Once Again BANCOMER Is Playing Games

A few years ago, Bank of America ended their agreement with Santander. Suddenly, and it was discussed here thoroughly, there were FEES! Serious fees.

We were in Mexico and decided to do something about it. From here, we were able to open an account with Capital One, and they even had credit cards and ATM cards delivered to us in Zihuatanejo. No fees, never, nothing. We do pay the Santander fee of 25.3p per transaction. That fee varies between locations here in town. The one we have is also a 1.5% cash back card. (Santander is our ATM of choice here in Zihuatanejo)

A number of banks now have cards with no fees, including BofA. We are very happy with CapOne and won't go back. IF you live in a larger area where they have Alpoint ATM's (like at the ZIH airport) there are no fees whatsoever.

It might be time for you to do some homework and change banks.

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.

In the last year, HSBC added another screen to their ATM's. It states what the exchange rate you will receive if taking money from a foreign bank, and you must click to agree to that rate. We never saw it less than 1.5p less than any other bank. They no longer are our "go to" ATM.

Thanks for that Tallyho! Banorte entraps people by allowing larger withdrawals that can reach nine dollars in ATM and Tipo de Cambio Fees. I am going to stick with Banamex and Wells Fargo. And 100% cash for purchases.

Tip. When you encounter a gasolinera these days with free wash job or significantly lower liter prices be suspicious. Pumping shortages can mock even a one peso seeming discount per liter.

24 hours later I go to a Banamex ATM and receive 19.73 pesos for the dollar which INCLUDES the Banamex ATM fee (but of course not the Wells Fargo $5.00 foreign ATM fee)

No more plastic in COSTCO for me. Nor anywhere else for that matter. "Gee will I get ripped off?" has not been part of my Mexico experience

MEXICOWANDERER wrote:
No more plastic in COSTCO for me. Nor anywhere else for that matter.

Unless you have cash income like restaurant or taxi, to avoid plastic in stores you need to make cash withdrawals - either at the branch or at ATM. Another way would be to print pesos yourself.

There are also cash-transfer services from bank account, to be picked up at specified location. Usually $US 500-800 limit per withdrawal. Some big stores, Walmart, Telecom, and also in some banks. Several choices for Americans, i.e. from US bank account, but for Canadians it's pretty much only Xoom. It takes time for transfer to be processed before you can go to pick it up.

Banks in Mexico do not set the usage fees for ATM`s that are not in the bank. Example: Scotiabank has a normal rate if you get $$ at the bank. Go to an Oxxo and the fee is over 85 pesos. Oxxo must get a portion of that fee. Bancomer has always been a horrible bank. I never use a CC in Mexico unless it is an emergency. I go to a bank that charges 23 pesos and use my Wells Fargo debit card. Works for me.

1. Wife and I are retired
2. We have a direct deposit checking account with Citibank In Chula Vista U.S.A. and 2 debit cards
3. Since we are retired our checking account is direct deposit the account is charged $ 00.00 Dollars
4. We are currently living in Ciudad Satelite, Mx.
5. We have a CitiBanamex debit card account with 2 debit cards
6. The CitiBanamex account is charged in pesos 00.00 if used 5 times or more per month
7. We transfer some of my Civil service retirement and our Social security
8. We can only transfer $ 1,000.00 per day from the US to Mexico, Mex Gov reg
9. The transfer fee is $ 00.00 Dollars and 00.00 pesos
10. On Wednesday we transferred $1000.00 US Dollars at a rate of 20.2925 per dollar
11. Using the Citibank U.S.A. debit card we get charged 6% fee

WARNING: this only applies to persons that reside in Mexico with the correct visas and/or permits, you can not open a bank account in Mexico with a tourist visa

For those of you that live in Mexico and have the correct visas and permits you can open a debit card account with CitiBanamex at no charge as long as you use the card 5 times or more per month, I do not remember what the fee is otherwise.

NOTE: not all States have Citibank branches they work with other banks.

It might not be the greatest exchange rate and there might be other places where you get more, BUT we do not pay for the accounts in the U.S.A. or the transfer fees or the debit card account, and I can with draw 6,000.00 pesos per day from the ATM and that counts as one use of the card, more if I go to the ventanilla and request it, with out the gun off course!

For the Canadians I do not have info on Canadian banks if there is Citibank in Canada in your province or not, there might be other banks that offer the same type of service, that information you would have to get.

navegator

There is Citibank in Canada, but, as noted, this free route through Mx counter-partner bank only works for people with status RT or better. Which most RV-ing gringos don't have.

I believe Scotiabank doesn't charge anything for in-branch Scotia ATM if you have Scotiabank account. According to them - even when the ATM is in another country or it's not a Scotia ATM but the one within "Global Alliance". Any confirmation of this?

None of my US cards - credit or debit worked at Best Buy in GDL in March. I did go next door to an ATM to withdraw funds which I used to make a cash purchase back at the Best Buy. Any idea why this happened?