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cedros

Using Coppel as a bank

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I have been trying to talk a young Mexican friend into opening up a bank account at Santander (or another bank). Instead he has opted to use Coppel to park his money. How safe and effective is Coppel? I assume you don't get an ATM card but that you have to go to a Coppel store wherever you are in Mexico. They probably have pretty good hours but not as good as an ATM. Any comments on Coppel for service and convenience. Better that his brother who keeps his money in a box under his bed.

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Use Banco Azteca. It is in the Joco Electra store and open 7 days a week from 9 to 9. You get an ATM card.  There might be one in Chapala. They are all over Mexico, Central and South America. If you have problems with the bank,  I can give you the email of the English speaking assistant to the president. They put in a separate line for seniors and handicapped, so we don't stand in line for very long.

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Interesting. Do you get an ATM card at Coppel?

I don't see a Banco Azteca listed in Chapala but I'm sure I have seen one.

Are Banco Azteca and Coppel both safe places to put money? Why don't the people who use them use the larger better know banks?

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Google BanCoppell founded in 2006 for low income clients. Their credit cards can be used at Scotiabank and others. Far more info on Google than you will get here.

Plus Google has the added bonus of usually giving correct information.

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57 minutes ago, cedros said:

I don't see a Banco Azteca listed in Chapala but I'm sure I have seen one.

There are two downtown, across the street from each other.

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Our handyman has an account there. I usually pay him with direct money transfers now. Less hassle than hauling cash. He does have a debit card.

 

Pete

 

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Interesting. Do you get an ATM card at Coppel?

I don't see a Banco Azteca listed in Chapala but I'm sure I have seen one.

Are Banco Azteca and Coppel both safe places to put money? Why don't the people who use them use the larger better know banks?

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As a side, Banco Azteca is open today. They are part of Groupo Salinas that also owns Elektra and Italika. In addition to consumer credit for goods, Banco Azteca offers mortgages, personal loans, credit cards, as well as car loans, among other types of credit. Also, Banco Azteca offers payroll systems. 

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Be aware that the money is not always available on the same day. Several artisans and truckers I know have accounts with those banks and it has happen several times that they cannot withdraw all the money they need at once and need to come back a secong day. They always get the money but it sometimes takes a couple of days.

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12 hours ago, bmh said:

Be aware that the money is not always available on the same day. Several artisans and truckers I know have accounts with those banks and it has happen several times that they cannot withdraw all the money they need at once and need to come back a secong day. They always get the money but it sometimes takes a couple of days.

They need to complain to the management at Banco Azteca. I transfer money to my account from the US and as soon as an email tells me it has been sent, it is in the bank and I can withdraw it. I've never had a problem. 

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15 hours ago, cedros said:

Interesting. Do you get an ATM card at Coppel?

I don't see a Banco Azteca listed in Chapala but I'm sure I have seen one.

Are Banco Azteca and Coppel both safe places to put money? Why don't the people who use them use the larger better know banks?

The Banco Azteca in Joco would be closer for you.  It is at the corner of Matamoras and the main street Miguel Arana, across from Santander bank.

https://goo.gl/2btyCy

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45 minutes ago, Joco said:

The Banco Azteca in Joco would be closer for you.  It is at the corner of Matamoras and the main street Miguel Arana, across from Santander bank.

https://goo.gl/2btyCy

Thanks Joco. I have seen that Banco Azteca. The Mexican friend I'm asking this for actually lives in Chapala which doesn't make much difference as to why.

I still don't understand why Mexicans (and a few? foreigners) would use a smaller bank like Banco Azteca or BanCoppel rather than one of the large ones like Bancomer, Santander, Banamex, etc. I'm thinking that your money in the larger ones would be safer-more secure. Is it my imagination that the "poorer" Mexicans use these smaller banks and the Mexicans with more resources use the larger banks like Bancomer, HSBC, Banamex, etc. Is there some convenience factor or it is easier to get credit or ? I would be leery of a bank that only started up in 2006.  

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I think one of the main reason is service fees.  I know at Banco Azteca you can open an account for as little as 50 pesos and there are no monthly fees.  There is no need to maintain a monthly minimum balance.  For the larger banks like Citibanamex, in order to avoid the fees you must maintain a 4,000 pesos balance.  And the fees are hearty if you fall below it.

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53 minutes ago, cedros said:

I still don't understand why Mexicans (and a few? foreigners) would use a smaller bank like Banco Azteca...

Banco Azteca is  among the largest banks in Mexico in terms of coverage.

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yes those banks cater to the poor if cater is the right word. You can open an  account without money down and make tiny deposit as often as you want  and you do not have to leave a minimum balance. These banks are parts of stores who specialize in selling  with credit.. So it is attractive to poor people who want  an item and can pay  a little each month as they do not have the available to buy these items..

I work with many indigenous in Chiapas and may are almost  or totally illterate and are very intimidated by regular banks, some of them are successful and have money. They  do not understand the systmen and look at all the fees as  a way to steal their money in regular banks. I have taken dozen of people to visit the banks and ask questions and find out how much each one charges for accounts etc.. and in each case the people chose regular banks , actually right now Santander to open an account.

We did the tour of HSBC, Bancomer, Banamex, Banorte and Santander are all around the plaza in San Cristobal along with Coppel and Elektra. The banks do not encourage the poor to open accounts and are pretty intimidating to people who have never entered them or dealt with them. If you explain the plus and minus of each bank to people it takes away the fear of dealing with them. It is interesting to me to see the reation of the new account people when indigenous  women show up in their traditional cloth to open accounts.. I have gone in with successful artisans but indigenous and there is a major discrimination at play. Now the Santander people there know me and they do not even ask for 2 references any longer.

Most people who have little money do not want to leave money they cannot access and also all the banks down there insist that people with new account buy the ins.. for a year cancelable after 6 month which is the fee to open accounts.. I do not know if that is required everywhere but in Chiapas that is the barrier to the poor people at foing business for doing business with regular banks.

By the way one of the trucker I use has one of these Elektra account and has problems when he tries to withdraw  3000 pesos before he starts his trips, many times he has to go 2 or 3 times to the bank to withdraw the total amount as they run out of money for the day..Chiapas is a very poor state with tons of very poor people who do not leave money in the accounts so it may be a local problem but be aware that it does happen.

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joco you response is typical of an educate middle class  guy, the people I am talking about do not go to managers to speak to them and especially do not complain. They are indigenous, poor and usually treated poorly  so it is the way it is and the LIC is someone you do not complain to... that is the culture. down there. Once every so many years they have a major rebellion but until then they take the abuse.. 

 

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3 hours ago, Joco said:

They need to complain to the management at Banco Azteca. I transfer money to my account from the US and as soon as an email tells me it has been sent, it is in the bank and I can withdraw it. I've never had a problem. 

How interesting.   I deposit US checks at Bancomer and it always takes 10business days to clear,  although it clears my Colorado account in 2 days.

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bmh thanks. I am beginning to get the picture. I still wonder how safe the money is in these "alternative" banks. What if it was a large amount?

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3 hours ago, cedros said:

Thanks Joco. I have seen that Banco Azteca. The Mexican friend I'm asking this for actually lives in Chapala which doesn't make much difference as to why.

I still don't understand why Mexicans (and a few? foreigners) would use a smaller bank like Banco Azteca or BanCoppel rather than one of the large ones like Bancomer, Santander, Banamex, etc. I'm thinking that your money in the larger ones would be safer-more secure. Is it my imagination that the "poorer" Mexicans use these smaller banks and the Mexicans with more resources use the larger banks like Bancomer, HSBC, Banamex, etc. Is there some convenience factor or it is easier to get credit or ? I would be leery of a bank that only started up in 2006.  

Copple and Elektra sell things that can be paid for weekly, so people have accounts there to go in to make payments. Foreigners can buy on time the same way but most of us don't need to. It isn't a matter of safety. With Banco Azteca,  it sells insurance, you can get loans, mortgages,  and it will be offering a guaranteed type credit card for foreigners soon.  I like because it is open 12 hours  a day 7 days a week during normal times and until 11 PM during Christmas.

https://www.moodys.com/research/Moodys-Confirms-Banco-Aztecas-Global-Ratings-Downgrades-National-Scale-Deposit--PR_350368

https://www.worldremit.com/en/mexico/elektra-banco-azteca

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1 hour ago, casasemanas said:

How interesting.   I deposit US checks at Bancomer and it always takes 10business days to clear,  although it clears my Colorado account in 2 days.

I am not depositing checks. I am transferring money from a US bank account, that goes to a money transfer company and then to the Mexican bank. There is no need to wait to see if funds clear.  There are several links posted in this thread that are to transfer companies. Use one of them so you don't need to deposit a check.

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To me it is a matter of safety-how secure is the money in an account in these smaller, newer banks over the long term. For my friend Bancoppel is probably fine. He deposits maybe 1,000 pesos a month.

At some point I want to deposit maybe 500,000 pesos into an account for him. I would feel more comfortable if he also had an account in a more established, traditional bank where I could deposit that money.

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I would too.. By the way there are accounts that have caps on how much you can deposit.. Just go to Santander  or another bank and Bancopel and talk to them with all his needs in hand and go down the list with both of them ask as many questions as wou can and decide.. A forum is not the best place for that kind of questio.. It is good to get feedback but as far as the fact for each bank get them directly from the bank.. By the way the banks change their programs... so you need to do the shopping before opening an account. Someone recommended Banamex to us once and the account we wanted was no longer there , then Bancomer and they told us they gave de alta a hacienda and that we did not want and so on.. every person has different need..i If you are going to deposit 500 000 pesos  out of the clear blue think of the hacienda as well.. if the bank reports it to the hacienda your friend could get hit with taxes

Deposit 500 000 in an account where the deposits are usually 1000 and for sure all kinds of bells are going to ring.. so inquire first...By the way there are account where you cannot deposit more than 15 000 pesos a month as well in regular banks..

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Thanks again bmh. Things to consider.

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