Unfortunately it is, although it wasn't always so. With most (all?) foreign-issued cards you won't be able to withdraw more than 300-400 pesos in one transaction. These limits were imposed a couple of years ago ostensibly for "security reasons" (someone steals your card and PIN or marches you to the ATM and forces you to withdraw $$ and they can only get $300). The real reason IMO is purely profiteering as you get charged a fee per transaction as you pointed out, and there is nothing to stop you re-inserting your card and making 3 or 4 $300 consecutive withdrawals from the same ATM! Plus, I can withdraw $1000 in one transaction with my Argentina debit card so go figure!