic exercise with practical implications for anyone who is concerned about every peso

The 5,000 peso limit is just their limit on the ATM. What we can get is based on our personal daily limit at our US bank.

We are having retaining walls and a pool put in, so we needed to stockpile some cash. I can take out up to the equivalent of 1,000 USD per day from my account. So, I take 5,000, then push yes for another transaction, and do it four times to get my 20,000 pesos, all from the same account, all without removing my card from the machine. Easy Works at all the other banks too, but the fees are higher.

So just to be certain.
Are you indicating you do all 4 transactions under one fee of 17.40?

Still surprised you don't use Transferwise

Transferwise.com requires a Mexican Bank account to receive on this end.

The 5,000 peso limit is just their limit on the ATM. What we can get is based on our personal daily limit at our US bank.

We are having retaining walls and a pool put in, so we needed to stockpile some cash. I can take out up to the equivalent of 1,000 USD per day from my account. So, I take 5,000, then push yes for another transaction, and do it four times to get my 20,000 pesos, all from the same account, all without removing my card from the machine. Easy Works at all the other banks too, but the fees are higher.

So just to be certain.
Are you indicating you do all 4 transactions under one fee of 17.40?

Still surprised you don't use Transferwise

Transferwise.com requires a Mexican Bank account to receive on this end.

That is correct

5/04/2020

@Talley Ho

Re-----> " So, I take 5,000, then push yes for another transaction, and do it four times to get my 20,000 pesos, all from the same account, all without removing my card from the machine. Easy Works at all the other banks too, but the fees are higher. "

Ahhh, O.K., that's good info, thank you for returning that tip, it's very useful
So, then the INBURSA limit is per TRANSACTION, and not per account #, as I thought it was.

And of course as you mentioned any limit that your bank may have on the account you use.

With the Credit Union I use, for security they have a USD400.00 limit per day, (which would cut losses in the unfortunate event of being held up and forced to withdraw.)
So, with my bank, I could not get the $1,000.00 , in which case I would need to use an alternate card to complete the amount.

Saludos.

--
jaui

It would be worth querying your credit union to see if they would raise your daily limit. Ours was set at 500 USD, and an online chat was all it took to raise it.

5/04/2020

Hola @ Talley Ho

Re: "INBURSA is our new fav for their ATM, their fee is 17.4 pesos per transactions, 5000 p max per transaction".......

Me too, I have been using the INBURSA ATM for around 2 years, when they were down the street in their previous location next to Banamex.
Yes, their 17.40 fee is fine.

I just wanted to offer a "tip" (in case you weren't already aware) on making an INBURSA ATM withdrawl, and needing, for example 10,000 pesos......

I have both a checking and a savings at a Califorinia Credit Union bank.
So, (assuming both accounts have funds to cover the transactions) I make a 5,000 with-drawl from the checking, and ditto from the savings, getting the desired 10 mil pesos en efectivo, for 34.80 fee total.
We can conclude that the 5,000 limit is per bank account number.

There may be better option(s) as another User suggested.
But for a walk-up transaction, INBURSA seems to be the best option for me, for relatively small amounts of cash.

Update Aug. 13 2021

The Inbursa ATM there on Calle Ejido, no longer offers to make the withdrawl against a savings account. The machine now gives only two options ( instead of the prior 3):
1. cuenta de cheques or
2. tarjeta de crédito.

So, if for example I wanted 10,000 cash, I would have to do it on 2 days, versus when the cuenta de ahorros was an option, I would get 5,000 from cuenta de cheques, and 5,000 more from my cuenta de ahorros, ( I have both at the bank on the ATM card I use at Inbursa, plus a Credit Card account), without having to remove the card.
Note that I don't use the "tarjeta de crédito" option because that typically involves additional expensive fees my bank would charge.

--
jaui

Our daily limit is approximately 1,000 USD. That is 20,000 pesos, more or less. I say approximately because several times the 5,000 peso ATM limit is more than 250 USD, my bank has allowed it to pass, and I still get my 20,000 pesos.

Fortunately, our construction is complete and we no longer need such large quantities of cash.

We just take the maximum 5,000 pesos out from the same account four times if we need that much. Have never bothered changing accounts. Try it. Bet you can take up to your daily US or Canadian limit simply by doing more than one transaction of 5,000 pesos.

Our daily limit is approximately 1,000 USD. That is 20,000 pesos, more or less. I say approximately because several times the 5,000 peso ATM limit is more than 250 USD, my bank has allowed it to pass, and I still get my 20,000 pesos.

Fortunately, our construction is complete and we no longer need such large quantities of cash.

We just take the maximum 5,000 pesos out from the same account four times if we need that much. Have never bothered changing accounts. Try it. Bet you can take up to your daily US or Canadian limit simply by doing more than one transaction of 5,000 pesos.

8/14/2021

Thanks for your useful information

In my case, I prefer(red) to use my SAVINGS acoount (cuenta de ahorros) to withdraw the cash from, as it works out better for me to manage my personal finances doing it like that.
Also, IF by chance one doesn't have the funds to backup the ATM cash in their cuenta de cheques, but has it in their savings, having that option, (as it was up until early this month,) was very useful for me.
The point of my UPDATE was to point out that that option no longer exists.
So, in my case I have to be sure the funds are in the cuenta de cheques to backup the amount I withdraw.
Reciba un cordial saludo