ATM Fees?

[BrianJM]

Here's my experience from last week. I both traveled with cash and changed it at the cambio, and used the ATMs at ScotiaBank to withdraw JMD 30,000 at a time.

The ATM wins!

ScotiaBank charged me JMD 545. as a transaction fee (roughly $4.50 US).

My credit union charged me $1.50 US as an out-of-network fee.

The exchange rate was the interbank rate as of that day (so around 121.5 JMD per USD).

The cambio next to the bank was discounting the exchange rate by roughly 3% (a bit over 118 JMD per USD).

I was withdrawing $30,000 JMD US at a time, about $250. US. The net effect is that for these transaction amounts, it was about $2. US less to take JMD from the ATM than traveling with cash and changing the cash at the cambio.

Of course, if you do more smaller transactions at the ATM, the fees are going to eat up more of your money. On the other hand, if your bank is "in network" with the ATM you're using so the fees are lower, you will do even better to use the ATM.

Taking US dollars out of the ATM then changing them at the cambio will always be the worst strategy.

Of course, the guys hanging around the cambio were offering an exchange rate of 120...

I have always found that the USD -> JMD exchange rate at the Scotia bank is very good (as you have noted).

[Rumlover]

Atms we used (that worked) showed $545 JA per transaction then if your bank at home charges a fee you must add that in. $30,000 JA was the largest amount we were able to get. Withdrawing smaller amounts and adding in the fees starts making it less important to use JA over US currency.

[Weeboy1]

Atms we used (that worked) showed $545 JA per transaction then if your bank at home charges a fee you must add that in. $30,000 JA was the largest amount we were able to get. Withdrawing smaller amounts and adding in the fees starts making it less important to use JA over US currency.

Scotia members , when using Scotia debit no fee when used at Scotia atm. If you transact inside the bank
Fees may apply. But not at Scotia ATMs.

[sunray]

The $30,000 J maximum withdrawal at ScotiaBank ATM's is frustrating, because they do charge a high service fee of about $545 J. So if you need to withdraw two or three times, you do pay a substantial amount in fees.
My question, can anyone say with high confidence that other branded ATM's in Negril allow higher withdrawal limits and/or lower withdrawal fees?
(By branded ATM I mean a machine that is backed by a financial institution, and not the generic type of machine you might find in a bar; which I absolutely avoid using anywhere in the world).

[captaind]

NCB and a Schwab debit card ZERO cost

Cap

[Marblehead]

NCB doesn't charge a fee, but Scotia does. Last winter it was a bear to get 30,000 out of the machine.