Once Again BANCOMER Is Playing Games
COSTCO Mexico uses Bancomer. Today I made a purchase using my VISA then after going home verified the purchase. The store had a large sign near the cash registers TIPO de CAMBIO 19.55 My purchase a...
Forum Discussion
Individual Mexican banks set their own peso to dollar exchange rate not VISA, not MASTER CARD not AMERICAN EXPRESS.
Individual Mexican banks set their ATM service fees as well. BlankHomer thinks their service is worth 81.90 MN per transaction. Banamex is 31.60 Banorte is 42 pesos.
American banks set their own International money transaction fee then a fixed not-their-bank ATM service transaction fee. Wells Fargo charges $5.00 dollars per. This paragraph is what you are discussing. Your US bank may refund the Mexican fees. They may gratis the fee for not using the US bank ATM but
They have absolutely no control over what the Mexican bank gets for each transaction and they are helpless about what the businesses bank decides to get as an exchange rate. Charging ten percent surtax which is hidden until a customer crunches the numbers is dicey CHARGING TEN PERCENT MORE than what an ATM would yield, a non BlankHomer ATM that is, is a hidden fee. How the @#$%&! does a customer know which bank Costco or WalMart down here uses?
The big store I was helping audit ran into a fraudulently applied 6.6% fee on all transactions if their monthly deposits ran less than $50,000 pesos. BanComer. They bailed out after losing nearly 45 thousand pesos.
Had I suspected the one and only credit card purchase I made to COSTCO involved BanComer I would have refused to shop. There is ABSOLUTELY NO WAY to tell except ask senior store management which I did.
I have been debited by BanComer 81.10 pesos for "Transacción inválida" when BanComer refused to honor my ATM card because of "Saldo insuficiente" when I had 4K in the account for three months running. Wells eventually reimbursed me.
I could care less if Bancomer burns to the ground. I will never -willingly- go near that institution.
But VISA has no control whatsoever about a VISA representative Mexican bank's fees or exchange rate.
And unless you speak to senior management the cashiers do not know who they bank with. E CAVEAT EMPTOR
This post is about COSTCO and BANCOMER. A head's up. I am only an MBA so perhaps this is beyond me. My Michoacan Hong Kong Shanghai Bank account eats 110 pesos per month to keep it open.
It is common for Mexican banks to take three to four weeks to resolve accidental double debiting. Wells does it in 24 hours, because that error comes under the VISA account mandates for vendors in the USA and Mexico.
IMHO Bancomer is a predatory bank. Their conduct is outrageous. It is scandalous. Images of bank statements do not lie. Bancomer does not mistreat it's big ticket clients. Remember this BanComer BANCO COMERICIAL
Ignore this thread if you wish. I wrote it to educate fellow travelers. Not as a point of argument. There is no argument. They are a thieving, slimy, bank.
Individual Mexican banks set their ATM service fees as well. BlankHomer thinks their service is worth 81.90 MN per transaction. Banamex is 31.60 Banorte is 42 pesos.
American banks set their own International money transaction fee then a fixed not-their-bank ATM service transaction fee. Wells Fargo charges $5.00 dollars per. This paragraph is what you are discussing. Your US bank may refund the Mexican fees. They may gratis the fee for not using the US bank ATM but
They have absolutely no control over what the Mexican bank gets for each transaction and they are helpless about what the businesses bank decides to get as an exchange rate. Charging ten percent surtax which is hidden until a customer crunches the numbers is dicey CHARGING TEN PERCENT MORE than what an ATM would yield, a non BlankHomer ATM that is, is a hidden fee. How the @#$%&! does a customer know which bank Costco or WalMart down here uses?
The big store I was helping audit ran into a fraudulently applied 6.6% fee on all transactions if their monthly deposits ran less than $50,000 pesos. BanComer. They bailed out after losing nearly 45 thousand pesos.
Had I suspected the one and only credit card purchase I made to COSTCO involved BanComer I would have refused to shop. There is ABSOLUTELY NO WAY to tell except ask senior store management which I did.
I have been debited by BanComer 81.10 pesos for "Transacción inválida" when BanComer refused to honor my ATM card because of "Saldo insuficiente" when I had 4K in the account for three months running. Wells eventually reimbursed me.
I could care less if Bancomer burns to the ground. I will never -willingly- go near that institution.
But VISA has no control whatsoever about a VISA representative Mexican bank's fees or exchange rate.
And unless you speak to senior management the cashiers do not know who they bank with. E CAVEAT EMPTOR
This post is about COSTCO and BANCOMER. A head's up. I am only an MBA so perhaps this is beyond me. My Michoacan Hong Kong Shanghai Bank account eats 110 pesos per month to keep it open.
It is common for Mexican banks to take three to four weeks to resolve accidental double debiting. Wells does it in 24 hours, because that error comes under the VISA account mandates for vendors in the USA and Mexico.
IMHO Bancomer is a predatory bank. Their conduct is outrageous. It is scandalous. Images of bank statements do not lie. Bancomer does not mistreat it's big ticket clients. Remember this BanComer BANCO COMERICIAL
Ignore this thread if you wish. I wrote it to educate fellow travelers. Not as a point of argument. There is no argument. They are a thieving, slimy, bank.
