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Post by juanrey on Sat Aug 03, 2019 10:12 am

Did a search but didn't find anything so thought I'd just give those who don't know a heads up.

I've used the HSBC ATM's for years and everything was fine. But the new machines that now make you agree to their exchange rate are crazy. I made a withdrawal a couple days ago and agreed to the exchange rate stated on the machine because I needed the cash. The same day I checked my on-line banking and saw that the exchange rate I was charged was 17.88 mxn/usd and the daily posted internet rate was ~ 19.07. That's a huge difference and it looks like HSBC is out to gouge ATM withdrawals. The rate I would have expected should have been around 18.85, so on a 10,000 peso withdrawal they clip you for an extra $ 28 USD.

Just to confirm I used the Citibanamex machine in Walmart this morning. Internet posted exchange rate is 19.31, checked my on-line bank after today's withdrawal and got 19.08 exchange rate. BIG difference.

Just thought I'd give a heads up for those that use HSBC's ATM's.
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Post by Cincy on Sat Aug 03, 2019 10:51 am

We've been getting that message about accepting an unfavorable exchange rate at the HSBC ATM for at least a year now.  We only get it on our US MasterCard debit card.  US Visa debit cards do not.

The good news is, if you decline the the exchange rate, you get a much better one inline with other bank ATM's.  Weird, I know...!!!

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HSBC ATMs Empty Re: HSBC ATMs

Post by cypress on Sat Aug 03, 2019 3:15 pm

juanrey wrote:Did a search but didn't find anything so thought I'd just give those who don't know a heads up.

I've used the HSBC ATM's for years and everything was fine.  But the new machines that now make you agree to their exchange rate are crazy.  I made a withdrawal a couple days ago and agreed to the exchange rate stated on the machine because I needed the cash.  The same day I checked my on-line banking and saw that the exchange rate I was charged was 17.88 mxn/usd and the daily posted internet rate was ~ 19.07.  That's a huge difference and it looks like HSBC is out to gouge ATM withdrawals.  The rate I would have expected should have been around 18.85, so on a 10,000 peso withdrawal they clip you for an extra $ 28 USD.  

Just to confirm I used the Citibanamex machine in Walmart this morning.  Internet posted exchange rate is 19.31, checked my on-line bank after today's withdrawal and got 19.08 exchange rate.  BIG difference.

Just thought I'd give a heads up for those that use HSBC's ATM's.

HSBC started doing that about 8 months ago. Decline the rate they suggest or you will get it and it is worse. By agreeing to the worse rate you can't dispute it. Just another way for them to make more money with your permission. When they first started doing it I made a point of keeping track of the suggested rate and accepted it sometimes and didn't other times. By checking my bank account on my computer when I got home to see what rate I got I realized it was a legal scam.


Last edited by cypress on Sat Aug 03, 2019 3:33 pm; edited 3 times in total (Reason for editing : clarity)

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Post by juanrey on Thu Aug 15, 2019 11:39 am

Gracias for the info folks, I will give it another try and decline and see what happens
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Post by juanrey on Thu Aug 15, 2019 1:13 pm

Cypress & Cincy thank you very much.
I just went and tried the HSBC ATM and declined their exchange rate and got my bank's exchange rate which was much better.
You are correct that they are preying on the people who just go through and accept the rate without really checking.
Makes a big difference and thanks again.
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Post by slainte39 on Thu Aug 15, 2019 1:25 pm

Regateo has come to ATM machines?  

They must be "hecho in Mexico" lol!

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Post by mattoleriver on Thu Aug 15, 2019 2:43 pm

This situation was addressed just this week in a blog that I follow. This blogger puts something out every week and is consistently interesting and helpful. Check it out.
http://qroo.us/2019/08/12/using-an-atm-in-a-foreign-country-how-to-avoid-paying-too-much-for-the-local-currency/
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