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Chilean pesos marked up 32% at DFW Travelex per quote

USA
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Chilean pesos marked up 32% at DFW Travelex per quote

Travelex at DFW quoted CL$48,000 for US$131. At the interbank rate, CL$48,000 would cost only US$99.11. That is a 32% markup over the interbank rate. Ouch!

The markup drops to 22% if you buy US$500 worth of Chilean pesos and avoid Travelex's US$9.95 fee. It still hurts.

My Wells Fargo bank office quoted a 19% markup. That hurts, too.

My ATM card will mark up the withdrawal by 0%. The markup will be about 5% if I am charged a CL$2500 transaction fee by the ATM owner. I will use my ATM card.

The worst US ATM cards charge 3% plus US$5. The markup would be 8% with such a card, 13.4% if you are charged a CL$2500 transaction fee by the ATM owner.

The ATM markups drop quickly with larger withdrawals. US travelers should use an ATM card to withdraw Chilean pesos. Avoid Travelex.

The Chilean Central...
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1. Re: Chilean pesos marked up 32% at DFW Travelex per quote

There is a 200,000 peso cap per withdraw which makes a 2,500 peso Chile-side fee charge only a 1.25% additional markup assuming one strategically withdraws the max each time.

Banco Estado (Cirrus system only) and Banco Security are still Chile-side fee free for the moment. BCI is the biggest gouger at 3300 pesos.

Reports are that Bank of America debit cards do not get charged a Chile-side fee if using a Scotiabank ATM.

2. Re: Chilean pesos marked up 32% at DFW Travelex per quote

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Removed on: 05 March 2012, 12:16