MBA Mexico

MBA Mexico

Banking in Mexico


 

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The banking system of Mexico has a monetary policy conformed by a group of actions with a target: to have influence on interest rates and the public's expectations, so the evolution of the prices is congruent for the sake of maintaining surroundings of low and stable inflation.

Banks are divided into:

  • Multiple Banking:
  • Also known as private banking, commercial or of first floor, it is a society of credit that has diverse instruments of reception and canalization of resources. E.g. Banamex, Comermex, Trusts, Serfín, Banpaís, Bancomer, of Atlantic, etc.

  • Bank of Development:
  • It is known as Banking of Fomentation, Official or of second floor. The development Banks are: National Financial, Banobras, National Fishing and Port Bank, National Bank of External Trade, National Bank of the Army, among others.

  • Concession Banking:
  • They are the Bank of the Worker and the subsidiaries in Mexico of foreign Banks as Citicorp.

Most of the financial entities attend public from Monday to Friday from 8:00 or 9:00 hours to 16:00 hours. In Mexico City and in other state capitals some banks stay open until 19:00 hours and Saturdays until noon.


Types of Bank Accounts

Foreign individual accounts can be in both in Mexican pesos or dollars. There are a great variety of accounts, from regular checking and money market accounts to certificates of deposit.

If you want to open a bank account in Mexico you will need the following: A valid passport (FM2 or FM3), Mexican or foreign bank and/or credit reference and Proof of address (E.g.: telephone bill)

  • Money Market Account
  • The Money Market Account generally has a higher rate of return. This account is loaned cash between banks. But there is a very slight risk. It is remotely possible you could lose money.

  • Regular Savings Account
  • Keep in mind that most savings account only pay small interest per year.


Transfers of Funds

The Bank of the Federal Reserve of United States and the Bank of Mexico established a system of Electronic Transfer of International Funds, to provide a way to transfer from/and to any bank account between both countries in a easy, secure and cheap way.

The Electronic Transfer of Inter-banking Funds is the electronic shipment of money from a checking account or debit card from a Bank to a checking account or debit card in any other banking institutions located inside national territory.

Who sends as well as who receives the transference of funds, should have a checking account or a debit card. The account CLABE of whoever receives the transference of funds is indispensable to be able to pay off.

Electronic transferences of funds can be programmed in 24 and 48 hours.


More Info: Banking Companies in Mexico



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