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New CI Banco ATM Fee  Rate Topic 
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 Posted: Mon Jun 29th, 2020 03:34 pm
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Hook
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johnmoore wrote: Look at post #50, a really worthwhile couple of minutes.

To me, that video was old news. ATMs in Europe have been doing that for a few years. Always decline allowing them to do the conversion and let YOUR bank at home do the conversion.


But if CI Banco is NOT allowing you to take money out if you dont accept their conversion, that's a horse of a different color.

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 Posted: Mon Jun 29th, 2020 03:39 pm
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Beachgirl
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May 28, I withdrew 10,000P, with my Capital One, ATM. It came to 451.37, +.79 Fee.
For a total of 452.16 USD. That was a 22% exchange rate on that day.


Immediately, I withdrew an additional $8000 Pesos, for $361.10 + .79 Fee, a total of $361.89 USD. 


CiBanco has nothing to do with your exchange rate that you are receiving from your Bank through Visa.  Call Visa and they will tell you.





US Dollars (USD) to Mexican Pesos (MXN) exchange rate for May 28, 2020
ConvertToResult1 USDMXN22.2118 MXN100 USDMXN2,221.18 MXN10,000 USDMXN222,117.50 MXN1,000,000 USDMXN22,211,750.00 MXN

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 Posted: Mon Jun 29th, 2020 04:31 pm
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Hook
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May 28th is a long time ago, with respect to this post.

The original poster, who is presumably still down there, said that he/she noticed the supposed new charge had occurred sometime within 10 days of their original post (June 23rd). So, it may be that this new fee occurred AFTER your May 28th withdrawal.

However, if you are still down there, making another withdrawal NOW, would allow us to compare a recent withdrawal with the one on May 28th. That could be very valuable, if we compare international exchange rates with what you get on a recent withdrawal.

Last edited on Mon Jun 29th, 2020 04:32 pm by Hook

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 Posted: Mon Jun 29th, 2020 07:24 pm
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jsprag
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Hook according to that video in post-#50 Mastercard has been offering DCC exchanges for quite some time. Visa started in April 2019. Apparently, it took until recently for CIBANCO to offer it on VISA debit cards. It first showed up on our receipt last week. It may be old news in Europe but it "NEW" news to VISA debit card users in MX.

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 Posted: Mon Jun 29th, 2020 07:29 pm
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jsprag
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Beachgirl I am sorry but that is not correct. I wish it were. If you do not decline when prompted CIBANCO sets the rate and associated fees. At least on VISA debit cards. Can't speak to any other.

Last edited on Mon Jun 29th, 2020 07:31 pm by jsprag

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 Posted: Mon Jun 29th, 2020 08:05 pm
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johnmoore
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Hook, what I got from the video, was that it appeared only Visa and Mastercard's were effected.

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 Posted: Mon Jun 29th, 2020 08:18 pm
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MARIGOT
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It seemed that way to me also.


Does that mean next month when I attempt an ATM withdrawal with my credit union ATM card, which has no VISA or MasterCard logo, I will be able to decline the offer from CIBanco to set my exchange rate?

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 Posted: Mon Jun 29th, 2020 09:02 pm
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Hook
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johnmoore wrote: Hook, what I got from the video, was that it appeared only Visa and Mastercard's were effected.

What other cards are there? I have never heard of a banking institution that doesnt use one or the other. Maybe a card that is ONLY an ATM card (and not a POS/DEBIT card) with a specific institution can avoid the VISA/MC affiliation. I don't know.


My main credit union's debit/POS card issuer is Master Card. It has been Visa in the past, at times.


My secondary credit union debit/POS is Visa.


I was just saying that the conversion option is not new to me. But I guess it is in San Carlos.


Now, there seems to be some discrepancy as to whether you can DECLINE the CI Banco conversion and still get cash and what the conversion rate is. The set VISA/MC rate or one that CIB sets? Or, get nothing at all.


BTW, if you have a card issued by CIBanco, then that is probably immaterial to this discussion. We are talking cards issued by outside institutions only, I assume. 

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 Posted: Mon Jun 29th, 2020 09:24 pm
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jsprag
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Today we declined the option and received pesos without the 5.5% charge

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 Posted: Mon Jun 29th, 2020 09:45 pm
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MARIGOT
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VERY good to know!

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 Posted: Mon Jun 29th, 2020 09:48 pm
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SBT
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jsprag,
Was you card a Visa or Mastercard?

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 Posted: Mon Jun 29th, 2020 09:52 pm
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Hook
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jsprag wrote: Today we declined the option and received pesos without the 5.5% charge

THAT'S the information we need!



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 Posted: Tue Jul 7th, 2020 06:11 pm
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MARIGOT
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Okay, just checking to see if I am experiencing an alternative reality...




When I used the CIBanco ATM in San Carlos this morning, I did not get an option to accept or decline the offer by CIBanco to set the exchange rate.  Only the donation for education question and the accept or decline the ATM fee of $17.40 MX, which I’m sure I cannot decline.
Are other users still getting that option for the exchange rate?


My receipt does not reveal anything about the exchange rate, like the one emc2 posted a pic of.  Mine looks like the one Guzzi posted.


I meant to, but forgot to look at the exchange rate posted on the bank window today.  does anyone know what that is today?  Or does that really matter?


For the $21,000 MX cash withdrawal, plus $17.40 MX atm fee (21,017.40), my bank account was charged $960.53 USD, including bank ATM fee and foreign exchange rate, yielding an exchange rate of 21.869, right?


My question is, did I not receive the option to accept or decline the offer by CIBanco to set the exchange rate because my ATM card doesn’t have MC or VISA logo?  
Or because CIBanco is not showing that option anymore?


Thanks for any input.

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 Posted: Tue Jul 7th, 2020 07:39 pm
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Benito_Villa
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The same thing happens at the HCBS ATM at Leys. It says "Markup 5.5%" on the screen and give you the option to accept or decline.

This wording has always been misleading. Most people will not decline thinking they will not receive their money. You receive the money either way, Always decline.

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 Posted: Wed Jul 8th, 2020 09:15 pm
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will rogers
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Marigot said didn't receive the option.

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 Posted: Wed Jul 8th, 2020 09:32 pm
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jsprag
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It appears on Visa and Mastercard. So if you are not using one those cards it doesn't offer the option. Not that you would want it.

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 Posted: Wed Jul 8th, 2020 10:34 pm
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MARIGOT
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Okay.  That was the confirmation I wanted, that the CC logos are not on my card is why I don’t get the option.
It’s not because CIBanco has stopped the new practice.


So, you all using credit or debit cards must still be getting the option to decline if you are still going to CIBanco.


Thank you...and special thanks to the original poster who brought the CIBanco change to our attention.

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 Posted: Thu Jul 9th, 2020 04:13 pm
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odwyerpw
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LeslieS wrote: You can punch Not Accept the conversion rate and it will still give you the money, at the optimal rate. Until I learned this I always accepted thinking I wouldn't get my cash. It is optional, like the donation requests.

Seriously?  I did not know that! That is very helpful, valuable informaton. Thank you Leslie.

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 Posted: Thu Jul 9th, 2020 06:12 pm
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Beachgirl
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Thank you for the information, when I get back to SC, I will be very careful. I always decline everything they ask you to do, accept get the receipt. Then I go to my bank, do the math and see what percentage I actually received.
Again, Visa sets the rate, not CiBanco. I called Visa and that is what they told me. So check your Bank after you make that withdraw.

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 Posted: Fri Jul 10th, 2020 04:35 pm
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letsridebikes
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Been using Transferwise for about a year now. I can convert my Canuck bucks to Greenbacks or Pesos at the best rate in town and then when I use the ATM with my TWise card it isn't an international conversion.

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