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best Mexican bank?


lobita
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Spouse and I will be needing to open an account with a Mexican bank (our first) in the next couple of weeks. Until now we've done fine getting cash via ATMs from our US bank and paying cash for everything, but an upcoming medical procedure will surpass the deductible on our Mexican health insurance, and so we will need a bank account for reimbursement from the insurance company.

I'd love to hear what people currently think of their Mexican banks. What monthly or annual fees are charged? What is the minimum balance in the account? How is the bilingual service?

Also, I remember reading sometime in the past year about a bank whose employees committed fraud against an expat's account, but several search attempts have failed to turn up that thread. Does someone remember which bank that was?

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I have an account at the HSBC here. I got it originally as it is the same bank I use in Canada. I don't pay any fee when I withdraw money from my Canadian or Mexican accounts at their ATMs. HSBC has the most convenient location for me.

Yes you can have joint accounts. No fees charges in the monthly balance is over 2,000. The manager is bilingual and one or two of the employees. I think the fraud problem that was discussed here was with Bancomer.

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Multiva has a fairly good rep and very nice associates. Bancomer has a bad rep--they are the ones you read about; I have never had any experience with them. I use CiBanco for some matters--they have an office on the libramiento, and they seem very nice, but recently their extraordinarily good front desk manager got promoted out of town; the current rep is less experienced.

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If you are talking about Alejandra she is still in the area.

1 hour ago, JayBearII said:

Multiva has a fairly good rep and very nice associates. Bancomer has a bad rep--they are the ones you read about; I have never had any experience with them. I use CiBanco for some matters--they have an office on the libramiento, and they seem very nice, but recently their extraordinarily good front desk manager got promoted out of town; the current rep is less experienced.

 

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My wife and I have a joint checking account at Bancomer. No problems with multiple owners but both people must be there with passports and other docs to open an account.

We have a debit card and finally after many years of working through the bank's aversion to granting credit, a platinum credit card with a limit sufficient for major purchases. Even though the cost for the card is over $2,000 pesos, the puntos system Bancomer offers is essentially a cash back plan which more than pays for the annual fee. I was like you - pay everything in cash. Now everything is by credit card to get points. The bad news is that it takes a long time to build up a usable credit limit.

Bancomer has online banking with bill payer. I don't know about the other financial institutions in town. From my cell phone I can pay CFE, Telmex, health and car insurance. You can transfer funds to other Bancomer accounts or even to people with accounts in other banks. If you travel the IAVE card now known as ID+Mexico, it can be tied to your bank account or credit card.

Having a branch close to where you live is important. If you use ATMs you always need change.

I don't know what the minimum balance requirements for Bancomer are. If you live here and pay a lot of bills using electronic services you will always carry a sufficient balance to avoid fees.

In the end you'll figure out what works best for you. It may be different than me or any other poster. There is no wrong answer to the choice so long as it works for your situation.

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Never had a problem with Bancomer. Granted me a CCard with high limit. Meses sin intereses offers frequently are sent. Also offers for cash loans that are pre approved.  800 number help is great and short wait. Also 2 branches lakeside.

The question best bank is like asking best pizza everyone thinks their favorite is best. 

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Multiva. Do a search for "Bancomer". That is the bank that customers accused of misappropriation of their bank accounts recently. HSBC paid a fine of almost two billion dollars for drug money laundering a couple of years ago and is still under close scrutiny for the same thing this year. I would not voluntarily do business with either one of them.

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Out of curiousity for those who feel Multiva is superior to Bancomer, does Multiva offer online banking with bill payer? Are they really issuing credit cards, not just debit cards? Do you receive cell phone text notifications when the credit card is used?

I'm just asking about true banking services, not the investments that each entity might offer.

The best bank is one that you never have to visit. Banking customer service is generally an oxymoron.

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Bancomer is the largest bank here. It does require 8000P for no fee checking account but branches are everywhere in Mexico and they do have an English banker and an english help phone number useful during the day.   In Mexico I use Bancomer.  In US or traveling  I use BOA or my Credit Union (FTFCU).  I move money from US to Mexico with a US check deposited (over 5000USD gets better rate converting to pesos) into my Bancomer checking account. It takes less than a week to clear and money is in my account.  

 

Lets be honest in Mexico we can hear bad stories about every bank or investment house including all of them lakeside.  You have to watch your money, keep all your paper records and be diligent.  Don't trust any institution here regardless of what you hear.   "Let the buyer beware" is my best advice.  No problems in eight years with our method. 

 

 

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Lobita, imho, there is no such thing as a best bank, it depends what services you need.  Were I in your shoes I'd make a list of exactly what you want in the way of services and check out Multiva, Actinver, and Intercam.

i was very very dissappointed with Bancomer and pulled out after 1 year.  Have used Multiva since it opened, they have been very accomodating but have seemed somewhat less than helpful in the past 3 months or so.  I use them for a debit card and checks.   I use Actinver for investments but my investment person died and haven't been impressed.   They will be having credit cards in the near future.   Am going to check Intercam for much the same purposes as I've heard good things.

 

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You mentioned that Actinver will have Credit cards in the future. I guess I will get one.  They have had Visa Debit cards for several years. What I like best about the debit card is that within a few minutes of using it to purchase something, I get a text message on my cell phone informing me that the transaction has occurred. I presume they will do the same with their credit cards once they are available.

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Agree that the "best bank" is the one that offers you what you need. All banks here have pros and cons about them. If  you can keep a balance, check out HSBC  Premier or Advance. It gives you seamless access to all your cross border needs. HSBC also happens to be the only accessible major bank in the area, All the others have serious parking issue or are small private banks with more limited services. Search the topics for previous discussions on banks. There have been many.

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  • 10 months later...

MOST OF THE MEXICAN BANKS THAT I HAVE TRIED TO USE WITH EXCELLENT CREDIT AND A 832 FICO SCORE TOTALLY SUCK. I AM AT FAULT, AS I LOST MY ATM, NOW NO BANK WILL GIVE ME $4000.00 MEXICAN PESOS, AND THEY CAN CHARGE ME $ 1850.00 MEXICAN PESOS PLUS ,AGAINST MY CREDIT CARD, WHICH HAS A LARGE LIMIT. WE WILL NOT BE OPENING A FACORTY NEARBY EMPLOYING ABOUT 85 PEOPLE. I WILL OPENIT IN A COUNTRY WHERE THE BANKS TIENES SALE IN LA CABEZA. HERE, NO ES POSSIBLE. 

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Welcome to the board, RFC. I hope you get some useful information from these pages. Unfortunately, I can't make sense out of your post; some points in there may be related, but I don't see a connection. And might I respectfully suggest you don't use ALL CAPS unless you are REALLY, REALLY ANGRY...

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