Debit Withdrawal Fees

[oiram]

Hi all, so I made my first withdrawal the other day to see the experience and check the rates. Rate wise I think my bank is doing a reasonable job, and I wouldnt mind doing this more often but than Banelco (the atm point I used) charged me almost 90pesos for that withdrawal (in 2000pesos operation)... Not so cool, I don't think. Anyone else knows if this is standard in all banks?

I haven't made another operation for a different value yet so can't tell if this is a fixed fee or a percentage.

 

[Rich One]

Hi all, so I made my first withdrawal the other day to see the experience and check the rates. Rate wise I think my bank is doing a reasonable job, and I wouldnt mind doing this more often but than Banelco (the atm point I used) charged me almost 90pesos for that withdrawal (in 2000pesos operation)... Not so cool, I don't think. Anyone else knows if this is standard in all banks?

I haven't made another operation for a different value yet so can't tell if this is a fixed fee or a percentage.

Citibank also charges almost $90 pesos for $2000 withdraw... Citi can deliver USD let say $138 aprox, the rate was 14.00. the rate NET depends on your bank fees etc.

 

[r2d2]

Hi all, so I made my first withdrawal the other day to see the experience and check the rates. Rate wise I think my bank is doing a reasonable job, and I wouldnt mind doing this more often but than Banelco (the atm point I used) charged me almost 90pesos for that withdrawal (in 2000pesos operation)... Not so cool, I don't think. Anyone else knows if this is standard in all banks?

I haven't made another operation for a different value yet so can't tell if this is a fixed fee or a percentage.

That is my experience as well so far with my US debit cards at different banks (macro, citi, galicia - all banelco). Maximum 2000 pesos withdrawal and a 90ish pesos fee.

 

[Sleuth]

Yes, it's a U$S 6 fee for withdrawals of any amount up to the maximum. My Schwab card is $2400 pesos and refunds all ATM fees at the end of the month.

 

[Rich One]

Today at Citi "customer ATM" received $2000 Ars and the debit on my card was US$139.35 ...? went online and there were no other fees..? rate $14.35...?? :wub: Help

 

[Ceviche]

How does schwab make money if it keeps on refunding their customers?

--

I used my Morgan debit Card recently in Asia and I was charged 40 usd by Morgan. I hv not slept properly since then! Its been a month
!

 

[Traveler999]

Schwab makes money the old-fashioned way: They steal it from their customers.

I'd bet most Schwab bank customers don't worry about ATM fees and Schwab don't always automatically refund those fees without a few 'reminder 'calls. But it's a great travel card to have.

 

[brandon]

Also have Schwab card. I've found that you can do 2 transactions for 2,000 pesos each in almost any bank ATM.
You don't even have to ask for your card back, just take 2,000, and hit Yes to another transaction, then another 2,000.
This has worked in ICBC, Galicia, Bancopatagonia...

 

[TomAtAlki]

What rate does Schwab give?

T/

 

[r2d2]

My fear is that Schwab might at some point just close the account if you rack up too much in ATM fees.

Lets say I want to pesos worth 2000 USD per month. With the current exchange rate that would come to approx. 28700 pesos.

With the 2400 pesos limit this would result in 12 ATM transaction per month. Or per year 12 x 12 = 144 ATM transactions. With the $6 fee per ATM transaction this would result in $864 dollars ATM fees per year. Even with withdrawing just half of that (so ~1000 dollars) per month one would still rack up $432 dollars in ATM fees.