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#1 La Bella

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Posted 08 June 2015 - 11:15 AM

How much does Banamex charge for using their ATM?

My debit card from my US bank will charge me 3% of the total amount I withdraw in other countries. 

The card is Debit and Credit but according to my bank Visa is the one charging the 3%.

 

La Bella


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#2 mstevens

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Posted 08 June 2015 - 11:36 AM

Your bank is fibbing to you. Foreign exchange fees are set by the card issuer, in this case your bank. There are also profits to be made by setting the exchange rate you get. You'll never get the interbank rate, which is what you see quoted "in the newspaper" (or, more likely, online or in a smartphone app), but many issuers will give you rates very close to that. 

 

I'm afraid I don't know exactly what Banamex charges to use a non-Banamex card in one of their ATM's, but it's "not much" and is a flat fee, like any other ATM.


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#3 2cozlovers

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Posted 08 June 2015 - 06:01 PM

When we were there last week, a friend used the BanCo ATM across from Wet Wendy. Pulled $300.00 in Dollars and the fee was $4.54. The charges on the printed receipt.

John
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#4 Charles

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Posted 09 June 2015 - 08:52 AM

Banamex used to be $27 or $29 pesos (under $2 USD). They were in the middle of different bank fees.
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#5 mstevens

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Posted 09 June 2015 - 10:42 AM

Just keep in mind that, whatever fee Banamex charges for use of their ATM (and their fee is pretty small), your bank will still charge whatever fees it wants on top of that


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#6 kentukcoz

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Posted 09 June 2015 - 03:57 PM

What kind of exchange rate are you getting at the ATM,s ? Here in Cincinnati we can't get better than 14:1 when the official rate today is 15.58:1 Are we better off just pulling money out when we get here? I know its not a huge thing. Just don't like giving the banks any more of my money than I have to for a service that shouldn't be costing them much.  


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#7 La Bella

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Posted 09 June 2015 - 04:55 PM

What kind of exchange rate are you getting at the ATM,s ? Here in Cincinnati we can't get better than 14:1 when the official rate today is 15.58:1 Are we better off just pulling money out when we get here? I know its not a huge thing. Just don't like giving the banks any more of my money than I have to for a service that shouldn't be costing them much.  

I am trying to figure out if it's worth using the ATM in Coz.  We were there for 3 weeks and just took cash and credit cards, but we are planning on returning in August and staying for 3 months.

La Bella


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#8 Steve

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Posted 09 June 2015 - 06:45 PM

For 3 weeks I wouldn't worry about it. For 3 months you can save quit a bit. I have said this before and it works great for me. Open an account with Capital One. You will get a debit card that charges no ATM fees or Foreign Transaction fees and the rate you get out of the ATM will be about .2 or .3 tenths of a point below the current exchange rate. You are also covered if someone else uses your card. You'll get your money back. I save about $18 to $20 every time I take out $500 US. That is like getting a free case of beer or a dinner.


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#9 cvchief

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Posted 10 June 2015 - 09:05 AM

For 3 weeks I wouldn't worry about it. For 3 months you can save quit a bit. I have said this before and it works great for me. Open an account with Capital One. You will get a debit card that charges no ATM fees or Foreign Transaction fees and the rate you get out of the ATM will be about .2 or .3 tenths of a point below the current exchange rate. You are also covered if someone else uses your card. You'll get your money back. I save about $18 to $20 every time I take out $500 US. That is like getting a free case of beer or a dinner.

 

And a free case of beer is nothing to sneeze at!   I have been thinking of opening one to go as a back up to Xoom.  I have a Cap one credit card I ilke.


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#10 WildBill

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Posted 08 September 2015 - 06:38 PM

Steve,

 

I have a cap one account and atm card, just talked to them today (9-8-15) and they quoted me 3% of my withdawl, 2.00 for a foreign fee and 4.99 for using a non Cap One atm. Who do I need to talk to so I get what you quote????

 

WildBill

 

For 3 weeks I wouldn't worry about it. For 3 months you can save quit a bit. I have said this before and it works great for me. Open an account with Capital One. You will get a debit card that charges no ATM fees or Foreign Transaction fees and the rate you get out of the ATM will be about .2 or .3 tenths of a point below the current exchange rate. You are also covered if someone else uses your card. You'll get your money back. I save about $18 to $20 every time I take out $500 US. That is like getting a free case of beer or a dinner.


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#11 Steve

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Posted 09 September 2015 - 11:04 AM

Bill...I don't know right now. It might have changed in the last couple of months. They were combing their separate banks into a single Capital One 360 account. They might have changed their policy. I'll have to call and see.

 

This could be another reason... Capital One: If you just bank through them online (so your state does not have actual brick-and-mortar locations) through Capital One 360, there are no fees on any withdrawal outside the Capital One network, even if the network or issuer, like Mastercard, charges a fee. MasterCard will charge a 1% fee, but that is “covered” by Capital One, so you shouldn’t find it on your statement. However, as readers have commented below, if you bank through an actual Capital One physical location, you will be assessed fees as high as $2 per withdrawal and 3% of the transaction amount, meaning your costs could add up quickly.

 

I hope it hasn't changed. I have never been charged a fee during the 6 or 7 years I have had my account open. It' saved me a lot of money.


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#12 Charles

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Posted 09 September 2015 - 08:43 PM

I've long banked with Wells Fargo solely because they're the only bank I can physically access. They charge a standard $5 dollar "out of network" fee, no foreign transaction fee. Along with the couple of bucks charged by Banamex ATM, $7 dollars total withdrawing very close to $500 dollars each time.

Whether using ATMs for currency in Mexico or Canada, I always get a better rate than changing cash inside a bank.
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#13 ccannon707

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Posted 10 September 2015 - 04:11 PM

If you have a BofA ATM card you can still take pesos out of Santander Bank. BofA now charges you a 3% fee on your withdrawal, but there is no "out of network" fee.

 

I finally opened a Charles Schwab ATM account and can withdraw anywhere without any fee whatsoever. Technically, the fee is charged, but then Schwab refunds it. The account is free, and there are no minimum balances.  Of course Schwab hopes to get your brokerage business, but it is not required.


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#14 Steve

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Posted 10 September 2015 - 05:03 PM

ccannon...I am going to open an account with Schwab in case Capital One has changed it's rules. I see that Schwb has the right to change it's policies anytime it wants but if it works for awhile it will be worth it.


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#15 cvchief

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Posted 11 September 2015 - 10:54 AM

How is the Schwab exchange rate generally?


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