If You Are Planning To Retire In Mexico - Six Things You Need To Know About Banking In Mexico

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2. Banks in Mexico are very efficient institutions. Here we compiled six essentials that will help sort you out which bank to use you are planning to retire in Mexico. Mexico is a host of many foreign banks that you are certainly familiar with, like Scotiabank, and some other European ones, like the Spanish Santander. Nevertheless, Mexico also has strong national banks like Banorte. Some smaller credit institutions are also popular among many Mexicans. Here we explain the basics about Mexican banks and how they work. http://escapist.life/

3. Some Facts About Mexican Economy Mexico is a country with 130 million people and the 7th manufacturer in the world. It is the second economy in Latin America after Brazil. Its economy remains buoyant because many Mexicans use a variety of banking products which keep the economy rolling. Not everything looks good, nevertheless. According to the OCDE, six out of ten Mexicans is an informal worker, so the government receives no taxes from them. These workers live day by day and have no benefits, like pensions or insurance. Mexico receives a lot of money (up to 36 million USD during 2019) as remesa money. A remesa is a remittance of money sent by Mexican workers working abroad to their families in Mexico. This means the local economy can have a lot of bumps, because it depends a lot on an external money flow. http://escapist.life/

4. Strongest Mexican Bank: BBVA Created in Mexico under the name Commerce Bank in the fifties, Bancomer was integrated with a Spanish bank called BBVA in the year 2000. Nowadays, BBVA holds the vast amount of 30% of Mexican credits and 25% of housing debts. Almost half of the people having a credit card in BBVA pay their debt every month. This helps BBVA hold strong with cash flow. This is the way BBVA has become the strongest private bank in the country. Yet the most interesting fact is that 40% of their utilities come only from Mexican clients. This means BBVA has understood the facts about investment and retire In Mexico, so they offer banking products that appeal to their clients. BBVA is innovative and probably has the most efficient banking products for someone who likes banking from his or her phone. They offer a digital credit card (safe from fraud), call service from an app and immediate return on purchases you don’t recognize. Their ATMs are in well-lit locals and usually display a wide range of machines. In some ATMs, you can even deposit checks or cash towards a card. BBVA feels close to their customers’ needs. http://escapist.life/

5. Banorte, A Strong Mexican Bank Banorte was created in 1989 in Monterrey. This bank became so strong that now is the second bank lending money to the Mexican government (after the government’s own bank Banobras). Banorte is also the biggest administrator of retirement funds in the country. This bank has grown on its own without fusions with foreign institutions. So your money will be in safe hands here if you are planning to Retire In Mexico. These are good indicators that you can put your money in this bank. Banorte is also a spear head in services towards businesses. They have created a lot of financial products which help businesses charge online, thus creating customer loyalty. Banorte also has a wide range of credit cards and other services for their clients. http://escapist.life/

6. Government Banks and Institutions The Bank of Mexico (Banxico) is the financial institution in charge of making sure the peso remains a healthy coin. It issues coins and bills, and it is Mexico’s reserve bank. It works with the Federal Government as their treasurer, as well as participates in the International Monetary Fund. Banco de Mexico is in charge of Mexico’s monetary health, and together with the Condusef, they help people who put their money in a bank make sure it is well taken care of. http://escapist.life/

7. Alternatives to Mexican Banks Because Mexico faces a big social inequality in its population, there have been some other institutions who offer different financial products. Here we explain two different ones. A savings bank is a financial institution that works through a coop. In it, several people save their money together and expect the institution will put their money to good use. If you are a member of one of these coops, you can get a loan presenting very few documents. Some of these cajas have been around for a lot of years so they have many clients. As long as people continue to open accounts, they make strong institutions. You can cash in for as low as $40 CAN in a big savings bank called Caja Popular Mexicana. http://escapist.life/

8. Another financial institution that works more than an inversion fund is Actinver. They describe themselves not as a bank, but more like an investor coach. They give close personal service to their clients, helping them put their savings where they can get the best rates and maybe make some earnings too. They have grown so much that now they can be called bank, insurance broker, investor fund, asset manager and stock exchange. They are interested in giving their clients a lot of financial education, so they can grow investing in safe funds. http://escapist.life/

9. Opening a Mexican Bank Account If you are planning on opening a bank account in Mexico because you are moving there, you must present certain documents. Here is a list: • Passport • Any residency document (either temporary or permanent) • Any water, gas or electricity bill (from the past 3 months) • CURP (Unique Key of Population Registry) – this is optional http://escapist.life/

10. It is important that you take your time to evaluate the different financial institutions. Not all of them offer you an account for free. Some require you to leave some money in the account every month; others charge annual rates. We recommend that first you make a list of your needs from a Mexican bank. Then you can compare banking products to see which one suits you best. Remember some credit cards can offer a mark system where they give you back some money every time you purchase something. http://escapist.life/

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