ATM Fees

[laconstance]

Does anyone know the amount of ATM fees charged by Mexican banks (specifically HSBC and Bancomer) for withdrawls of cash from their bank ATMs, using a U.S.-based Cirrus affiliate ATM (not credit or debit) card? It appears that HSBC has recently imposed an extremely high fixed fee per transaction, but I can't seem to pin it down. I'm currently not in Mexico, and am trying to figure this out long-distance.

[doncoulter]

Constance, I did some ATM "shopping" a week or so ago, checking the fees at the ATMs of four different banks: Banamex, Banorte, Santander, and HSBC. I found Banorte to have the lowest fee, at 20 pesos per withdrawal plus IVA (which is currently 16 percent), for a total of 23.2 pesos. As I remember, HSBC's fee was the highest in my survey, at 27 pesos plus IVA.

I'm in the midst of looking for a way to avoid these fees. Supposedly this is possible with certain U.S. banks that have relationships with Mexican banks. I'd like to hear from anyone who knows more about this.

Don

[laconstance]

Don, thanks for your timely and speedy reply. These are apparently new fees, because I have never had to pay more than about a 1% premium which I assumed was for the exchange. (My hometown bank here in the U.S. charges no transaction fees on their end.) My housekeeper has an ATM card for an account at my hometown bank I use for paying her; she withdraws her salary every week at the ATM, and for over a year I had no problem. Then, suddenly, the withdrawls were in excess of 30 pesos MORE than they should have been. I never once suspected her of dishonesty and figured that it HAD to be new ATM charges, which you have confirmed.

I hope the thread continues and people share their experiences, and also their work-arounds! Thanks.

[mr bill]

Constance, the fees are indeed new and as usual the banks are gouging us - and it seems to be more than just Mexico. While we were in Thailand this winter we got socked $5 extra per transaction just because we were using a foreign card. We got around the fee by using Bangkok Bank's New York account to send a US domestic wire and then it posted to my wife's BB account in Thailand and we were able to make ATM withdrawals for only 75 cents. Same can be done with Scotia Bank here. If you have an account with them speak with Antonio in the main office near the Comercial. You send a domestic wire to their NYC account and they transfer it here for free. Then get an account and card for your housekeeper there.

[laconstance]

Bill, thanks for the amplification of this maddening situation. I found out yesterday that Bancomer seems to charge the least -- 19.59 pesos per transaction -- but still hefty if you add 16% IVA to it. For now, a neighbor/friend has offered to use the ATM card to withdraw large amounts, then pay the housekeeper cash every week.

But, I need a permanent solution, of course. I have thought about opening a M?xican bank account that could correspond with a U.S. account for no-cost transfers. (U.S. wire transfers within the country cost anywhere from $40 to $50!) But, I have always been stopped by the exhorbitant monthly fees that M?xican banks charge just to maintain the account (so they can use MY money)! Does anyone have any advice about that?

[mr bill]

Constance try Scotiabank Cuenta Unica Cero Click on the logo to go to their site.

[meroberts]

I bank at Bank of America in the US and Santander in Mexico for the whole purpose of not having to pay ATM fees. These two banks have a "relationship" (don?t you love the term?). However, I recently heard that this might change in 2011. So I will keep this "relationship" going until a "break-up" is imminent. I don?t know if this will help anyone, but I thought it might still save us some fees for six months. I usually go to the Bancomer and Mega locations but use Santander ATM machines to get cash. Hope this is helpful.

Martha :-)

Bill, thanks for the amplification of this maddening situation. I found out yesterday that Bancomer seems to charge the least -- 19.59 pesos per transaction -- but still hefty if you add 16% IVA to it. For now, a neighbor/friend has offered to use the ATM card to withdraw large amounts, then pay the housekeeper cash every week.

But, I need a permanent solution, of course. I have thought about opening a M?xican bank account that could correspond with a U.S. account for no-cost transfers. (U.S. wire transfers within the country cost anywhere from $40 to $50!) But, I have always been stopped by the exhorbitant monthly fees that M?xican banks charge just to maintain the account (so they can use MY money)! Does anyone have any advice about that?

[meroberts]

I just got cash from Santander?s ATM machine at MEGA and I can confirm that my fee was ZERO. This is by banking at Bank of America (BOA) in the US, and Banco Santander here in Guanajuato.

Martha


Bill, thanks for the amplification of this maddening situation. I found out yesterday that Bancomer seems to charge the least -- 19.59 pesos per transaction -- but still hefty if you add 16% IVA to it. For now, a neighbor/friend has offered to use the ATM card to withdraw large amounts, then pay the housekeeper cash every week.

But, I need a permanent solution, of course. I have thought about opening a M?xican bank account that could correspond with a U.S. account for no-cost transfers. (U.S. wire transfers within the country cost anywhere from $40 to $50!) But, I have always been stopped by the exhorbitant monthly fees that M?xican banks charge just to maintain the account (so they can use MY money)! Does anyone have any advice about that?

[laconstance]

Thank you!

Did you use the ATM card for your BOA U.S. account, or your Santander Mexican account when you used the machine at Mega?

And, do you know how what charge is levied to transfer money from BOA in the U.S. to Santander in M?xico? Sometimes, it seems "free" to send money, but costs to receive it. Is that the case with BOA/Santander, or is it a seamless situation, about as easy as shifting money from one account to another at the same bank?

[meroberts]

BOA has a service called "SAFE SEND" for which you have to register in the US. Once you account is set up with Santander, you can call their 800 number and have a same day transfer (if you call early enough). You need to go in person and have your Santander account already in place. I don?t remember what the charges are per transfer nor their limits, but you can visit their website and they have a video that explains the fees.

M ;)