Banking facilities
Wondering which are the best banks in Mexico? With so many banks out there to choose from, we sampled a small list of Mexican banks most preferred by expats in general.
Mexican banks can have quite high fees in comparison to your home bank, so you should make enquiries to find your best option. Before you choose a bank, you should verify that:
it will not be difficult to access, move, or manage your finances between accounts back home and in your new country;
it adheres to international regulations;
it has a solid capital base;
it provides good customer service.
BBVA
BBVA Bancomer is the largest Bank in Mexico. It serves more than 11 million clients and has the largest amount of total assets, loans, deposits, number of branches and ATMs. It was also named the best digital bank in Mexico in 2019 by the World Finance online magazine.
Banorte
is the second largest bank in Mexico as well as being the largest Mexican owned bank. It has a vast network of branches and ATMs all over Mexico. It is a great option for ensuring you always have access to the services you need.
Citibanamex
is the third largest bank in Mexico, operated as part of the US-based Citigroup. It has government agencies and small and medium businesses as part of its clientele.
Santander
is Mexico’s fourth largest bank. As part of a Spanish company, they offer a wide range of services from loans and mortgages to working capital and trade finance. They have over 8,000 ATM’s in their network to keep you connected.
Banking alternatives
There is an afflux of new financial institutions called "neo-banks" as well a international payment platforms. Find out which ones are operating in Mexico
Sometimes opening an account requires the user to go to the branch in person. Thankfully, technology is simplifying the process and bringing banking services to more people worldwide.
Neobanks, sometimes referred to as “challenger banks,” are fintech firms that offer apps, software and other technologies to streamline mobile and online banking. These fintechs generally specialize in particular financial products, like checking and savings accounts. They also tend to be more nimble and transparent than their megabank counterparts, even though many of them partner with such institutions to insure their financial products.
