Saturday, May 08, 2010

New ATM fees for Mexico



As of May 5th banks in Mexico are charging for ATM withdrawals and balance inquiries when using a card from a different bank. This applies to Mexicans and foreigners.

Each bank will determine rates implying there will be competition but that is yet to be seen. According to information supplied by banks the rates will be ranging from 15 to 36.36 pesos per cash withdrawal, and 4 and up to 10 pesos for a balance inquiry. The ATM machines are supposed to let you know the fee of your transaction before you continue.

For Expats in Mexico it would make sense to always withdraw your daily maximum and even try to up your daily limit through your home bank. Some people can withdraw as much as 10,000 pesos per day from Banamex.

Bancos transparentarán cobro de comisiones en cajeros automáticos

2 comments:

Gary Denness said...

36 pesos for a cash withdrawal??? Geez...no wonder so many people skip the luxury of a bank account.

Felipe said...

Ahhh! So that´s the answer. I had noticed the new charges, and didn´t know what was up.

The construction of the house finished in April 2011 and I'm pretty much settled in. As of March 2014 I'm in preparation for rain mode for this coming summer. That includes sealing and painting things and dealing with drainage issues from last year.

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