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  • Nov 12th, 2010 12:32 am
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[OP]
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Sep 14, 2004
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Debit Card in Mexico

Hi all,

If I withdraw cash in Mexico with debit card, typically what is the service charge? For all the major banks, they are mostly the same or some bank provides better rate, lower service charge?

Thanks!
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Apr 12, 2006
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CIBC costs $5. In addition to the $5, the Mexican ABM's will charge you a fee of around 23 pesos or ~$2.

Depending on what bank you're with there might be an agreement where you don't pay any extra fees. For example if you bank with ScotiaBank in Canada and make a withdrawl from a ScotiaBank machine in Mexico you don't pay any fees at all.
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Aug 18, 2005
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hardywang wrote: Hi all,

If I withdraw cash in Mexico with debit card, typically what is the service charge? For all the major banks, they are mostly the same or some bank provides better rate, lower service charge?

Thanks!

The cost varies widely depending on which bank and banking package you have.
Please specify if you need a more accurate answer.
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Mar 27, 2009
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drewfar wrote: CIBC costs $5. In addition to the $5, the Mexican ABM's will charge you a fee of around 23 pesos or ~$2.

Depending on what bank you're with there might be an agreement where you don't pay any extra fees. For example if you bank with ScotiaBank in Canada and make a withdrawl from a ScotiaBank machine in Mexico you don't pay any fees at all.

+2.5% commission.

So it is usually Canadian PLUS or Cirrus fee + Foreign ATM Bank Fee + 2.5% Forex Commission = what you pay.

Some things vary. Credit unions charge less in Forex commission, and bank accounts like TD's Select Service waive the PLUS System fee.

If you can help it, you're almost always better off paying by credit card if you can.

Edit: use the credit card to pay, that is. NOT for taking money out at the ATM.
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Aug 7, 2010
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Caisses Desjardins typically charge 3$ if you use their debit card (plus hidden commission fee).
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Dec 7, 2009
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hardywang wrote: Hi all,

If I withdraw cash in Mexico with debit card, typically what is the service charge? For all the major banks, they are mostly the same or some bank provides better rate, lower service charge?

Thanks!

Depends on what kind of bank package u have (for Canadian based fees- usually $5 CAD [TD charges $3] or waived if u have SS or VIP [RBC]) + 2.5% hidden exchange rate commission and also the mexican atm will charge u a fee ($22- $27 pesos + local tax)
I found Santander Serfin to be the cheapest- $22 (if you don't bank with Scotiabank). Most expensive is HSBC and/or Banamex

Atm withdrawals from a Canadian based Scotiabank account are free (2.5% hidden exchange rate commission applies) from a Scotiabank Mexico atm (no PLUS fee + atm fee)
[OP]
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someguy1987 wrote: Atm withdrawals from a Canadian based Scotiabank account are free (2.5% hidden exchange rate commission applies) from a Scotiabank Mexico atm (no PLUS fee + atm fee)

Sounds like Scotiabank may provide the best choice for me.

Thanks a lot for all your information!
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Dec 7, 2009
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hardywang wrote: Sounds like Scotiabank may provide the best choice for me.

Thanks a lot for all your information!

anytime
:)
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Apr 12, 2006
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Based on current rates going both ways from what I've seen ScotiaBank is charging no fees + a 1.5% spread.

FYI

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