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New CI Banco ATM Fee  Rate Topic 
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 Posted: Thu Jun 25th, 2020 06:02 pm
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jsprag
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John, CI Banco was vague when my wife went in and asked them to explain 5.5% printed on the receipt. They said it's not a fee. Ah, but it is .. after much conversation our take on this is as follows.


At the moment the published exchange rate is 22.74. CI Banco is converting at approximately 5.5% less which is 21.49. They then add a use fee of approximately 17.50 pesos. If your financial institution is free this is your rate. To check for a settled rate You have to wait a day or two for the transaction to settle in your account. Divide the number of pesos received by the dollars charged against your account. This is the settled rate.

Unfortunately, it is very fluid and changes with market price.

3 months ago we were exchanging at about .30 pesos less per 1 USD's published rate at the time. Now it's about 1.35 pesos. per 1 USD

Sorry to be so windy.

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 Posted: Thu Jun 25th, 2020 06:08 pm
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johnmoore
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Appreciate your long windiness...lol, really sorry for my thickheadedness….lol, But I think I finally get what you all are saying and am thankful you hung in there with me.

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 Posted: Fri Jun 26th, 2020 02:01 am
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Hook
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Beachgirl wrote: Why not get an account at Capital One.  No fees.

You have a Capital One DEBIT card?


A Capital One CREDIT card has no international transaction fees. But, generally speaking, if you use a CREDIT card to get cash out of an ATM, it is considered a cash advance by your banking institution and there are significant fees for a cash advance.

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 Posted: Fri Jun 26th, 2020 02:38 am
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emc2
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The new revised receipt shows the exchange rate they are using.  Two days ago on the 23rd it was 1 USD = 21.00652 MXN.  Then it says Markup 5.5% and then the total transaction amount in USD.  The top part of the receipt shows the total pesos.


I immediately checked the VISA exchange rate website and the rate was 22.44.



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 Posted: Fri Jun 26th, 2020 03:17 am
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jsprag
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That's correct emc2.

I can understand 1% because they do provide a service but 5.5% is just usery. When the word gets out CI Banco's ATM Kiosk will fast become a ghost town if they continue this policy.

Last edited on Fri Jun 26th, 2020 03:23 am by jsprag

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 Posted: Fri Jun 26th, 2020 03:20 am
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MARIGOT
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Only if enough people read this thread.
Not a lot of people REALLY look at their ATM receipt and notice the detail discussed here.


But the word does need to get out so the unconscious among us are informed of the change.

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 Posted: Fri Jun 26th, 2020 03:07 pm
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emc2
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Any volunteers to post this information on the other board?  It won't be me.  There has to be a way to word the message without having to explain that no, Schwab will not reimburse you, what other US banks fees are, or get a different credit card.  All of that is immaterial to what CI Banco is doing.


I also never looked at my receipts but our credit union sends instant alerts and the dollar amount deducted from our account was about $35 more than the normal for the same amount of pesos. I did all kinds of math trying to figure it out and then finally looked at the receipt where it became plain as day what was going on.


I think people also need to do the math when they write a check inside the bank. 
 

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 Posted: Fri Jun 26th, 2020 03:41 pm
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jsprag
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I am sure the readers of the other board will raise the question when they continually receive less then they used to. The published rate is updated daily over there and $1.40 pesos less than the published rate per $1 USD when they convert at CI Banco is a glaring amount. I for one am hesitant to put it on the other board due to the inevitable plethora of questions and or comments it will certainly generate

Last edited on Fri Jun 26th, 2020 03:42 pm by jsprag

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 Posted: Fri Jun 26th, 2020 03:53 pm
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da2434890
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Read post #13 You do NOT have to PAY this fee. If you decline the withdrawal goes to your bank in pesos instead of dollars.

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 Posted: Fri Jun 26th, 2020 04:41 pm
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emc2
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Not so.  We just now went back to the bank.  My husband declined the 5.5% fee and the transaction was also declined. 


When he withdrew pesos Tuesday, he didn't read the screen completely and assumed it was 5.5 pesos and hit accept.



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 Posted: Fri Jun 26th, 2020 05:05 pm
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jsprag
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emc2

This precisely why I won't post it on the other board. The hearsay is endless.

If you question it's veracity or just don't believe it, by all means, carry on.

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 Posted: Fri Jun 26th, 2020 05:15 pm
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emc2
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Jsprag, that's why I hesitated even posting on this board.  I did post this morning on a SC Facebook group and I just don't understand why people go off on sideways recommendations that have nothing to do with what I posted.  I just want to help people save money and now I give up. 

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 Posted: Fri Jun 26th, 2020 05:25 pm
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MARIGOT
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Well, I appreciate that you posted the information about CIBanco and the 5.5% reduction here.
Thank you!

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 Posted: Sat Jun 27th, 2020 05:56 am
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kiteboarder
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Thanks emc2 for alerting us to this. The last time I withdrew cash from CIBanco ATM I didn't check the rate that I got until a few days later and it seemed low. I made a mental note to check it right away the next time. Well today was going to be the next time but after reading this thread I went to the ATM Banamex in Santa Valle. The fee was $30.74 pesos but that will be refunded by Schwab and I received the current FX exchange rate. Only other difference is you can only take out $5,000 pesos each transaction. 

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 Posted: Sat Jun 27th, 2020 01:30 pm
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MARIGOT
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Next time, make your Banamex ATM withdrawal on a trip to Guaymas where you can withdraw higher amounts from that machine.  

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 Posted: Sat Jun 27th, 2020 02:57 pm
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kiteboarder
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MARIGOT, I can make as many withdrawals as I need to at Santa Valle and since Schwab refunds the fees there is no added cost to me. So, no. I won't do what you are instructing me to do.:X

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 Posted: Sat Jun 27th, 2020 03:48 pm
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jsprag
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kiteboarder you did not mention the exchange rate given.  Furthermore, what was the settled exchange rate when you divided pesos received by the USD's ultimately charged to your account.

Last edited on Sat Jun 27th, 2020 03:53 pm by jsprag

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 Posted: Sat Jun 27th, 2020 05:23 pm
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emc2
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In all fairness to those who said you can decline the transaction and still receive your pesos without the 5.5% reduction, this is true in most instances according to several people who have posted on Facebook.  And then, others like us, were declined and received no money. So it seems to be hit and miss.


Yesterday a woman tested the two machines in Leys. The Citibank machine on the left disbursed pesos and got a rate of 22.5 with a 30.74 fee.  The machine on the right is HSBC and disbursed at 22.4 with a fee of 69.60 but to be careful because the HSBC machine on the right charges the 5.5% unless you decline. She did receive her pesos after declining.


Limits are 5,000 pesos at Santa Valle ATM, but higher at the two machines in Leys. She received 6,000 and 7,000 pesos but didn't state if that was the maximum allowed.


I think that these ATM's are programmed with the 5.5% option have that feature just to ensnare the unaware like us the first time.  There are many who have fallen into the trap according to comments in different groups.





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 Posted: Sat Jun 27th, 2020 06:02 pm
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Angel
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I have used the Citibanamex ATM at Santovalle with my US Debit card and I am able to withdraw 6000 pesos (when the exchange rate allows it, my limit is US$300). Wells Fargo is the bank of my debit card and it charges $5 every time I use it in Mexico for withdrawal.

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 Posted: Sat Jun 27th, 2020 06:14 pm
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emc2
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Good to know Angel, thanks!

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