# Request for your experience with Mexican banks



## wanghaozhi (Nov 9, 2017)

Hi, all
I’m in the process of moving to Guadalajara (Zapopan) as a permanent resident, and 

I want to open a Mexican bank account to:
1.	Use a debit card to pay for daily items
2.	Transfer funds from the US for house remodeling
3.	Use interbank transfers within Mexico to pay for remodeling costs
4.	Pay utility bills
5.	Get a credit card

I have this list of candidate banks:
1.	BBVA
2.	Citibanamex
3.	Banorte
4.	HSBC
5.	Santander

I'm looking at the websites of these banks, but marketing and actual customer experience can be quite different.

Please DON'T POST comments on the arguments for having and not having a Mexican bank account; of the stories of the peso losing value. I appreciate your concern, but my analysis tells me I need a bank account. I also understand FBAR and FATCA reporting requirements; I lived outside the US for more than two decades.

Please DO POST if you have experience with these banks, I’d appreciate your comments, especially if you have a bank account here in Guadalajara.
Thanks in advance; I've gotten really advice in the past.

Here are aspects I’m interested in:
1.	Overall friendliness and customer service.
2.	Procedure to open a bank account (ease to set up, fees). I speak Spanish; filling out a Spanish-language form is OK.
3.	Selection of account types
4.	Is a checking account worth considering? I hardly use the checks I have for my US accounts.
5.	Online banking and mobile banking app:
a.	Ease of use
b.	Are they free to use?
c.	Security for website and mobile app (for example 2-factor authentication, fingerprints)​6.	Transfers of funds from US
a.	Security
b.	Good exchange rates
c.	Fees
d.	Easy to set up and execute​7.	Making interbank transfers in larger sums (to pay house remodeling or building costs)
a.	Security
b.	Ease of use
c.	Fees​8.	Credit cards
a.	Security
b.	Protection from fraud or theft
c.	Fees​9.	Bank communication in general
a.	Alerts, records and statements (Quality, understandable, how long the bank keeps them)
b.	Clarity
c.	Timeliness
d.	Completeness​


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## TundraGreen (Jul 15, 2010)

I have experience with Citibanamex and Bancomer. In general they are pretty similar. Banamex pioneered the practice of putting chairs out for people standing in line for tellers, but they all do that now (Has the US caught on this innovation yet?). Both email me encrypted statements, but I have never been able to get the right password to open the Bancomer statements. Instead I download them from the web site. Banamex gave me a physical device to verify my identity when necessary. Bancomer uses their mobile phone app to generate a verification code. I pay no monthly fees with either of them. Banamex and Citibank US make it easy and free to transfer money. Bancomer and Compass Bank in the US are part of BBVA, at least they were several years ago. But when I investigated, half a dozen years ago, that connection did not make it any easier to move money between them. I got a credit card once. It was supposed to be free of fees, but the next month a charge showed up on my Banamex statement. Rather than argue about it in the future, I just cancelled the account. Debit cards work fine. I never looked at how far back the online statements go. But it is further than a credit union in the US that used to keep only six months online.


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## wanghaozhi (Nov 9, 2017)

Thanks, Tundra Green. That's exactly the kind of reply I was looking for.


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## maesonna (Jun 10, 2008)

I can speak to your first four points.
1. I have found this to be more dependent on the individual branches than on the bank.
2. Over the years, I’ve opened accounts at 4 different banks (3 on your list, plus one other one) and I don’t recall any substantial differences. I always needed official ID (passport and residence card), proof of address (a bill for water, electricity, or landline phone no less than 3 months old, doesn’t need to be in your name), the names and contact info of two local references, and money for the initial deposit.
3. All the banks have a great variety of account types.
4. Cheques are hardly used in Mexico, but don’t rule out a chequing account; it might have other features that suit you even if you never use the cheques.
I have heard more unfavourable things about Citibanamex than any of the other ones on your list, but I don’t recall specific details.


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## wanghaozhi (Nov 9, 2017)

Thanks, maesonna. I appreciate your thoughtful reply.


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## wanghaozhi (Nov 9, 2017)

Hi, all
Thanks for your replies and wisdom.
I was fortunate to find a government (CONDUSEF) report that helped me narrow down my search and make a selection.

Here's a link to the more than 200-page report: https://www.condusef.gob.mx/gbmx/documentos/estadistica/estad2019/anuario_2018.pdf

This was certainly a :cool2: find.


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## EdmontonGuy (Sep 5, 2016)

wanghaozhi said:


> Hi, all
> Thanks for your replies and wisdom.
> I was fortunate to find a government (CONDUSEF) report that helped me narrow down my search and make a selection.
> 
> This was certainly a :cool2: find.


My español is not good enough to read the report you linked. May I ask which bank you decided to go with and perhaps the most critical points that formed your opinion?


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## TundraGreen (Jul 15, 2010)

I didn't spend a lot of time studying the report, but it seemed to me that the headline for each bank ignored how many customers or accounts they had. Some of the other statistics were prorated to be per 1000 accounts or some similar figure. In the prorated statistics, it didn't seem to me that any of them stood out as being a lot better or worse than the others. Correct me if I am wrong.


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## lat19n (Aug 19, 2017)

I am not Carlos Slim nor Jeff Bezos. I have had various accounts with banks from the original list of five, and other accounts with Mexican financial firms not mentioned. I could probably write a short book on my experiences. But I'll try to keep it short.

For me, the most important thing is the personal relationships at the bank. We have accounts with one firm (same branch, same representative) our entire time in Mexico. But because I get along very well with her doesn't mean you will. I have her cell number and use it when I need help, and she comes through. I don't have a gazillion dollars with the bank, but I do have a 'premium' account. I normally don't walk up to the teller window. I can call headquarters in Mexico City and they treat me as a 'premium' customer.

For me, whatever debit cards I have had have always pulled funds from my checking account. I have a super duper free credit card (and a Costco credit card). I think I have written two physical checks here in Mexico, but they were a sign of good faith and I don't think I even signed them. They were simply held and returned later. 

I pay many services/utilities online and often pay for internet purchases either with my credit card or a SPEI (interbanc) transfer. Very easy. I make sure to never incur interest fees.

Regarding wiring funds from the US into Mexico. I do that through my US brokerage firm which gives me the best exchange rate I have ever found (and I did a ton of research). They have wiring instructions on file. 9-5 EST I can call and ask for the "foreign currency wire team" and they will wire monies to my Mexican bank. It can be a very short phone call. There are no fees either in the US or Mexico. WARNING : you don't want to, say, have a citi account in the US and wire funds to Banamex in Mexico, OR have an HSBC US account and wire funds to HSBC Mexico. That is a terrible thing to do. 

I have had zero banking security issues in Mexico. 

Regarding the CONDUSEF report, personally I find that of very little value. As I mentioned earlier everyone's experiences are going to be different. I have never filled a complaint with CONDUSEF, but I have filed a lawsuit against a very large Mexican company using PROFECO, and won. I still use that company. Making banking decisions off of a single report is like making life decisions using sites such as Hotels.com or TripAdvisor. 

We have been here a while and we may be grandfathered in with our banks in what we can do. Our checking accounts yield zero interest. We have ETF/mutual fund type accounts at the bank. A US citizen arriving tomorrow and opening a bank account may only be able to have 'fixed-term' (CD) type investments. Oh - and you can open a Mexican checking account, and fund it, in Seattle. Just keep an eye on the exchange rates.

Good luck !


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## maesonna (Jun 10, 2008)

TundraGreen said:


> I didn't spend a lot of time studying the report, but it seemed to me that the headline for each bank ignored how many customers or accounts they had. Some of the other statistics were prorated to be per 1000 accounts or some similar figure. In the prorated statistics, it didn't seem to me that any of them stood out as being a lot better or worse than the others. Correct me if I am wrong.


I’m not up to wading through the nearly 250 pages of that report, but I remember reading a news article about it and I think your impression is spot on..


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## citlali (Mar 4, 2013)

PROFECO does not handle financial institution so no point mentining them here. 
I have my utilties paid directly by Bancomer for the last 18 years.. I review the bills to make sure but they are paid automatically. In 18 years CFE screwed up once and I stop the automatic payment took care of the problem and reinstated it..
I have no problem with Bancomer or Banamex and I deal with the international dept of Schwab n the US for money exchange and wiring. I only wire pesos.

We have not needed any checks in 18 years and did extensive remodelling and rebuilt a ruin.


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## lat19n (Aug 19, 2017)

I mentioned our experience with PROFECO because I'm sure that even if someone has filed a claim with CONDUSEF there is a good chance they are still doing business with that firm, for example.

We have a nice CFE drive-in on the way into town. I pull-up, pay, and drive away with a receipt in about 3 minutes. Ya know, even if you have the bank pay automatically it is possible that they will not provide, say CFE, with the monies in an acceptable time frame. When you see the bank charge your account is not the same moment that CFE sees your payment, even when that payment is made at a teller's widow, for example. We once went a day without power and learned our lesson. 

We really don't have all that many recurring bills. I prefer to pay them myself online and then I know it is done. I also take the opportunity to update my Quicken information at the same time.

Yes - you wire Pesos but I suspect you have Schwab handle the currency exchange for you.

Edit : and just to be clear, the international flavor of Schwab is fine, it is the way to go if you are not a US resident (and honest about it), but the deposit requirements are more than their generic accounts and the list of things you can do with your money are somewhat limited. There are other differences such as no 'Schwab Bank' access.


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## citlali (Mar 4, 2013)

CONDUSEF is the equivalent of PROFECO for financial institutions period. In Chiapas all banks have insurrance companies that are ripping off the poor and indigenous who do not understand the difference between the banks and the insurrance companies by the same names.The insurrance company offers all kinds of insurrance and they say yes, to say that yes they heard... they are taped saying yes and the money is deducted from their accounts.. it is a total fraud.... I helped several groups to recoup their money , PROFECO told me that only CONDUSEF can deal with financial institutions even went to Human rights so I know how the system works or does not.

Bancomer has been paying ourutility bills for 18 years , we live in two dfferent locations and never had to worry about them being late..another story from CFE. They screwed up when we went solar so I discontinued the payments until I got the money back so there would be no payment done by accident and went back to Bancomer automatic payment. 

Yes we get Schwab to wire the pesos and we get their rate which s very good . I am not a citizen or a resident of the US so we have part of the international accounts, it is theonly way at the time we looked into it , I could have a bank account in the States. We have no US address either. We have a bank account with Schwab so why do you say no Schwab bank access? Youare misinformed on this one.


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## lat19n (Aug 19, 2017)

I'll repeat myself, I mentioned our experience with PROFECO because I'm sure that even if someone has filed a claim with CONDUSEF there is a good chance they are still doing business with that firm. They likely had an issue with a financial firm, went to CONDUSEF for support and went right on using that firm afterwards. True, I suppose someone could look at that pdf report and get a feel for how many people had to go through the trouble of contacting CONDUSEF. I am not disputing that PROFECO does not and CONDUSEF does handle financial firms. 

I was simply sharing our experience with having our bank pay our CFE bills, and it was not even 'automatic'. We also have solar panels and when the sun shines our bi-monthly bills are 50 pesos. But, during the rainy periods we might pay something like 175 pesos since we do not produce as much. I have no interest in changing the way I handle paying my bills, but how does that work for you ? BBVA receives bills for varying amounts and pays the correct amount OR do you have to auto pay a set amount (let's say 100 pesos) every billing period and run a credit balance with CFE ? Maybe that is what you mean by 'getting money back' ? Because you had solar you no longer receiving the larger bills and BBVA was not 'looking' at the amount on the bill but just paying a 'regular' amount ? We often run a kwh running balance (energy which we over produce) which also offsets our bills at various times during the year. 

If I am wrong then I will learn something new today, but I believe you have a brokerage account at Schwab (with your Schwab One International account). Yes they put your residual cash in a liquid US government 'fund' but it is not a bank account. I believe, but I could not swear, that you do not have any FDIC insurance. You can buy corporate bonds, stocks, treasuries etc but you cannot buy mutual funds or any insurance products. Schwab has a 'free' American Express credit card, but you are not eligible for it. There may be other differences. 

We also have a US bank account, which we opened nearly 30 years ago, and the bank knows only our Mexican address and they are fine with it. They even overnight DHL our debit/credit cards etc. (And we are rather small clients).


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## TundraGreen (Jul 15, 2010)

I have CFE on auto-pay. They take the exact amount owed out of my account every other month. For SIAPA, I pay a year in advance. They subtract a varying amount from it every month. Then, at the end of the year, the balance is applied to what I have to pay for the coming year. I get a discount by paying it in advance. I also get another discount because I am a Mexican citizen (as well as US), own the house and am over 60 years old.


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## citlali (Mar 4, 2013)

Yes same here..CFE and Telmex are on autopay and I pay the water somewhat in advance .. and pay the balance if there is one and get the discounts.


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## citlali (Mar 4, 2013)

I live in 2 places, I have 2 lots in Ajijic one is solar the other has a pool and a house with 2 meters in Chiapas. Bancomer pays the 4 bills.. and it has worked fine for 18 years. Bancomer pays the exact amount due a day or the day it is due and end of subject.. We have never been disconnected for non payments.. 
You are correct on the Scwab fund/bank account.. I have my money with Schawb but use the bank account to transfer money only so it is fine with me.. I can have Am ex in Mexico if I wanted to but I do not need one or want one.
There are lots of restrctions on what you can do with the money if you are not a resident and that is the way t is.. We have no address there and are not ever planning to have one so be it..


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## wanghaozhi (Nov 9, 2017)

TundraGreen said:


> Some of the other statistics were prorated to be per 1000 accounts or some similar figure. In the prorated statistics, it didn't seem to me that any of them stood out as being a lot better or worse than the others. Correct me if I am wrong.


You're right about counts vs ratings. I used another list which gave the sizes of the banks to compare the counts parts of the report.

I used the report as part of my research. It wasn't perfect by any means, but it was the only "objective" source I had.

I ended up comparing the G7, the 7 largest banks, using the report, people's experiences and my culling through the websites to see the different kinds of accounts, and locations of bank branches. I used all of that to make my choice. Only time will tell if I have made a good choice or not. I won't say "best".

I just received my permanent resident card yesterday, so I'll be going to the bank on Monday to open an account.

I hesitate to say which bank because I'm pretty sure I'll get stories about people's bad experiences, but as the report showed, every bank has issues.

The bank I chose is Scotiabank, with a branch 3 blocks from my house.


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## lat19n (Aug 19, 2017)

Hmm - having made your choice (ScotiaBank) can you apply that choice against the criteria you mentioned in your initial post ?


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## citlali (Mar 4, 2013)

The closeness of the branch to your house s probably the most mportant in the long run..


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## wanghaozhi (Nov 9, 2017)

lat19n said:


> Hmm - having made your choice (ScotiaBank) can you apply that choice against the criteria you mentioned in your initial post ?


Good question.

I have attached a image of ranks for the G7 banks. I didn't include all the evaluated measures in the report, just the ones that most interested me. As you can see, no bank is perfect. And if you were choosing a bank, you may very well come up with a different choice than I did.

Closeness to my house was an important consideration, but not the only one.


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## wanghaozhi (Nov 9, 2017)

citlali said:


> The closeness of the branch to your house s probably the most mportant in the long run..


Very important. The app is also important. Checks not important. I also appreciated Scotiabank's clarity of the website, so I could compare the benefits and the expenses connected with the different kinds of accounts.

To get an idea, see my attached files, which are screen shots of my Excel worksheets.


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