Update on Inbursa Daily Peso Withdraw Limit
by Padrino 
, Rosarito/Zihuatanejo, Friday, June 21, 2024, 09:42 (870 days ago)
Greetings, Friends. Just wanted to let folks know that Inbursa Bank is now allowing up to MXN$7,000 pesos per withdraw depending upon the debit card. I asked one one of the tellers what was the maximum expecting to hear MXN$5,000 pesos. She informed me that we could withdraw up to MXN$7,000 but it depended upon the debit card. With my Schwab debit card, I was able to withdraw the maximum of MXN$7,000 pesos. Cool! I then ran around the block and deposited MXN$5,000 in my BBVA account. High finance. (I just don't like walking around with more than about MXN$2,000 pesos in my pocket.)
The transaction fee is now MXN$22.04 pesos which still seems to be much less than what other Zihua banks charge. Of course, Schwab reimburses all your ATM charges but I still want to keep the costs down as much as possible, if only to keep the Schwab gravy train moving forward.
The exchange rate was excellent at approximately 18.4 pesos to the dollar. It was very close to the stated rate on the Internet via Google and the rate that Wise was quoting. The Casas de Cambio in San Diego / Tijuana have been slow to adjust to the shellacking that the peso received after the election, of which much was discussed in another thread here.
Speaking of said peso downward movement, here is an article from The New York Times about why the peso was hit so hard. The general sentiment from the thread above was that the markets have overreacted and I pretty much agree, for what it's worth. The new Presidenta claims that she is dedicated to democratic institutions. We shall see!
Mexico’s Leftists Won Big. Investors Are Worried.
Note: Link to article is good for 30 days from posting date.
Update on Inbursa Daily Peso Withdraw Limit
by Talley Ho , Playa la Ropa, Friday, June 21, 2024, 11:18 (870 days ago) @ Padrino
It's been at least several months since they raised the limit to 7,000 pesos PER TRANSACTION. If your daily withdrawal rate is set at 1,000 USD, you can do multiple transactions until you hit your limit.
INBURSA is also interesting in that for some banks it does not charge the ATM fee. Charles Schwab is included as one of them. No, it's not just them refunding the fees, they are part of a group that does not charge each other. Capital One was part of it until recently, and now they are back to charging Cap One debit cards. Don't know what other banks are included.
Update on Inbursa Daily Peso Withdraw Limit
by jay , Friday, June 21, 2024, 13:29 (870 days ago) @ Talley Ho
Capital One was part of it until recently, and now they are back to charging Cap One debit cards. Don't know what other banks are included.
I find your comment interesting as I have a Cap1 debit card. Could you elaborate on who 'they' and 'it' are above? It's not clear who is back to charging Cap1 debit cards.
I could say something snarky but I'll resist the temptation.
Update on Inbursa Daily Peso Withdraw Limit
by Talley Ho , Playa la Ropa, Friday, June 21, 2024, 14:00 (870 days ago) @ jay
When I used my Cap 1 debit card at INBURSA on Tuesday, it told me that I would be charged for the transaction. For the last several months they were not charging me.
Charles Schwab isn't charged a fee. I spent a long time on the phone with them to find that out. If you read the message on about the second screen, it says that they have agreements with some other institutions and they won't charge their fee.
Update on Inbursa Daily Peso Withdraw Limit
by Padrino , Rosarito/Zihuatanejo, Friday, June 21, 2024, 14:47 (870 days ago) @ Talley Ho
Charles Schwab isn't charged a fee. I spent a long time on the phone with them to find that out. If you read the message on about the second screen, it says that they have agreements with some other institutions and they won't charge their fee.
Curiouser and curiouser. Inbursa's receipt indicated an ATM fee. I will be sure to check the end-of-month statement from Schwab to see if the ATM fee was reversed. If it wasn't, then we can assume that the declaration of the fee was an error on Inbursa's part and there was indeed no fee. I kinda' doubt it but we'll see.
Update on Inbursa Daily Peso Withdraw Limit
by jay , Friday, June 21, 2024, 15:15 (870 days ago) @ Talley Ho
Thanks for the clarification. I'll be back in late August for reasons we've discussed elsewhere.
