It can be a deducted, but not as a separate line item. I assume you are talking deducting it as a business expense on Schedule C. So, in your Schedule C items for say, client meals where you have "meal with Carlos at Las Linas to dicuss XX project on April 20, 2010, cost 530 pesos", just make sure that the peso/usd rate you use to convert to USD INCLUDES the ATM fee, as that was part of the cost of the transaction, just like the tip was.
If you are asking about deducting the ATM fee for personal uses somewhere on your 1040, then i suggest you stop dreaming.
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