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BBVA Ajijic ATM's

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Post by BisbeeGal Thu Sep 22, 2022 12:50 pm

I hadn't used them in awhile but today I did and they have new software that asks, Do you want us to debit your bank account for xxx.xx USD?  Or, Do you want us to debit your bank account for x,xxx.xx MEX Pesos?

ALWAYS get ATM money debited in the LOCAL currency (no matter where you are in the world) for the best exchange.  I don't believe they gave exchange rates for either option, they did give the USD amount and the MEX amount.  I did the math quickly in my head and the USD debited amount would have been a ripoff.  

Using ATMs in Foreign Countries

Always, always, always choose to be charged in the local currency of the country you're in. If a Spanish ATM asks if you want to be charged in GBP, say no. Don't let the machine do your currency conversion.

Here's why you shouldn't let an ATM do conversion for you:
Foreign ATMs and card machines often say nice things like: This ATM offers conversion to your home currency.

On the surface, that seems pretty generous. It looks like you'll know exactly what you're paying, and in amounts you're way more familiar with.

Nice, right?

But, in reality, paying in your home currency is hidden-fee-hell.

It's a scam that goes by the name of Dynamic Currency Conversion (DCC). DCC means you effectively ask a foreign ATM provider or bank to gleefully make up an exchange rate for you. And the only thing more likely to screw you over than your bank, is a foreign bank.

This isn't a kind-hearted service. It's something banks use to take more of your money without you knowing.
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Post by Carry Bean Thu Sep 22, 2022 1:09 pm

The Walmart ATM (Bancomer) didn’t ask that Tuesday. Were you using a Bancomer card or a US bank debit card?

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Post by BisbeeGal Thu Sep 22, 2022 1:12 pm

I was using US debit card (Chas. Schwab, all fees refunded).
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Post by Carry Bean Thu Sep 22, 2022 1:45 pm

Ahhh. That was good info you gave then.

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Post by RickS Thu Sep 22, 2022 2:17 pm

"In my head".... Wow B-Gal, I'm impressed with your long division skills!!!
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