Santander/BoA
11-13-2013, 09:18 AM,
#1
Santander/BoA
For years have used BoA card to withdraw pesos from Santander banks across Mexico without any fees. Well today my usa account shows a 3% " international transaction fee" in favor of Santander for a cash withdrawal done yesterday. No more free rides?? Anyone else seeing same?
11-13-2013, 12:54 PM,
#2
RE: Santander/BoA
Follow up- BoA website announces the new 3% international transaction fee effective nov 8. Too bad.
11-13-2013, 02:41 PM,
#3
RE: Santander/BoA
Your post had alerted me, as I had made a BofA/Santander ATM withdrawal yesterday, so I checked my account online, and sure enough I had a US$10.24 surcharge listed as a separate withdrawal.

I immediately called BofA and asked to speak to a supervisor. I asked what the US$10.24 withdrawal was. The BofA supervisor confirmed that it was an ATM usage charge. She stated that currently Santander withdrawals would reflect the charge, but that ScotiaBank withdrawals would still fall under the old policy of being free in Mexico.

I then asked the supervisor for a refund of the US$10.24 fee, to which she agreed. So my account was credited for the fee.

I guess we will have to use ScotiaBank now.

However, in the mean time, I had done some quick research of US banks with Mexican affiliates. I found the following.
1. Inter National Bank > Banorte
2. Citibank > Banamex
3. BofA > ScotiaBank
11-13-2013, 06:30 PM,
#4
RE: Santander/BoA
Good research, thank you. It is. Scotiabank from now on. Sure going to miss our convenient Santander here on La Presa.
11-13-2013, 09:53 PM,
#5
RE: Santander/BoA
I went to ScotiaBank today and did a MX$1200 withdrawal, and was hit with a MX$9.50 fee. (I guess that is better than US$10.24 on a MX$4500 withdrawal)

The only branch is downtown around the corner from the old Comercial Mexicana. I do not have a secure feeling when using that ATM, and it is out of the way. With Santander there were multiple options, all more secure than the location of the ScotiaBank ATM.

I am phoning BofA again tomorrow. I was told three times by a supervisor that ScotiaBank would be free.

I am going to look into Inter National Bank which is affiliated with Banorte.

I already have a Citibank Banamex USA account and Debit Card and will have to try it out. It has not been used in years, but if I remember correctly, they screw you on the exchange rate.
11-14-2013, 11:02 AM,
#6
RE: Santander/BoA
CORRECTION!

I would just like to inform the forum that I was misinformed by the BofA supervisor who stated that ScotiaBank fell under the old policies of free ATM withdrawals.

I used the Scotia ATM and incurred 3% PLUS 9.5 pesos. So Scotia is even more expensive than Santander. And, I think the exchange rate is not as good as Santander, but I am not sure.

I called BofA, and was refunded a second time.

The only option is to close BofA accounts, move direct deposits, and let BofA know why.

Other options could be Schwab Bank: totally free through reimbursements, but cannot be opened online, or Capital One 360: free on their end but you still incur the ATM owner's fee. I looked at Inter National Bank and have ruled them out to to minimum balance rules, and/or other account fees.
Citibank Banamex USA is another option, but very poor exchange rates the last I knew.

It would appear that Mexico becomes more and more undesirable by the day, with forced vehicle nationalizations, exorbitant fees for accessing funds, and sky rocketing food prices, to name a few.
11-14-2013, 01:25 PM,
#7
RE: Santander/BoA
Will you pass along the telephone number you use here to phone BoA customer service to seek refund of these new charges. Thanks mucho. We have a Santander account so new plan is to do a one time BoA wire transfer ($45us) for about 6 mos. living expenses and then just draw funds as needed.
11-14-2013, 07:00 PM,
#8
RE: Santander/BoA
"Forced vehicle nationalizations"?
11-15-2013, 09:03 AM,
#9
RE: Santander/BoA
What is the deal with the banks? Seems like in the last 4-5 years they have become fee and charge crazy. Before that all seemed to be easily managed. Not any more, as I always seem to get a message that effective so-and-so date we are changing our policies and fees. :(
11-15-2013, 09:30 AM,
#10
RE: Santander/BoA
Bank fees have been going up north of the border, big time, as well. Big banks like Wells Fargo had their 'revenue stream' reduced during the financial crunch and have been raising fees to regain it. My friend left WF after they began charging a $30 monthly 'service fee' for her $30,000 in savings.


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