banks that rob

[gary]

Like more than just a few who live in Mexico, I receive Social Security money every month and fight to hold on to every cent of it to make ends meet. Not too long ago, Mexican banks charged nothing to use their automatic tellers, and so it seemed wise to have Social Security automatically deposit proceeds into a U.S. bank account, then use a bank card (debit card in my case) here in Mexico to receive funds. Visa's exchange rates have always been fair. Recently, however, Mexican banks have become greedy: they not only ask for a fee at the time money is withdrawn, but an additional fee (usually $1.50 dollars) shows up on the bank statement as "ATM fee." Then, suddenly, another fee ("conversion fee" whatever the heck THAT is!) popped up on some but not all transactions. And now, the latest scam (from Banamex): they ask, when you insert your card into the machine, if it's O.K. if they charge 29.00 pesos for the transaction. O.K., that's reasonable. Today, however, my email statement from my U.S. bank says that Banamex charged, in addition to the 29 pesos approved, an additional fee of $6.40! Now, I've figured with the initial withdrawl fee, conversion fee, ATM fee, plus scam fee, it has cost me over 2 percent of what I withdrew just for the leeches that lurch in the shadows of the auto teller machines. Sure, some will say, 2% ain't much...but it's a lot more than I wish to pay. I need as much as I can get! One percent is fair, but more than that is ridiculous. Does anyone have any war stories they wish to share, or good advice/experiences they wish to impart ??

[kasugie]

We have a Banamex USA checking account. There is no charge for Banamex ATM withdrawals in Mexico. I think this is the same for Citbank account holders as well, as long as Citibank still owns Banamex.

Likewise with Bank of America ATM card holders and Santander Serfin.

[laconstance]

I, too, have a Banamex USA account, with an ATM card that works without fee at any Citibank ATM (worldwide), and many other ATMs in the U.S., including some at 7-11! The USA ATM card works without fee at any Banamex ATM, as well. I also have a Banamex Mexico account in Guanajuato, and I can transfer money from the USA account without charge whenever I want to, also without charge. I have a debit card for that account which I can use at any Banamex ATM as well as stores. The Mexican account is also handy for paying my Mexican utility bills on line when I am not in Mexico.

[gary]

I, too, have a Banamex USA account, with an ATM card that works without fee at any Citibank ATM (worldwide), and many other ATMs in the U.S., including some at 7-11! The USA ATM card works without fee at any Banamex ATM, as well. I also have a Banamex Mexico account in Guanajuato, and I can transfer money from the USA account without charge whenever I want to, also without charge. I have a debit card for that account which I can use at any Banamex ATM as well as stores. The Mexican account is also handy for paying my Mexican utility bills on line when I am not in Mexico.

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I, too, have a Banamex USA account, with an ATM card that works without fee at any Citibank ATM (worldwide), and many other ATMs in the U.S., including some at 7-11! The USA ATM card works without fee at any Banamex ATM, as well. I also have a Banamex Mexico account in Guanajuato, and I can transfer money from the USA account without charge whenever I want to, also without charge. I have a debit card for that account which I can use at any Banamex ATM as well as stores. The Mexican account is also handy for paying my Mexican utility bills on line when I am not in Mexico.

Thanks for the information. Now, how does one obtain a Banamex USA account?

[doncoulter]

Another alternative is USAA, a bank based in San Antonio. They don't have any links that I know of to Mexican banks, but they don't charge me to use ATMs here--and, dig this, at the end of each month they reimburse me for ATM fees that the local banks have charged me! This doesn't work at all local banks, but it works at enough that I never pay an ATM fee. USAA itself levies no fees for ATM withdrawals aside from a very low exchange-rate charge.

I'm not sure if you can open a USAA account online, but certainly you can do so by mail or phone. I've been a customer for 12 years or so, and I've never set foot inside one of their branches.

Don

[laconstance]

Google Banamex USA, and you will find all contact information (and more) on their web site. As I recall, you do need a United States address, and there was physical paperwork that I had to sign and send back to them. It was a pretty simple process.

[linn]

I've been a customer for 12 years or so, and I've never set foot inside one of their branches.

Don


Do you know if it is a requirement that you served in the military?

Linn

[doncoulter]

You're correct, Linn. One must be military, ex-military, or related to a USAA member. I didn't know that when I posted earlier. Apparently the rules have changed since I (a draft dodger) signed up.

Don