Atm Fees

[EJLarson]

... As I understand at least one of the problems, they have to limit the amount per transactions as well as the number of transactions, with a higher price per transaction to help discourage repeat withdrawals, because the machines only dispense 50 and 100 pesos notes (mostly 100s now, certainly) and larger transaction limits require more bills in the machine, which only hold so much cash. They would be filling the cash machines all day if you could take a lot more out.

Last time I used (successfully) an ATM with a US card (about a month ago), the notice on the ATM made it very clear that no withdrawal could exceed 40 bills, confirming your point.