Hey Al, Sorry but I was out of town for a few days. I actually managed to negotiate a waiver of the Foreign Transaction Fees. But, without the waiver you will get charged the FTF but no bank fees if you use Santander or Scotiabank. But, for an example, I got $13.23 exch rate yesterday at a Scotia ATM, while the sign in their window said $12.55. 3% would be about $.40 so it's still much better than walking in off the street with dollars to exchange or even being a Scotia client. With other banks you would no doubt get hit with a transaction fee from one or both banks. This fee if for ATM transactions. For credit card transactions I have a BOA Travel Rewards card and there are no fees, including no FTF.
Thanks T.J. I called BoA and they will NOT wave the 3% Foreign Transaction Fee because I don't have anything but a regular account. I just called Santander Bank here in the US about opening a Checking and Savings account with them using direct deposit. They have branches back East only right now, but I suspect they will be moving West in the future. They have what they call."Extra20 Checking", here is how it works. Below copied from their website. extra20SM checking With extra20 checking you can get paid $20 every month, just for using direct deposit and our online BillPay feature. Get $10 for having direct deposits totaling $1,500 per month. Get another $10 when you pay two bills with our online or mobile BillPay feature per month. Look for your extra $20 in your linked extra20 savings account. Link to their web page: https://www.santanderbank.com/us/personal/banking/checking/extra20-checking Their phone number here in the US is: 877-768-2265 not sure what their number is outside the US to call say from Mexico. So with this account you will receive the $20 directly into your linked Savings account. In Mexico, there are NO fees for using the ATM's at Santander Banks and you get the $20 a month, what a deal. Your first 120 checks are free. I asked about the fees in other countries and was told there WOULD be fees. She said it's most likely because of the US and Mexico banking laws that the fees are waved in Mexico. Even with the fees in other countries with the $20 you get each month it would help offset some of the fees if you are not hitting the ATM's everyday. They don't have any branches here in Arizona where I live but I can just cash my checks at my credit union or just get extra money back from Walmart or other stores I visit with my debit card. The one BoA branch that was located in my small town was sold to Washington Federal so I have been getting cash as above for months now. I am in the process of opening the Extra20 checking account with them now. It should be completed in a week or so. They give you 60 days or so to get your first direct deposit going. ATM Fees to Make a Withdrawal at Other Domestic US ATMs is $3.00. I hope this information will help others.
