How safe are the banks in Mexico?
John Venator - Casa de los Venados
The banks in Mexico are safe. In the United States, you can go and buy a car or open a bank account even if you’re a Czechoslovakian citizen. We have no rules that prohibit that. Here in Mexico, to open a bank account, you have to have one of the varieties of immigration visas and the same thing in terms of buying a car. You cannot just walk into a car dealer and say, “I want to buy a car.” They will say ask for your visa. If you show him a tourist visa, you cannot...The banks in Mexico are safe. In the United States, you can go and buy a car or open a bank account even if you’re a Czechoslovakian citizen. We have no rules that prohibit that. Here in Mexico, to open a bank account, you have to have one of the varieties of immigration visas and the same thing in terms of buying a car. You cannot just walk into a car dealer and say, “I want to buy a car.” They will say ask for your visa. If you show him a tourist visa, you cannot sell your a car. It is the same thing with a bank account in Mexico. You have to have the right kind of immigration visa to open a bank account, but the banks are safe. A number of national banks are here. We even have HSBC, which is an international bank. There is probably 6 different major banks that have office here in Valladolid (where I live, half way between Cancun and Merida, in the Yucatan Peninsula). None of them have safety deposit boxes. If you have anything of value, most people here have safes in their home and they usually hide their valuables.
(HSBC Bank in Mexico, pictured.)
Posted October 9, 2015
Jesus Celis - RH Fiscalis
The banks are fine here in Mexico. I don’t see any problems, and certainly not comparing to what happened in 2008 or 2009 in the States. The banks in Mexico are strong.You need to know that, in general, the banks in Mexico are not Mexican. The only Mexican bank here in Mexico is Banorte. The others are foreign, and the shareholders are foreign. BBVA Bancomer is from Spain, HSBC is from England, Scotia Bank is Canadian, Banamex is US. Having banks in Mexico that are...
The banks are fine here in Mexico. I don’t see any problems, and certainly not comparing to what happened in 2008 or 2009 in the States. The banks in Mexico are strong.You need to know that, in general, the banks in Mexico are not Mexican. The only Mexican bank here in Mexico is Banorte. The others are foreign, and the shareholders are foreign. BBVA Bancomer is from Spain, HSBC is from England, Scotia Bank is Canadian, Banamex is US. Having banks in Mexico that are foreign-owned means that in theory they are strong because they have the backing of their home countries.
(Pictured: Banamex logo.)
Posted March 31, 2016
Alberto Alvelais - Alvelais & Asociados
Nowadays, the banks in Mexico are very safe, even though there is nothing like FDIC insurance in the US, whereby the government essentially backs up your account. It’s very different the banking system in Mexico in that Mexico is not a country of credit. Also, large foreign corporations such as Citibank in the US and Scotiabank, from Canada own the big banks in Mexico, so at some point, there’s international support for the banking in Mexico. ...
Nowadays, the banks in Mexico are very safe, even though there is nothing like FDIC insurance in the US, whereby the government essentially backs up your account. It’s very different the banking system in Mexico in that Mexico is not a country of credit. Also, large foreign corporations such as Citibank in the US and Scotiabank, from Canada own the big banks in Mexico, so at some point, there’s international support for the banking in Mexico.
The government of Mexico provides very specific and rigorous regulation and oversight of all banks operating in Mexico.
(Stamp of Banco National Mexico, pictured.)
Posted May 9, 2016
Karen Herrtwich - S&S Auto
The banks in Mexico are great! Yes, we have ridiculous requirements. You have to prove where you live, you have to prove who you are, etc., but that's just because they are very careful. Banking institutions, much like anything, have different qualities. In Mexico, for some people, some banks are better than the others because they're using investment accounts. You can get some really good high interest investment accounts in those banks....
The banks in Mexico are great! Yes, we have ridiculous requirements. You have to prove where you live, you have to prove who you are, etc., but that's just because they are very careful. Banking institutions, much like anything, have different qualities. In Mexico, for some people, some banks are better than the others because they're using investment accounts. You can get some really good high interest investment accounts in those banks. It's a huge advantage to have a bank account here in Mexico because it makes your life easier, since bringing money down is getting more and more difficult. For instance, we can take a Canadian check, but we can’t take the US check. If you have a bank account, you'll be able to write that check to yourself and bring some money down or do a wire transfer.
If you're in Mexico full time, it's advantageous to have a bank account. You need to interview all the banks and find out which ones work best for your requirements.
.png)
I’m not concerned about losing my money should the bank go bankrupt because I'm dealing personally with banks like Bancomer, which is one of the oldest and largest banking institution in Mexico.
Transferring funds to a Mexico bank account can be done via a wire transfer, or if the banks will take a check that could take weeks to clear. However, many financial institutions in Canada and the US won't allow you to initiate a wire transfer unless you're there personally at the bank saying, "I want to wire US $20,000 dollars to this account." Many of my clients run into that situation when buying a car. You have to find out from your bank back abroad if they will allow you to wire transfer the money.
What I suggest to some of my clients if they’re living here is to find a family member in the US or Canada that they trust, and put them on the bank account, so if you did need some money quickly like a wire transfer, they are there, and they have authorization to sign on the account.
(Bancomer ad, pictured.)
Posted March 31, 2017