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May 27th, 2010 by Jamie Estep

ATM fees gone awry

Filed in: ATM |

I was in Mexico a few weeks ago and I made the mistake of withdrawing $80 from an ATM. The reason that this was a mistake is that the ATM dispensed US dollars. Being in a tourist area, I assumed that this was a US ATM. I was unfortunately very wrong.

Here’s what you may end up paying for an ATM withdrawal…

  1. Exchange rate to transfer my $80 to about 900 pesos – 8% cha-ching.
  2. Exchange rate to turn my 900 pesos back into USD – 8% cha-ching.
  3. Adjustment fee (no idea what this one is)3.5% ch-ching.
  4. Finally I was charged a non-Chase ATM fee (which I expected, more or less)$3 cha-ching.

Conclusion… 23% to withdraw US money from a Mexican ATM.

I went back to the ATM and not once did it say anything about any fee whatsoever, not a fixed fee, let alone a percentage 3 times in a row.

Lessons learned:

  1. Don’t withdraw from foreign ATM’s (not likely to be feasible).
  2. Don’t withdraw money in your own currency from a foreign ATM.
  3. There are going to be ATM fees even if there aren’t any listed.
  4. If there are no fees listed, there’s a reason why they’re not listed!
  5. Most of us are in the wrong business!

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