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 Moderated by: bartmanaz Page:    1  2  3  4  5  Next Page Last Page  
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New CI Banco ATM Fee  Rate Topic 
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 Posted: Tue Jun 23rd, 2020 07:54 pm
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emc2
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Sometime in the past 10 days, since we last withdrew pesos at the CI Banco ATM, a 5.5% markup fee has been added.  It is on the receipt. It's really a markup for the bank and a pretty hefty mark down for the customer.  


NOT taking into account the 17.40 ATM fee CI Banco charges and the very small fee our credit union charges, today's withdrawal of 10,000 pesos cost us an additional $31.04US due strictly to the 5.5%. And actually it's a bit more because CI Banco used a before markup rate that was 20 centavo's less than the official Visa rate today.


And writing a check inside the bank to make a deposit is not much better because the one time we did that last year (and immediately tested the rate at the CI Banco ATM) the loss on $500 US was approximately $25 US. Friends tested this too with the same result.


At this point I don't know for sure if the bank is charging the markup or if VISA is but kind of doubt it's VISA.  I don't have a problem with CI Banco trying to support themselves but this is absurd.


There's more than one way to get around this and we will figure it out, unless someone else out there already has?



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 Posted: Tue Jun 23rd, 2020 09:18 pm
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Bullshipper
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3% is pretty standard for Visa, and if you are a customer of CI, these is no ATM fee, according to the machine.

Small checks carry heavier comissions % wise, I have always gotten a good rate from the on larger transaction.

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 Posted: Tue Jun 23rd, 2020 09:33 pm
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da2434890
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It acted to me like CI is now doing the conversion to dollars (if necessary) thus the international transaction rate is not being used.  Because the transaction is now in dollars my credit union gave about a 20% discount of their small  under 1% fee.  Time to use a different ATM with a slightly higher local fee and still get the better international transfer rate.



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 Posted: Tue Jun 23rd, 2020 10:36 pm
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MARIGOT
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Thanks for the heads up on this increase at CIBanco...

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 Posted: Tue Jun 23rd, 2020 10:57 pm
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johnmoore
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Apply for a visa card that pays all fees.

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 Posted: Tue Jun 23rd, 2020 11:29 pm
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danelo
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For those that have never seen the fee before it is a fee that banks like Schwab will not see. So no refund of that fee from Schwab.

On an interesting side note I have heard at one bank's ATMs, I cannot remember exactly which one, if you refuse to accept the fee they will give you the money anyways without charging the fee.

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 Posted: Tue Jun 23rd, 2020 11:33 pm
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danelo
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I already had a BBVA account and realized that they only charge a 1% fee to use their BBVA ATMs in Mexico. Fortunately they have a little store right in front of Walmart with a couple ATMs.

Just a bit of information for those looking to try and save money on withdrawals.

Last edited on Tue Jun 23rd, 2020 11:38 pm by danelo

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 Posted: Wed Jun 24th, 2020 12:43 am
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Beachgirl
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Why not get an account at Capital One.  No fees.

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 Posted: Wed Jun 24th, 2020 01:40 am
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johnmoore
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Schwab, also does not charge fees.

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 Posted: Wed Jun 24th, 2020 01:55 am
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Bullshipper
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Any machine that gives you pesos from a dollar account is going to make $$ on the exchange rate.

CIbanco was formally a casa de cambio. They charge a little more, but checks you deposit in the morning can be drawn the same afternoon. Not sure what the other banks are doing, but I would be surprized if you don't have to wait 3-30 days. And cards are usually charged a small foriegn transaction fee by your home bank if you check your statements.

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 Posted: Wed Jun 24th, 2020 11:36 am
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danelo
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I will post this one more time and then I will be done with it.

This fee is not one that banks like Schwab will see so it will not be reimbursed. Having had this type of transaction go through my Schwab account twice I can guarantee you that this fee will not be reimbursed.

What happens is the ATM will say it will charge a 5% fee. There is a screen on the ATM that says a 5% fee will be charged to use it for this international transaction. So instead of getting $20MXN per $1USD. You get $19MXN per $1USD. So you want $5000MXN. Without the fee it costs you $250USD. With the fee it costs you $263USD. Banks like Schwab will only see that you made a withdrawal for $263USD. They see nothing about the fee that was charged. You will not be reimbursed the 5% fee the ATM charged to use it.

Last edited on Wed Jun 24th, 2020 11:42 am by danelo

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 Posted: Wed Jun 24th, 2020 01:33 pm
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johnmoore
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Danelo, everytime I use the ATM at CI Banco, or any other my Schwab statement reflects a "ATM Fee Rebate", this I copied and pasted off my Schwab Monthly Statement. This is a fact. I will admit that I cannot find that I am getting the best exchange rate, but I always seem to get what others are getting. Schwab, does not charge a fee, so nothing to rebate, they rebate the fee being charged by the dispensing ATM. Also I hope Danelo you will jump back in if I am wrong and explain to me where I have gone astray .....thanks

Last edited on Wed Jun 24th, 2020 04:48 pm by johnmoore

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 Posted: Wed Jun 24th, 2020 09:02 pm
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LeslieS
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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.

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 Posted: Thu Jun 25th, 2020 03:50 am
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emc2
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Danelo is right.  CI Banco is not calling the 5.5% a fee.  They are reducing the peso exchange rate by 5.5% and it states so clearly on the receipt.  It cost us over $31 extra on 10,000 pesos and I am not even talking about their ATM fee or our bank's ATM fee.  I can guarantee Schwab nor anyone else will reimburse you for a reduced exchange rate.


We have never bought pesos anywhere other than CI Banco so today we used the one in Santa Valle.  We got the good official VISA rate which was more than 2 peso's higher than CI Banco yesterday.  Santa Valle's ATM fee is 30.74 pesos vs CI Banco's 17.40 pesos.  No big deal there.  However, the 5.5% is a big deal.



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 Posted: Thu Jun 25th, 2020 04:08 am
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emc2
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Correction to above post: We got the official VISA rate which was more than ONE peso higher than CI Banco yesterday.

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 Posted: Thu Jun 25th, 2020 04:18 am
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johnmoore
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I am a bit confused, you are saying when I use my Schwab debit, the exchanged rate is reduced by 5.5 percent? If I use a B of A debit, what is it? Thanks?

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 Posted: Thu Jun 25th, 2020 11:13 am
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jsprag
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CI BANCO is reducing the published exchange rate by 5.5%. This new policy was implemented sometime in the last few months. I am unsure of the exact date. Check your settled rate now compared to the published exchange rate. Then check it against a transaction from 3 months ago and you will see the difference.

Last edited on Thu Jun 25th, 2020 11:30 am by jsprag

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 Posted: Thu Jun 25th, 2020 12:59 pm
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johnmoore
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Exchange rates are constantly changing.

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 Posted: Thu Jun 25th, 2020 03:42 pm
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jsprag
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johnmoore wrote: Exchange rates are constantly changing.

Of course, they are live market.

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 Posted: Thu Jun 25th, 2020 04:41 pm
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johnmoore
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To All, this, I guess is what I am having a problem with, so the bank shows a rate....then when you use your debit they reduce the rate of exchange by 5.5% ??

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