Not very often I have a good rant..but here goes!!
Yesterday afternoon I went to an ATM and withdrew 7000 pesos..the ATM Machine told me there would be an ATM Fee of 58 pesos which I accepted.
When I got home I checked my bank account and saw this..
The charge for the withdrawal was a total of 499.75 cents..
I then went onto the Internet and found this rate of exchange..
The 58 pesos comes to this in Canadian dollars.
Somewhere I have been charged over 20 dollars for this one transaction!!!
This morning I called my bank and found out that of the five major banks in Canada mine the TD Canada trust is the only one to charge 3.5% the rest charge 2.5%......
On top of this there is a 3.00 transaction fee which is waived by my bank because I am a long standing member, over 30 years and also because I keep a minimum of 5000 dollars in my cheque get account .
So yesterday I actually made two withdrawals of 7000 pesos each time and my total charges was almost fifty dollars more than the rate quoted on the Internet....I know I have to pay a fee but this is crazy.
I called two other Canadian banks and they both told me their charges are 2.5% plus a 3.00 dollar withdrawal fee....
Any suggestions!!!!!!!
Yashi Kochi!!!
4 comments:
Kevin and Ruth warned of this increased fee on their Mexico Facebook group a couple of weeks ago. They have changed banks over it, maybe it is time for you to consider the same.
Yes I have been in touch with Kevin and will start to do that cheers les
Les, probably all Canadian banks will increase their fees.
Many American banks have no foreign transaction fees but, may be too difficult for you to get an account. Check this link:
https://thriftynomads.com/best-travel-credit-debit-cards/
The Stack prepaid card should work for you. Check out the civil list, this has been discussed many times.
Also you could open an account with CIBANCO 25 San Francisco in SMA.
Good luck, Sondra
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