Best USA Bank for lower ATM fees

Maybe BofA has changed it in the 3 years since I opened the account, or maybe it is a question of fees at the Mexican end? I don't know but I am not going to ask them;) These days, there is a lot to be said for keeping your money under a rock.

We're back in the U.S. but lived at Lakeside for ~3 years (and plan on regular return visits), and used our Schwab debit card almost exclusively during our time living at the Lake. Yes you must have a U.S. address, but there's certainly no problem with being in México for long periods of time and they do reimburse ATM fees worldwide.

Fidelity seems to do this as well. In both cases just make sure to set your withdrawal limit as low as you can workably live with in case of card theft or skimming, which as you know are very common in México. When and if we return to live in the area full-time I'd still use Schwab and certainly keep most funds in the U.S., while also opening an account at Multiva but keeping small enough amounts of money there to never have to worry about FATCA reporting.

You have a Fidelity debit card? How did you get that? I have retirement accounts at Fidelity (I am from Boston) but did not know they offered debit cards.

I don't have one, but they offer 'em:

https://www.fidelity.com/cash-management/atm-debit-card

Fidelity has cash management accounts that provides a debit card. I just opened that a few months ago. However I was told that if you live permanently in Mexico they may close your account. They have also given me a checking account capability. However Fidelity will not reimburse you for ATM fees for international use if you are living in Mexico. If you are there as a tourist than you will be reimbursed but otherwise they don't reimburse ATM fees while in Mexico.

slopy wrote:That's right, dcampbell.  Must have written my post unclearly.  And I certainly appreciate you sharing your experience with Bancomer.

I thought I understood that Schwab is super strict that you must have a USA address, and, to the point, that withdrawing your funds with their ATM card in Mexico, all the time, would disqualify you.  Without going into personal detail, would love to be proven wrong on that!

That is partially true as if you chat too much with them during the interview they conduct with you verifying the opening of your account online (and extol the virtues of living full time in Mexico!)...they will read the script that the account isn't for anyone who lives outside the US. Since you have to have a valid US address to use to open the account anyway plus another established account to link the account to for transferring funds, you just say that you're retired and would like to travel more, much of it will be trips to Mexico, and you know their debit card account will allow you to get cash without fees from nearly any ATM worldwide. I told them I planned on only using my card for cash while travelling and they were OK with that. Flattering them with how great their product is diverts them away from the location question, I've found. You have to open a brokerage account first, then they complete the debit card account after the interview and send you the card. You put an opening deposit into the brokerage account and then can transfer it into the checking account and never put another dollar in the brokerage side. The checking account actually pays better interest. You can have your retirement or SS checks deposited directly to the checking part and link it directly to the funding account too.

It's basically the same drill with Capitol One 360 debit accounts, but they don't require an investment account. Their card is only free at Banorte banks such as in Guad or the Oxxo's here with ATM's if they're Banorte machines.

I also never tell a credit card company that I live here full time either, just that I'm down here for long stretches at a time, as I still have an address in the US. It's much more difficult if you've moved here and burned your financial and address bridges up North.

I have lived in Ajijic for almost 20 years, but I use a Laredo mailing address through Sol y Luna.  I opened a new Fidelity cash management account online a few years ago, and I started having my Social Security check automatically deposited with them.

They sent me an ATM card to the Laredo address.  I phoned them and told them that I would be using the card mostly in Mexico, so they put a note in my file to expect withdrawals from Mexico.  I did not say that I lived in Mexico permanently and they didn't ask. I have also used the ATM card in other foreign countries.

They refund domestic and foreign bank charges, and I feel that I am getting a good exchange rate; at least it is better than Intercam gives me although I have an account there.

I strongly recommend Fidelity's cash management accounts.

That's great to hear there is one other debit card free of ATM fees. Does Fidelity require any minimum balances? CapOne360 and Schwab do not. CitiCards for use at Banamex and BofA for use at Santander or Scotiabank are free only if you have large amounts invested with them or their investment partners, starting at $50,000 US on up. So those two still work for folks with their big money with them.

The US banks do not have the money to cover losses. FDIC means nothing as they won't be able to cover losses if there are bank failures.

I am only mentioning this as someone made mention of financial security of US Banks.

Tex-Mex D wrote: <snip> I strongly recommend Fidelity's cash management accounts.

If I understand you correctly, with a Fidelity debt card you can withdraw pesos from your account from lakeside ATM's and Fidelity doesn't hit you with fees including "International transaction fee" ?

Woody wrote:

Tex-Mex D wrote: <snip>  I strongly recommend Fidelity's cash management accounts.

If I understand you correctly, with a Fidelity debt card you can withdraw pesos from your account from lakeside ATM's and Fidelity doesn't hit you with fees including "International transaction fee" ?  

I was curious too so I checked Fidelity's website out. They do charge a 1% international transaction fee that Schwab and CapitolOne360 do not:

1. All Fidelity ATM withdrawal fees will be waived for your Fidelity® Cash Management Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using a Fidelity® Visa® Gold Check Card linked to your account at any ATM displaying the Visa®, Plus®, or Star® logos. ATM reimbursements will be credited to the account when the transaction posts. Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account.

[/quote] I was curious too so I checked Fidelity's website out.  They do charge a 1% international transaction fee that Schwab and CapitolOne360 do not: [/quote]

Good to know.. On the Capital One 360 FAQ it says: ""Foreign Transaction. When using your Card(s) for transactions made in foreign currency or for what MasterCard® classifies as a cross-border transaction, a charge may be applied by MasterCard® (if it’s in a foreign currency, this will be based on the amount after it’s converted to U.S. Dollars by MasterCard®). Please remember to notify us if you are travelling overseas Opens a new window.""

Doesn't specifically say ATM cash withdrawal but I'm pleasantly surprised that you are not getting hit with International Transaction Fees. Are many of the OXXO ATM's using Banorte?

Yes, you will get a transaction fee from CapOne360 if you use the card at any ATM not in the Allpoint system and here only Banorte banks and ATM's are in Allpoint.  It was posted last year that there are rare Oxxo Banorte ATM's in Guad that are not in the Allpoint system for some odd reason, but at Lakeside you can use the ones in the Oxxos in Chapala (malecon), Ajijic midtown, El Torito, and Jocotepec.  The machine in Super Lake has been removed.  Allpoint is also available in the USA, Canada, the UK, Australia, and Puerto Rico:

http://www.allpointnetwork.com/atm-locators.aspx

So for versatility and cheapest, the Schwab card is the way to go.  I have both as I had the CapOne360 card from years ago when it used to be ING Direct, but opened a Schwab account last year for backup redundancy.  When travelling I don't want to rely on just one source of cash.

like it.. sounds like a CapOne360 account is in my future. Thx again for details.

OP back again.  I opened a Cap One checking but am having doubts.  They say they are free at All Points machines.  The All Points locators show scads in Jalisco, lots in Guadalajara.  They list nada at Lakeside.  Did All Points lose the Ajijic and Chapala locations?

Actually, the only one I'm interested in is the Oxxo in Chapala by the lake, a Banorte machine.  Apparently Banorte ATMs are often, but not always, All Points.  According to the online All Point ATM locator, the Chapala Oxxo is not listed.

However, I wouldn't mind paying up to 20 pesos a transaction (no more), as I know Cap One does not charge on their end. They told me over the phone they do not rebate out of America ATM fees.

Long and short, does anyone know the ATM fee at the Chapala Oxxo?

Otherwise, I'm opening a Bancomer account. I am not a car owner and am not going to hassle the bus just to use an ATM.

Usually OXXO atms are higher cost than most others which charge $29Pesos. Sounds like Capital One is not a good thing to have.

Schwab works great. No fees, no transaction charge, good to work with, but yes you do need to have a NOB address. Other than that, it works with all ATM and it's nice to have.

slopy wrote:OP back again.  I opened a Cap One checking but am having doubts.  They say they are free at All Points machines.  The All Points locators show scads in Jalisco, lots in Guadalajara.  They list nada at Lakeside.  Did All Points lose the Ajijic and Chapala locations?

Actually, the only one I'm interested in is the Oxxo in Chapala by the lake, a Banorte machine.  Apparently Banorte ATMs are often, but not always, All Points.  According to the online All Point ATM locator, the Chapala Oxxo is not listed.

However, I wouldn't mind paying up to 20 pesos a transaction (no more), as I know Cap One does not charge on their end.  They told me over the phone they do not rebate out of America ATM fees.

Long and short, does anyone know the ATM fee at the Chapala Oxxo?

Otherwise, I'm opening a Bancomer account. I am not a car owner and am not going to hassle the bus just to use an ATM.

The fee at Oxxo Banorte machines is $69.60, but not to worry....the Chapala malecon machine is in the Allpoint network as is the one at El Torito, Oxxo Ajijic centro and Oxxo Jocotepec, so you have to say "yes" to the fee but it's not charged.  Schwab is the best way to go overall as posted above, no fees from any ATM but they are charged until they are rebated in a lump sum at the end of the month.  Remember not to tell them you "live" in Mexico, but travel here frequently.

If you have to use a card other than CapOne 360 or Schwab and are going to pay the fee, Santander is cheapest at $31.32, Banorte next, and Bancomer is highest at $81+.

MultiVa is $29, HSBC is $29.

phxfunguy, thanks for the (hopefully) good news and other helpful info.

Bank of America is charging on both ends since the Santander alliance ended. Ugh.

I hope you don't mind if I request you (or any InsideLake member) to double assure me
the Chapala Malacon Oxxo ATM is presently All Points. You have real and current knowledge they are All Point? I understand I say "yes" to fees but they don't apply for CapOne customers.

I've opened the account, debit cards waiting at my NOB contact address, but it is a big step to direct deposit without true knowledge I will have access to a no fee ATM.

Thanks for your patience and information. Have a great day.

David wrote:Usually OXXO atms are higher cost than most others which charge $29Pesos.  Sounds like Capital One is not a good thing to have.

The OXXO in Chapala by the malecon works just fine with no ATM fees.

Only for certain cards!

Thank you Gamina and everyone posting on InsideLakeside!! You've been a great help.

We had a linked account with Banamex USA and Banamex Mexico.  We were kicked off the USA bus for unknown reasons but we kept the Banamex Mexico account because we can use their machines for free. No fees at all.  We keep enough money in the account to pay some bills here and get cash at the ATM's.

Schwab sounds like a good deal for those with a verifiable U.S. address.

slopy wrote:phxfunguy, thanks for the (hopefully) good news and other helpful info.

Bank of America is charging on both ends since the Santander alliance ended. Ugh.

I hope you don't mind if I request you (or any InsideLake member) to double assure me
the Chapala Malacon Oxxo ATM is presently All Points.  You have real and current knowledge they are All Point? I understand I say "yes" to fees but they don't apply for CapOne customers.

I've opened the account, debit cards waiting at my NOB contact address, but it is a big step to direct deposit without true knowledge I will have access to a no fee ATM.

Thanks for your patience and information. Have a great day.

All the Oxxos Lakeside (listed previously) that have ATM's are Banorte Allpoint system machines which includes Chapala malecon.