ATM Offered Exchange Rate

Drew pesos from HSBC ATM this morning. They offered a rate of 13.68 pesos/Cdn$.
Someone suggested earlier to reject this rate, which I did. The ATM continued and gave me my pesos. Got home, check my bank account and had received and exchange rate of 14.18 pesos/Cdn$. That's a difference of .5 pesos per Cdn$.
Just wanted to let everyone know that this works.

Yes, ANYTIME an ATM offers you an exchange rate REFUSE IT!. It is even worse in USD.

D

Drew pesos from HSBC ATM this morning. They offered a rate of 13.68 pesos/Cdn$.
Someone suggested earlier to reject this rate, which I did. The ATM continued and gave me my pesos. Got home, check my bank account and had received and exchange rate of 14.18 pesos/Cdn$. That's a difference of .5 pesos per Cdn$.
Just wanted to let everyone know that this works.

In Mexico, I've primarily used my Scotiabank client card at their machines, but have, on occasion, used Banorte, Santander, Banamex, etc., and don't recall ever being "offered" an exchange rate at an ATM.
Where, in the ATM transaction process, is an "offer" made.....and why, in Heaven's name, would any bank worth its salt ever say "OK, we'll give you a rate that's 3 or 4% better, just 'cuz you said 'no'"?
Just curious.

Santander, when you refuse their rate spits out your card, and no money.

Banamex is still paying the going rate.

Scotia charges a fee of 100p to use their machine.

Some of us have to use ATM's to get pesos because our pensions must be deposited in US banks.

Drew pesos from HSBC ATM this morning. They offered a rate of 13.68 pesos/Cdn$.
Someone suggested earlier to reject this rate, which I did. The ATM continued and gave me my pesos. Got home, check my bank account and had received and exchange rate of 14.18 pesos/Cdn$. That's a difference of .5 pesos per Cdn$.
Just wanted to let everyone know that this works.

In Mexico, I've primarily used my Scotiabank client card at their machines, but have, on occasion, used Banorte, Santander, Banamex, etc., and don't recall ever being "offered" an exchange rate at an ATM.
Where, in the ATM transaction process, is an "offer" made.....and why, in Heaven's name, would any bank worth its salt ever say "OK, we'll give you a rate that's 3 or 4% better, just 'cuz you said 'no'"?
Just curious.

You have this all WRONG. It is not about the banks salt and giving you more. It is about taking away what is or should be given. You need to read about : Dynamic Currency Conversion (DCC)

It is offered in the last step of the process.

It is a RIPOFF

D

Also we use ATM's because we do not won't to travel with a lot of cash. The convenience is a lot better than when we took AMEX checks to the bank to cash.

Use TransferWise to move the pension $ from your home countrry to your Mexican bank. They give you the exact published exchange rate at hat moment in time. The fee is miniscul less than 1%. The money comes overnight. Changed my life. Use the atm of your Mexican bank and there should be no atm fee. I rec'd 19:1 US recently.

I was recently in Vancouver and tried to do with my bank, HSBC. Could't do it. Nobody would give the secret code I needed to give to TW.
Maybe this doesn't work in Canada, or does it with other banks?

I use TransferWise with TD—works well.

Scotia charges a fee of 100p to use their machine.<<<

Was this the ATM in the bank or a stand alone Scotiabank ATM elsewhere?

We've used the Scotiabank ATM in the Zihua bank and because we are clients of Scotiabank we didn't get dinged the 100p fee.

However, when I was in Mazatlan last year, I accessed a Scotiabank ATM in a Farmicia Guadalajara and was startled to see that there was a 174p fee (CAN$13.92). I cancelled the transaction and went to the Scotiabank in Mazatlan, used the bank ATM and there was no additional fee.

Since then I've been back and forth with Scotiabank about this 174P fee but haven't been able to connect with the right people to find out why the fee -- especially to a client. The only answer I've received is that they would reverse the fee if I brought it to their attention.

We are planning a South America visit next spring and we want to be able to access the Scotiabank ATMs which are throughout lots of parts of South & Central America without the hassle of having to keep withdrawal slips then tangle with Scotiabank later.

Roberto!

Drew pesos from HSBC ATM this morning. They offered a rate of 13.68 pesos/Cdn$.
Someone suggested earlier to reject this rate, which I did. The ATM continued and gave me my pesos. Got home, check my bank account and had received and exchange rate of 14.18 pesos/Cdn$. That's a difference of .5 pesos per Cdn$.
Just wanted to let everyone know that this works.

In Mexico, I've primarily used my Scotiabank client card at their machines, but have, on occasion, used Banorte, Santander, Banamex, etc., and don't recall ever being "offered" an exchange rate at an ATM.
Where, in the ATM transaction process, is an "offer" made.....and why, in Heaven's name, would any bank worth its salt ever say "OK, we'll give you a rate that's 3 or 4% better, just 'cuz you said 'no'"?
Just curious.

You have this all WRONG. It is not about the banks salt and giving you more. It is about taking away what is or should be given. You need to read about : Dynamic Currency Conversion (DCC)

It is offered in the last step of the process.

It is a RIPOFF

D

No, you misinterpreted my post. I'm no fan of the major banks, who have never been known to give anything away.
You say "It is offered in the last step of the process". Never, in any one of the hundreds of ATM cash withdrawals of local currency I've made in the USA or Mexico, has an ATM offered me an exchange rate.....never.
Maybe it's only for high-rollers.

No, it's happening to all of us, at select banks. So far, HSBC and Santander are doing it.

Get down here and find out! You STILL owe us a beer!

I am a Scotiabank customer and do not get charged for using Scotiabank in Zihua, altho' they are apparently separate outfits. In the US, I can use my Scotia card at Bank of America for no fee, cuz they are partners of sorts. Maybe BoA cards will have no fee in Zihua if used at Scotiabank. Perhaps if somebody checks it out, they will let us all know.

I am a Scotiabank customer and do not get charged for using Scotiabank in Zihua, altho' they are apparently separate outfits. In the US, I can use my Scotia card at Bank of America for no fee, cuz they are partners of sorts. Maybe BoA cards will have no fee in Zihua if used at Scotiabank. Perhaps if somebody checks it out, they will let us all know.

Bank of America does partner with Scotia bank and there is no ATM fee.

A good example of the complexities of exchange rates. I have B of A accounts and it is somehow affiliated with Scotiabank. At their banks and ATMs I do not pay a fixed fee but am charged 3% service charge and the policy is the same no matter what Scotiabank I use in Mexico.

But knows what the actual exchange rate is net of any fees.

I have never been asked to enter a "secret code" on TransferWise. However I am using a debit card for the transfer from my bank not a direct bank transfer. Also it is cheaper to use the debit card than a direct bank transfer. Have you tried that?

Apparently this type of "debit card" is not available in Canada.

We have a ETrade money market debit card. For our withdrawals, we were reimbursed our ATM Fee but had to pay a small foreign transaction fee- same thing when we were in Greece and doing the Greek Island Cruise. The small fee is better than the old way using the AMEX checks and waiting in lines at the banks to cash.

You say "It is offered in the last step of the process". Never, in any one of the hundreds of ATM cash withdrawals of local currency I've made in the USA or Mexico, has an ATM offered me an exchange rate.....never.
Maybe it's only for high-rollers.

I don't get it either with my Canadian card. But when my grandma is here, the same ATMs that don't ask me to accept their bad exchange rate show this screen with her card.

Has happened to me, with my Cdn card, at HSBC and Santander ATMs.