Banking in Mexico

December 8th, 2016 at 2:27:46 PM permalink
Nareed
Member since: Oct 24, 2012
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Mexicans reflexively think everything in the country is backwards, especially as compared to America. But banking, at least, is incredibly efficient (since the banks were re-privatized in the 90s).

For example, most banks are national. That means you'll find a branch of "your" bank in most cities and towns. The big banks have branches in every city and town in the country (and ATMs, too). So if you're traveling and need to withdrawal, deposit, make payments, etc. at your bank, you can easily do so.

Any check from any bank deposited at any bank before noon will clear the next business day before noon at the latest. Checks deposited past noon may or may not clear the next business day, but at most they'll clear the second business day afterwards.

You can pay a credit card issued by your bank at any other bank in the country, though the payment will be received the next business day.

Electronic transfers usually clear the same business day, except when done past your bank's schedule. In that case they clear first thing the next business day.

We've had credit and debit cards with integrated chips for years.

Main bank branches open from 9 am to 4 pm. All big banks and many of the smaller ones have branches that open on Saturdays from 10 am to 2 pm.

You can find half-service branches of a variety of banks at the Mex City airport (but curiously not at other airports).

Many banks allow you to make deposits and credit card and loan payments at convenience stores and supermarkets. Sometimes with a commission, sometimes not (it varies), and usually the money clears the same day if paid before 4 pm, or the next business day if later or on a weekend.
Donald Trump is a one-term LOSER
December 8th, 2016 at 8:02:06 PM permalink
Pacomartin
Member since: Oct 24, 2012
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They seem relatively small compared to Brazil's banks.

Three of the top four are foreign owned.

10) Banco Santander Mexico, Mexico ($62 billion in assets) (SAN) subsidiary of Spanish bank Banco Santander.
9) Banorte, Mexico ($74 billion in assets) Banorte has 1,269 branches and 7,297 ATMs nationwide.
8) BTG Pactual, Brazil ($81 billion in assets)
7) Banamex, Mexico ($85 billion in assets) Banamex Financial Group was purchased by Citigroup in August 2001 for $12.5 billion USD
6) BBVA Bancomer, Mexico ($101 billion in assets) main stockholder is the Spanish bank BBVA.
5) Banco Santander Brasil, Brazil ($194 billion in assets)
4) Caixa Economica Federal, Brazil ($380 billion in assets)
3) Banco Bradesco, Brazil ($391 billion in assets)
2) Itaú Unibanco Holding, Brazil ($445 billion in assets)
1) Banco do Brasil, Brazil ($555 billion in assets)

December 8th, 2016 at 8:23:31 PM permalink
Nareed
Member since: Oct 24, 2012
Threads: 346
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Quote: Pacomartin
They seem relatively small compared to Brazil's banks.


Brazil has a bigger population and private oil money.

Quote:
In July 2000, Spanish Banco Bilbao Vizcaya Argentaria purchased most of Bancomer S.A.'s public stocks.


They also created a ridiculous pleonasm. Their official name is BBVA Bancomer. So it reads out in full as "Banco Bilbao Vizcaya Argentaria Banco de Comercio." If you say "Banco BBVA Bancomer," you mean "Banco Banco Bilbao Vizcaya Argentaria Banco de Comercio."

Their service became awful after the merger. I had so many issued with them, I dropped them and switched banks.
Donald Trump is a one-term LOSER
December 8th, 2016 at 8:31:52 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Quote: Nareed
Their service became awful after the merger. I had so many issued with them, I dropped them and switched banks.


Banks are always merging here, and sometimes as they get huge service is awful. There is only one local bank left with 8 branch offices and Total Assets:$861 million. Many people are switching to that bank.
December 9th, 2016 at 4:36:55 AM permalink
Pacomartin
Member since: Oct 24, 2012
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Quote: Nareed
Brazil has a bigger population and private oil money.


Their population is bigger by 70%, but their GDP is larger by 43%. So Mexico's per capita GDP is higher.

But the private oil money is a good argument. The big money in Mexico seems to be either mining or services: Telmex, INBURSA, America Movil, CompUSA, WorldCom, Telcel, Grupo Salinas, Aurrera(currently part of Wal-Mart Mexico), Televisa, Univision, Club America, Necaxa, Club San Luis
December 9th, 2016 at 6:18:33 AM permalink
Nareed
Member since: Oct 24, 2012
Threads: 346
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Quote: Pacomartin
But the private oil money is a good argument.


So is the legendary lack of extradition treaties.

Quote:
Aurrera(currently part of Wal-Mart Mexico)


That's Nueva Wal-Mart de Mexico.
Donald Trump is a one-term LOSER
December 9th, 2016 at 7:05:16 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569



Why did María Asunción Aramburuzabala who has a net worth of multiple billions of dollars marry marry this American diplomat?