A bank is an institution that handles money and offers money-connected services. Top banks in Mexico have comprehensive products and services that make them big. They provide an exceptionally comprehensive list of financial accounts and services. Moreover, real estate investing has financial risks. An investor must have financial capabilities to have successful real estate property investing. A bank account for a rental property is able to save time and money, keep personal and business assets separate, and make the professional image that real estate investors look for. The bank size is going to be measured as the natural logarithm of the value of the total assets in US dollars. Additionally, the bank’s revenues are the single best measure of the bank’s size. The three banks in Mexico with the most extensive total assets are BBVA Bancomer, Santander, and Citibanamex. There are 11 top biggest banks in Mexico, including BBVA Mexico, Citibanamex, HSBC Mexico, Banorte, Inbursa, Scotiabank Mexico, Afirme, Banco Santander Mexico, Banco del Bajio, Bank of America Mexico, and Bancomext. Mexico has a significant banking sector consisting of various banks of various functions and capital value. Banco de Mexico regulates all the banks in Mexico. Foreign banks handle most of the banking sectors in Mexico, such as BBVA. HSBC, Citibanamex, Santander, and Scotiabank.
Moreover, there are different classifications of banks in Mexico. Some classifications of banks in Mexico are Commercial Banks, Central Banks, Investment Banks, Development Banks, and Credit Unions. There are things to consider in choosing the best banks for real estate investors in Mexico, including fees and balances, separation of resources, card services, ease of money movement, funding options, customer service, and keeping the fund in USD. It is critical to have the cash in USD since not all banks enable customers to hold currencies in USD. However, Banco Monex permits customers to maintain funds in a broad range of different currencies. On the other hand, the process of opening an account in Mexico is straightforward. The steps to open an account are as follows: select the best bank, prepare all the requirements, apply online or go to the Mexican bank, and submit the paperwork. The requirements to open a bank account in Mexico are proof of residence in Mexico, proof of address, and a government ID. Foreigners are able to open an account in Mexico. There are specific requirements for them. Some requirements are a residency card, RFC (Mexican taxpayer ID) or foreign tax ID/Social Security number, passport, visa, proof of address, at least 1,000 MXN pesos, email address, and mobile number. American banks in Mexico, such as Bank of America, HSBC, and Santander. Moreover, they are as well as the US affiliated with banks in Mexico, such as Scotiabank, HSBC, and Santander.
Listed below are the three top biggest banks in Mexico.
1. BBVA Mexico: Banco Bilbao Vizcaya Argentaria (BBVA) is the largest financial institution in Mexico. The founding year of BBVA México was 1932 as Banco de Comercio (Bancomer). It was renamed BBVA Bancomer from 2000 to 2019. The total assets of BBVA México for 2021 were $119.93 billion. BBVA México provides personal and small business banking products, such as credit cards, loans, checking and savings accounts, investments, and business merchant services.
2. Citibanamex: Citibanamex, or Banco Nacional de Mexico, is the second-largest bank in Mexico. The origin and the owner of Citibanamex are Grupo Financiero Banamex. The founding year of Citibanamex was 1884. The total assets of Citibanamex in 2021 were $67.3 billion. Citibanamex provides various financial services, such as credit cards, credits, insurance, equity banking, accounts, FX changes, priority, digital banking, global transfers, investments, and ATMs.
3. HSBC Mexico: HSBC Mexico is part of Mexico’s four largest banking and financial companies. The main activity of HSBC Mexico is commercial banking. Banco del Atlántico was the name of HSBC Mexico in the 1980s. The total assets of HSBC Mexico were $34.94 billion in 2021. HSBC Bank is personal financial services, commercial banking, corporate, investment banking and markets, and other corporate activities, including real estate leasing, fixed asset, and past-due loan portfolio.
1. BBVA Mexico
Banco Bilbao Vizcaya Argentaria (BBVA) is the largest financial institution in Mexico, with around 20% of the market. BBVA is at Torre BBVA Mexico on Paseo de la Reforma, Mexico. BBVA México serves over 11 million users and has 1,704 branches and 4,286 ATMs. The bank runs as a wholly owned subsidiary of the Spanish BBVA Group. It maintains 40% of the total revenues of BBVA worldwide and is known as the biggest bank of the group outside Spain. Furthermore, the founding year of BBVA México was 1932 as Banco de Comercio (Bancomer). It was renamed BBVA Bancomer from 2000 to 2019. The primary stockholder of BBVA is BBVA Spanish. The founders were Salvador Ugarte, Raul Bailleres, Liberto Senderos, Mario Dominguez, and Ernesto Amescua. One-third of the share is from Salvador Ugarte. President José López Portillo state-owned Mexico’s banking system, including Bancomer. The investor’s group leader, Eugenio Garza Lagüera, privatized Bancomer as soon as the leader bought most of the stock in 1991. The majority of Bancomer S.A.’s public stock from Canadian-based BMO Financial Group was acquired by BBVA Spanish in July 2000 and incompletely merged with BVB Probursa; as a result, its name became BBVA. BBVA bought the rest of Bancomer’s share in February 2004 to fully seize the bank’s possession. BBVA incorporated its brand globally, and BBVA Bancomer became BBVA in June 2019. Moreover, The total assets of BBVA México for 2021 were $119.93 billion. On the other hand, BBVA México provides personal and small business banking products, such as credit cards, loans, checking and savings accounts, investments, and business merchant services. People outside Mexico are able to send money to Mexico through bank deposits or cash pickup through BBVA’s bank network in Mexico.
2. Citibanamex
Citibanamex, or Banco Nacional de Mexico, is the second-biggest bank in Mexico. Its origin and holder are the Grupo Financiero Banamex. The founding year was 1884. Citigroup bought Banamex Financial Group in August 2001 for $12.5 billion and kept running as a subdivision. The merger of Banco Nacional Mexicano and Banco Mercantil Mexicano originated in June 1884. It has departments in Mérida, Veracruz, Puebla, Guanajuato, San Luis Potosí, and Guadalajara. Agustín Legorreta Ramírez revived the bank nine years after the directors abandoned the bank after World War I began. Moreover, the bank united with Banco de Mexico and US government executives under its restructuring. President José López Portillo publicly held the entire exclusive Mexico’s banking system, including Banamex, and it worked as a publicly-held national credit association for nine years. The holder denationalized Banamex and set up Grupo Financiero Banamex–Accival with the commercial bank Acciones y Valores de México (Accival). Additionally, Roberto Hernandez Ramirez, CEO from 1997 to 2001, developed Afore Banamex to enter the freshly made private pension fund market. Citigroup Inc. purchased Grupo Financiero Banamex-Accival for US$12.5 billion and turned Grupo Financiero Banamex. On the other hand, the total assets of Citibanamex in 2021 were $67.3 billion. Citibanamex gives various banking services, such as credit cards, credits, insurance, equity banking, accounts, FX changes, digital banking, global transfers, investments, and ATMs. Moreover, Citibanamex is an affiliate of Chubb Limited (NYSE: CB). Aside from Banamex, the subsidiaries of Grupo Financiero Banamex are Accival, Afore Banamex, Seguros Banamex, Arrendadora Banamex, Operadora e Impulsora de Negocios, Acción Banamex, Pensiones Banamex, Fomento Cultural, and Fomento Social.
3. HSBC Mexico
HSBC Mexico is the dominating company of Grupo Financiero HSBC, S.A. de C.V. HSBC Mexico is part of Mexico’s four biggest banking and financial companies. The main activity of HSBC Mexico is commercial banking. The total branches of HSBC are 892, and the ATMs are 5,577. The main offices are at the Torre HSBC on the Paseo de la Reforma. The bank was known initially in the 1980s as Banco del Atlántico, then became Bital or Banco Internacional. Vital turned to HSBC. Moreover, HSBC is the first bank in Mexico that presents pre-approves personal loans through ATMs. “Niños con Futuro” is a program that permits clients to create kind donations through ATMs. The bank organized modern computerized modeling strategies to foresee usage patterns for ATMs and ensure they are in the best positions for usage and profit. Additionally, HSBC Bank is involved in personal financial services, commercial banking, corporate, investment banking and markets, and other corporate activities, including real estate leasing, fixed asset, and past-due loan portfolio. Furthermore, the total assets of HSBC Mexico were $34.94 billion in 2021. One of the affiliates of HSBC Mexico is HSBC in the United States.
4. Banorte
Banorte, or Banco Mercantil del Norte, is a banking and financial services holding firm and base in Mexico. Banorte is one of Mexico’s four biggest commercial banks and the biggest retirement support administrator. The total branches of Banorte are 1,269, and the ATMs are 7,297 countrywide. The principal subdivision of Grupo Financiero Banorte is Banorte. Grupo Financiero Banorte is the earliest banking organization that has been in Mexico since 1899. The year of the establishment of Banorte as Banco Mercantil del Monterrey was 1889, and it unified with Banco Regional del Norte in 1985 to build Banco Mercantil del Norte. Additionally, Banorte bought Bancrecer worth $125 million. Roberto Gonzalez Barrera, head of the investor’s group, purchased the bank in 1992, then turned Banorte from a regional bank after ten years. Banorte broadened the business by including renting in 1990 and warehousing and factoring services in 1991. They developed an association with Generali to provide Afore’s services, pensions, and insurance. Generali is an Italian insurance firm whose subdivisions are Afore Banorte-Generalli, Seguros Banorte-Generalli, and Pensiones Banorte-Generalli. The bank purchased 70% of INB, a holding firm in Texas, for $259 million in 2006, then the 30% left in 2009 for $146.6 million. Furthermore, the primary assistance of Banorte are mortgages, commercial loans, checking accounts, credit cards, payday loans, and auto loans. The bank conducts insurance, pension, leasing, and brokerage operations. The recorded full resources of Banorte in 2021 were $60.4 billion.
5. Inbursa
Inbursa is a financial company that offers bank and connected services in Mexico. The owner of Inbursa is Carlos Slim, a Mexican billionaire. The founding of Inbursa was on May 20, 1985, and the headquarters is in Mexico City. The business lines that Inbursa operates are commercial banking, retirement funds, health insurance, automobile insurance, general insurance, and investment funds. The bank offers stock exchange brokerage and money and capital market services. There are 320 branches and 730 ATMs all over Mexico. It is the sixth-largest financial group in Mexico. The total assets of Inbursa in 2021 were $20.8 billion and $26.1 billion in 2021.
6. Scotiabank Mexico
Bank of Nova Scotia, as Scotiabank Mexico, is a Canadian international banking and financial services company. The headquarters of Scotiabank, Mexico, is in Toronto, Ontario. Scotiabank Mexico is the third-largest Canadian bank through deposits and market capitalization. The founding year of Scotiabank Mexico was 1832, under the name Bank of Nova Scotia. Scotia advertised itself as “Canada’s most international bank.” It has over 25 million users worldwide. William Lawson was the first president of the Bank of Nova Scotia from 1832 to 1837. Additionally, the bank has fused with many other financial institutions in Canada and acquired many other banks abroad. Scotiabank Mexico has four business lines: Canadian Banking, International Banking, Global Wealth & Insurance (GWI), and Global Banking & Markets. The primary service of Scotiabank Mexico is the domestic retail banking network including branches with programmed banking systems. It provides call and term deposits, current and savings accounts, ATMs, telephone banking, safety deposit boxes, and foreign exchange. Scotiabank Mexico is known for personal and commercial banking, corporate and investment banking, capital markets, wealth management, and private banking. The total assets of Scotiabank in 2021 were $33.8 billion. Scotiabank is a founding member of the new Global ATM Alliance, together with Bank of America, BNP Paribas, Barclays, Deutsche Bank 24, and Westpac. One of the affiliates of Scotiabank Mexico is Bank of America in the United States.
7. Afirme
Afirme or Banca Afirme is a bank in Mexico providing banking products and services to individuals and companies, including the areas of savings, investment, consumer and mortgage lending, investment projects, and working capital. Afirme is one of the ten largest banks in Mexico. The establishment year of Afirme was 1995 in Monterrey, Mexico. About 240 branches of Afirme around the world, including Jalisco, California, Puebla, Colima, Aguas Calientes, Guerrero, and Guanajuato. Moreover, the primary services of Afirme are cash management, exchange rates, savings and investments, consumption, and company credit. Afirme is a subsidiary bank of Grupo Financiero Afirme. The total assets of Afirme in March 2017 were $7.4 billion. One of the affiliates of Afirme Financial Group is Consorcio Villacero.
8. Banco Santander Mexico
Banco Santander Mexico is a Spanish Bank subsidiary of a banking group in Mexico, Grupo Financiero Santander México. Banco Santander Mexico’s founding year was November 16, 1932, below the name Banco Mexicano. Sociedad Mexicana de Crédito Industrial (Banco Somex) acquired controlling interests in the bank in 1955. The bank merged with Banco Español in 1958. The bank’s name was modified to Banco Mexicano Somex in 1979 and got state-owned in 1982. InverMexico purchased Banco Mexicano in 1992. Banco Santander bought InverMexicano in 1996, then the bank’s name became Banco Santander Mexicano in 2001. On the other hand, the founding year of Grupo Financiero InverMexico was 1991. Banco Santander purchased the group and rebranded Grupo Financiero Santander Mexicano in 1997, then merged the group in 1998. The banking group fused with the sister group Grupo Financiero Serfin, then the group was rebranded as Grupo Financiero Santander Serfin. Moreover, Bank of America bought 24.9% of the group from Banco Santander of Spain in 2003. It turned into Grupo Financiero Santander in 2006, then Grupo Financiero Santander, S.A.B. de C.V. after a year. Moreover, the total assets of Banco Santander Mexico in 2021 is $80.16 billion. The primary services of Banco Santander Mexico are insurance products, including life insurance, automobile insurance, accident insurance, fraud insurance, health insurance, home insurance, and unemployment insurance. Banco Santander Mexico offers credit cards, personal credit, payroll, mortgage, payments services, investment, Santander plus, and insurance. One of the affiliates of Banco Santander Mexico is Santander in the United States.
9. Banco del Bajio
Banco del Bajio is one of the leading and fastest-rising banks in Mexico. Banco del Bajio ranked eighth largest in customer deposits and lending services. The establishment year of Banco del Bajio was 1994. The founder of Banco del Bajio was Leon Guanajuato. The bank. Banco del Bajio has boomed since its origin, growing to cover 90% of Mexico’s state. Moreover, the total reported assets of Banco del Bajio as of 2021 were $13.46 billion. Furthermore, the leading service of Banco del Bajio is banking. They offer minors, payroll, deposit accounts, savings, checking, and investment accounts, financial products, loans, insurance, funds, derivatives, securities, structured products, and debit and credit cards.
10. Bank of America Mexico
Bank of America Mexico (Bamsa) is a commercial banking institution and the central operating unit of Grupo Financiero Bank of America. Bank of America Mexico is an American multinational investment bank and financial services holding company. The headquarters of Bank of America Mexico was in Charlotte, North Carolina. The operations of Bank of America in Mexico started in 1954. They serve customers worldwide. Bank of America Mexico concentrates on wholesale brokerage and corporate banking. It offers capital markets, treasury, cash management, and international trade services. Bank of America Mexico’s services include loans, credit cards, savings accounts, investments, online banking services, debit, and wealth management. The amalgamated total assets of Bank of America Mexico were $5 billion.
11. Bancomext
Bancomext, or Banco Nacional de Comercio Exterior, is a nationalized bank in Mexico. Bancomext is an export credit agency made to boost and fund small and medium exporting Mexican businesses in international markets and offer consulting services for companies who desire to export goods and services. Moreover, the founding year of Bancomext was 1937, during the governance of Lazaro Cardenas. The leading service of Bancomext is for Credit Unions. The bank signed agreements allowing exporting goods, including rice, cotton, honey, peanuts, and wax. Other services that Bancomext provides are corporate financing, factoring, guarantees, trust, fiduciary services, credit working capital, and fixed assets financing. The bank offers direct exchange or repurchase of negotiated bonds in the market of debt securities with various terms and instruments. On the other hand, the total assets of Bancomext were $470,464 in 2020 and $414,542 in 2019. Bancomext is backing 502 supplier companies with 633 affiliates.
What are the different classifications of banks in Mexico?
There are five different main classifications of banks in Mexico, such as Commercial Banks, Central Banks, Investment Banks, Development Banks, and Credit Unions. First, Commercial Banks tend to support minor or major businesses. Corporations are able to go to commercial banks when they need to start savings or checking accounts, borrow cash, get access to credit, or transfer funds to businesses in international markets. Commercial Banks in Mexico offer various services, from consumer and commercial loaning, deposit accounts, corporate finance, trusts, and mutual funds to international exchange and money market trading. The commercial banking division in Mexico is available to foreign competition. Most of the banks in Mexico, except Banorte, are under the management of international banks. Some Commercial Banks in Mexico are Inbursa, HSBC, Santander, Citibanamex, BBVA, Banorte, and Scotia Bank. Second, Central Banks are the financial institutions in charge of supervising and handling all other banks. They administer commercial banks, set interest rates, and govern currency flow. Moreover, they enforce the monetary policy goals of the government, whether that includes fighting deflation or continuing prices from fluctuating. One of the goals of the Central bank in Mexico is to support the progress of the Mexican payments system. The roles of the Central Bank in Mexico are to monitor the operation of the Inter Banking Electronic Payments System, even for large and retail payment transactions, and regulate the retail payment systems. The Central Bank in Mexico is the Banco de Mexico.
Third, Investment Banks offer services and operate as intermediaries in complex transactions. They act as brokers or financial advisors for large institutional clients, including pension funds. The main objective of an investment bank is to advise companies and governments on how to meet their financial challenges. One of the roles of Investment Banks is to help individuals, companies, and governments improve capital through the distribution of securities. Additionally, they help their clients with financing, research, trading and sales, asset management, wealth management, IPOs, mergers, and hedging. Some Investment Banks in Mexico are Santander, Citi, and BBVA Bancomer. Fourth, Development Banks are banking institutions that offer medium and long-term capital for productive investment in developing countries. The objective of the Development Banks is to fulfill shortfalls in the commercial banking sector. Some Development Banks in Mexico are Bancomext, Banjercito, Banobras, Nafinsa and Financiera Rural. Lastly, Credit Union is a financial institution offering traditional banking services. The members are the ones who made, handled and performed the Credit Union. They need to generate enough money to keep the daily process going. Credit Unions are able to give better rates for customers than commercial banks. A regional presence and particular company niche represent Mexican Credit Unions.
How to Choose the Best Bank for Real Estate Investors in Mexico?
Listed below are the factors to consider in choosing the best bank for real estate investors in Mexico.
- Fees and balances: The bank must allow the user to open an account at no cost, or the prices, maintenance, or balances are low. Some banks permit investors to open several checking and savings accounts, and all the accounts are available without account fees and balances. However, most banks have minimal maintenance fees, transfers, and balances.
- Separation of resources: It is necessary to know where the resources originate and ensure they use them appropriately. Numerous checking accounts are useful to separate resources and avoid using the money for unintentional plans.
- Card Services: Debit and credit cards are useful to pay heavy expenses if the real estate investor needs to spend a significant amount of money for the maintenance or renovation of the property.
- Ease of money movement: An investor needs the ability to move money in and out or between accounts successfully with Automated Clearing House (ACH) payments and wired and check deposits to run a real estate business.
- Funding options: The ideal real estate banks offer loans with acceptable terms and interest rates. Most investors need to acquire a loan to purchase their first property investment.
- Customer service: An ideal bank must have excellent customer service. They must be responsive and a great help to every client. It must be simple to Open a Bank Account in Mexico. There must be many ways to communicate with a customer service representative without going physically to the branch.
How to Open a Bank Account in Mexico?
Listed below are the four methods to open a bank account in Mexico.
- Select the best bank. There are over 30 national banks and financial institutions all over Mexico. Choose the best bank that provides all the needed services. The chosen bank must be accessible, have a solid capital base, and offer exquisite customer service.
- Prepare all the requirements. Opening an account needs a lot of paperwork and requirements. The most common conditions to open an account in Mexican banks are proof of residence in Mexico, proof of address, and government ID. Foreigners wishing to open an account in Mexico need to provide requirements. The requirements are a residency card, RFC (Mexican taxpayer ID) or foreign tax ID/Social Security number, passport, visa, proof of address, at least 1,000 MXN pesos, email address, and mobile number. Check with the bank on additional requirements to open a business account.
- Apply online or go to the bank. Some banks offer online applications to open an account; however, it is ideal for visiting the bank physically. Foreigners need to visit the bank to personally learn How to Open a Bank Account in Mexico as a non-resident.
- Submit the paperwork. Present all the requirements to the bank staff. Some banks with organizations have English-speaking staff suitable for foreign clients. The forms are generally in Spanish. It is advisable to have a translator if not speaking in Spanish. The process to validate the document takes around one week.
- Keep the money in different currencies. Mexico’s bank accounts hold money in many currencies. Banco Monex, like other Mexican banks, offers multi-currency accounts that let clients keep and manage several currencies including the Mexican peso, US dollar, and Euro. It is handy if the client often makes overseas transactions or needs to maintain money in several currencies. Opening a multi-currency bank account in Mexico needs evidence of identity, residence, and a minimum balance. Exchange rates, conversion costs, and currency transfer limitations must be considered.
Which Bank in Mexico has the Largest Asset Value?
The banks in Mexico with the largest asset value are BBVA Bancomer, Santander, and Citibanamex. First, Banco Bilbao Vizcaya Argentaria (BBVA) is the greatest financial institution in Mexico, with an asset value of $119.93 billion in 2021. The primary services BBVA have are for exclusive and small business banking products, such as checking and savings accounts, investments, credit cards, loans, and business merchant services. Second, Banco Santander Mexico is the subdivision of Grupo Financiero Santander México, with an asset value of $80.16 billion in 2021. The primary services of Banco Santander Mexico are insurance products, such as life insurance, automobile insurance, accident insurance, fraud insurance, health insurance, home insurance, and unemployment insurance. Other services Banco Santander Mexico provides are credit, credit card, personal credit, payroll, mortgage, payments services, investment, Santander plus, and insurance. Lastly, Citibanamex, or Banco Nacional de Mexico, is the second-greatest bank in Mexico, with an asset value of $67.3 billion in 2021. Citibanamex offers credit cards, credits, FX changes, priority, digital banking, global transfers, insurance, equity banking, accounts, investments, and ATMs.
Which Bank in Mexico offers Mortgage for Loans?
Mortgage loans are for purchasing or maintaining a home, land, or another real estate. There are banks in Mexico that give mortgage loans, such as Scotiabank, Santander, and Banorte. The banks are known for having low mortgage prices. The interest rate in Scotiabank is 7.8 %, 7.895% in BBVA, and 7.9 % in Santander. The interest cost of mortgages depends broadly across multiple countries. Moreover, foreign mortgage loans are not accessible when purchasing a property in Mexico. Additionally, it is possible to acquire a Mexican mortgage as a foreigner, but it is different from the United States since Mexican banks have standard conditions.
Which Bank in Mexico is the Best for Real Estate Investing?
The banks in Mexico that are best for real estate investing are HSBC Mexico, Citibanamex, and Scotia Bank. HSBC is one of the world’s largest financial and banking services organizations, and Mexico is one of the best places for investment. It offers a broad range of assistance for personal and business accounts, including wealth management, commercial banking, global banking, and retail banking. One of the main business areas of HSBC Mexico is an investment banking and other corporate activities, such as real estate leasing. HSBC has Global Banking and Markets, which supports local and multinational customers that need investment banking assistance. They are ideal for real estate investors, especially foreigners, because they have fideicomiso. The yearly value loans allowed by HSBC in Mexico totaled $19.68 billion or 388.8 Mexican pesos in 2021. Moreover, Citibanamex is one of the subsidiaries of Citi. They have a mortgage program for U.S. citizens and permanent residents fascinated with purchasing and investing in real estate property in Mexico. They are ideal for real estate investors because their loans are going to be initiated, authorized, and extended by Banamex USA with very competitive terms identical to those provided in the U.S. The down payments in the loans are as low as 20%, the term is up to 30 years, and programs of set and changeable rates without prepayment fines. The loans and ancillary fees are able to be easily paid automatically if the borrower maintains an account with Banamex USA. The yearly value loans allowed by Citibanamex amounted to $27.81 billion or 549.4 Mexican pesos in 2021. Furthermore, Scotiabank offers personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. Scotiabank is deemed the Best Bank for Real Estate Investors in Mexico, as they provided the lowest interest rate for mortgage loans in 2022. The yearly value loans allowed by Scotiabank in Mexico summed to $22.16 billion or 437.7 Mexican pesos in 2021.
Are there US Banks affiliated with Mexico?
Yes, there are US banks affiliated with Mexico. The affiliate of Bank of America in the United States is Scotiabank in Mexico, the affiliate of HSBC in the United States is HSBC Mexico, and the affiliate of Santander in the United States is Santander Mexico. Citibanamex is also an affiliate of Citibank. However, a person with an American bank affiliated in Mexico is only naturally able to start one after a period of time. The banks in America and the affiliated banks in Mexico are distinct units; however, they have identical banking options.
Are there American Banks in Mexico?
Yes, there are American banks in Mexico. There are various United States-based banks that operate in Mexico. Some banks are Bank of America, HSBC, and Santander. An investor who already banks with a global bank that works in both the United States and Mexico is able to set up an account in Mexico before the investor arrives abroad. Some banks are able to use both America and Mexico, such as Banamex, HSBC, Mizuho Americas Santander, and Bank of America. It is necessary to set up a Mexican bank account if staying for an extended period in Mexico. The process is going to be easy if the customer has an American account with one of the banks running in Mexico. All they need is to call customer service and find out how to set up an account in Mexico.
