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New CI Banco ATM Fee  Rate Topic 
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 Posted: Sat Jun 27th, 2020 07:08 pm
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390pony
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I also have withdrawn $6000 pesos at Santovalle with my US Bank debit card.

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 Posted: Sat Jun 27th, 2020 11:01 pm
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guzzi
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Ok when to CIBanko today don't see what you are talking about.

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 Posted: Sat Jun 27th, 2020 11:27 pm
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Scmateo
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Where you see it is in the exchange rate.  Today's rate has been trending from 22.8 to slightly over 23.  5.5% of 22.8 equals 1.254.  22.8 - 1.254 = 21.546  You received 21.586.  So they dinged you the 5.5%, it just doesn't show on your receipt.

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 Posted: Sat Jun 27th, 2020 11:36 pm
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guzzi
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You never get the rate it is always less it tells you what rate it is going to give you. You also said it was on our receipt. Nothing has change for us.

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 Posted: Sat Jun 27th, 2020 11:45 pm
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jsprag
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Today's published rate is $23.05 per 1 USD.

Guzzi you exchanged @ $21.58 to 1 USD. That is $1.47 USD less per 1 USD published rate. Percentage-wise that is approximately 6.5% less than the published rate. I did not bother including the 17 odd peso ATM charge

Heretofore, CIBANCO ATM users were exchanging at about .30 below the published rate. 
(At least we were) So your $278.75 USD bought 326 less pesos than it did approximately a week ago. 
That's a lot of cerveza!

Last edited on Sat Jun 27th, 2020 11:55 pm by jsprag

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 Posted: Sat Jun 27th, 2020 11:57 pm
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kiteboarder
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jsprag, yeah I did "mention" the exchange rate. I got the "FX exchange rate" in effect at that moment. If you don't know what that is, you can Google it. Angel, thanks for correcting me on the max amount at Santovalle. I was going by what the Santovalle employee told me and I assumed he knew. When ten thousand didn't go through, I asked him what was the maximum.

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 Posted: Sun Jun 28th, 2020 12:04 am
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jsprag
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I'm not suggesting you change. Moreover, just saying there was change. After all, look at the bright side. You won't be encountering long lines at CIBANCO'S ATM

Last edited on Sun Jun 28th, 2020 12:04 am by jsprag

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 Posted: Sun Jun 28th, 2020 03:02 am
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Bullshipper
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The buy rate floats during the day. If you give them a check, that will not settle on the exchange rate untill after 1 pm our time, or around 4 pm in NYC. At that time the bank will give you the settled rate.

If you go to a machine, you are not waiting for cash, and the bank is going to hedge or protect itself so that it doesn't lose dough when they post at the settled rate.


Todays buy rate stettled at 22.38 according to Banamex, but again, that is for large amounts of cash, for preferred customers that ask and negociate for the best rate over the phone in Mexico City to get a confirmed rate that they authorize the teller to give you.

It is not the best rate you can get.

Dividing the 6000 given by the $278.75 spent, including the tax on the transaction fee= 21.52 , which is 3.84% worse than the best possible rate that they made off the post.

When the settled rate changes, their profit % also changes.

I don't doubt that they have made some changes, but I believe that more information on the receipt is them being forced to be more transparent.

If you want the best rate, find a Monex, but you will have to negociate there too, imo.

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 Posted: Sun Jun 28th, 2020 01:45 pm
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jsprag
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The original post was about CIBANCO now placing a 5.5% charge on currency exchanges via ATM transactions. That is consistent with our experience.

I want to apologize to the original poster for engaging in several off-topic discussions.

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 Posted: Sun Jun 28th, 2020 05:49 pm
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SBT
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This video explains it: https://www.youtube.com/watch?reload=9&v=rGUE3QIYHcY&feature=youtu.be&fbclid=IwAR24_e7zorGsghIEc9ersIa-p412J7N3qYmsUZNUi6EmKUTzw20NCTR-f9A

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 Posted: Sun Jun 28th, 2020 07:37 pm
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jsprag
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It explains it very well. I have not tried declining the conversion but post #30 said they did and were unable to complete the transaction. I will try it and let you know.

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 Posted: Sun Jun 28th, 2020 08:08 pm
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emc2
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I was trying to upload my receipt from Tuesday that says "Markup 5.5%" on the line below the exchange rate. The file size is too big and I don't know how to shrink it.


Looks like CI Banco revised the receipts since Tuesday.

Last edited on Sun Jun 28th, 2020 08:25 pm by emc2

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 Posted: Sun Jun 28th, 2020 08:20 pm
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emc2
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 Posted: Sun Jun 28th, 2020 09:46 pm
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guzzi
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EMC2 is your visa a credit card or debit??

Last edited on Sun Jun 28th, 2020 09:48 pm by guzzi

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 Posted: Sun Jun 28th, 2020 10:18 pm
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emc2
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Guzzi, It is a Visa debit card

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 Posted: Mon Jun 29th, 2020 12:04 am
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guzzi
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EMC2 Ok that what I use but mine is a MasterCard (capital one) with no charges and receipt does not say that.

Last edited on Mon Jun 29th, 2020 12:05 am by guzzi

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 Posted: Mon Jun 29th, 2020 01:51 am
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Hook
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guzzi wrote: EMC2 Ok that what I use but mine is a MasterCard (capital one) with no charges and receipt does not say that.

It is unlikely that CI Banco knows that your card is a Cap One card and knows that it should not charge the 5.5%, because it is.


I'd say CI Banco wised up and decided not to itemize the charge and just stuck it in the exchange rate. 


The marketing department got involved. ;)

Last edited on Mon Jun 29th, 2020 01:52 am by Hook

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 Posted: Mon Jun 29th, 2020 04:10 am
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johnmoore
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Look at post #50, a really worthwhile couple of minutes.

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 Posted: Mon Jun 29th, 2020 01:34 pm
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Beachgirl
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17.40 is Pesos which is about eighty cents, not $17USD. Your not doing the math correct. 
Visa determines the exchange rate from your ATM card.  After you get your money, go to your bank account, do the math. I withdrew last week, 10,000P, it cost nothing with Capital One


As far as writing a check inside, they are taking a lot, that is how they make their money, they are a fancy money exchange. We bought a car, wrote the US check, they charged a hefty fee.

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 Posted: Mon Jun 29th, 2020 03:16 pm
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jsprag
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Beachgirl check your exchange rate. The exchange rate is less if you don't opt-out of CIBANCO handling the exchange.

What we're discussing is the ability of CIBANCO to control the rate versus your bank at their ATM.

I haven't verified this but it is probably similar to the rate posted on the window when you don't decline their conversion.


I suggest everyone go to post #50 follow the link therein it explains it much better than I can.

Last edited on Mon Jun 29th, 2020 03:26 pm by jsprag

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