{"id":1159,"date":"2010-05-27T11:09:21","date_gmt":"2010-05-27T16:09:21","guid":{"rendered":"http:\/\/www.merchantaccountblog.com\/?p=1159"},"modified":"2012-03-22T15:00:06","modified_gmt":"2012-03-22T20:00:06","slug":"atm-fees-gone-awry","status":"publish","type":"post","link":"https:\/\/www.merchantequip.com\/merchant-account-blog\/1159\/atm-fees-gone-awry","title":{"rendered":"ATM fees gone awry"},"content":{"rendered":"

I was in Mexico a few weeks ago and I made the mistake of withdrawing $80<\/strong> 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.<\/p>\n

Here’s what you may end up paying for an ATM withdrawal…<\/strong><\/p>\n

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

    Conclusion… 23% to withdraw US money from a Mexican ATM<\/strong>.<\/p>\n

    \"\"<\/p>\n

    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.<\/p>\n

    Lessons learned:<\/strong><\/p>\n

      \n
    1. Don’t withdraw from foreign ATM’s (not likely to be feasible).<\/li>\n
    2. Don’t withdraw money in your own currency from a foreign ATM.<\/li>\n
    3. There are going to be ATM fees even if there aren’t any listed.<\/li>\n
    4. If there are no fees listed, there’s a reason why they’re not listed!<\/li>\n
    5. Most of us are in the wrong business!<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-1159","post","type-post","status-publish","format-standard","hentry","category-atm"],"_links":{"self":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/posts\/1159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/comments?post=1159"}],"version-history":[{"count":27,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/posts\/1159\/revisions"}],"predecessor-version":[{"id":1656,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/posts\/1159\/revisions\/1656"}],"wp:attachment":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/media?parent=1159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/categories?post=1159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/tags?post=1159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}