Home Expat Blogs How Would You Rate Local Banks in Mexico?

How Would You Rate Local Banks in Mexico?

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Person inserting a credit card into an ATM machine
Credit: Aleksandar Todorovic | Shutterstock
Robert Nelson Co-Founder of Expats In Mexico
Robert Nelson

How would you rate local banks in Mexico? Plenty of expats use a local bank for checking, savings and other financial services, but are you happy with your bank’s performance?

Apparently not, according to the big U.S. research firm Gallup. Recently, Gallup surveyed customers of a wide range of banks in Mexico and found that 51 percent of bank customers were indifferent about their bank and another 26 percent were disengaged. Which means, of course, that just 23 percent are what Gallup calls fully engaged customers.

In other words, less than a quarter of all customers of banks in Mexico actually like the banks and actively use their services.

The root of the problem is customer service. The banks are just not delivering the level of customer service that customers want. The study showed that just 33 percent of the respondents in the survey strongly agreed that their bank had customer service representatives who truly stand out for their great service. Ouch!

Gallup also asked owners of bank accounts about their other banking experiences. The highest rating (strongly agree) was for “My bank always treats me fairly,” which received 42 percent customer approval.

Here are the other results:

“I can always trust my bank” 39 percent

“Doing business with my bank is always easy” 38 percent

“If a problem arises, I can always count on my bank to reach a fair and satisfactory resolution” 38 percent

“My bank has great products and services that truly meet my financial needs” 35 percent

“My bank has customer service representatives that truly stand out for their great service” 33 percent

Gallup said that “with prospects for loan growth and asset quality less certain in 2017, Mexico’s banks need to make engaging their customers a priority. In fact, their future health may depend on it.”

Listen up Banamex, Banorte, HSBC, et al. This should be a clarion call to you from expats and the people of Mexico. With a wide range of online banking options, customers have choices.

Do you have a local bank account? What has been your experience? Let us know.

4 COMMENTS

  1. I expected to read reviews and ratings of the ¨best banks¨ for expats, but was disappointed to see no such details, just a broad brush overview.

    • I agree, I was hoping to put in my 2 pesos worth.
      In this case 2 pesos is probably going “above and beyond” as I believe most banks offer horrible customer support and always treat the problem as “the first time they have ever encountered it”. Almost like they wish these ills on their customers.

  2. This is what is known as a no-brainer. BBVA Bancomer, hands down. In my 17 years in Mexico, I’ve had accounts at Banamex, Banamex USA (now deservedly defunct, curse them), Santander (got so tired of waiting for a debit card for months that I canceled the account, and they sent me paper statements for YEARS with something like a one-peso balance), HSBC (so-so) and the aforementioned Bancomer. Bancomer’s service is excellent, and getting a credit card is piece of cake. If you lose it or whatever, just go to the branch, and they’ll hand you another one. The other banks I’ve used insist on expressing it to you, which you may or may not get, and God knows when.

    I’m a big fan of Bancomer, as you might have guessed by now.

    Thanks to FATCA, I no longer even have a U.S. bank account or U.S. credit cards, and I don’t miss them. SS and corporate pension are airlifted directly into my Bancomer checking account via cyberspace.

    I also keep an account at HSBC. I think it’s wise to have two accounts down here, just in case one goes haywire. You never know.

  3. Let’s move on to investment houses. I highly recommend Actinver which has mutual funds you can actually understand and a pretty decent website. Most Mexican-run investment houses appear to intentionally make things murky. Funds with no discernible names, just gobs of letters and numbers. Actinver has mutual funds that allow you to invest in Mexico, in the United States (there’s a S&P 500 fund) and globally too. I’m into the second year of a five-year plan (reduces taxes if you do it gradually) to move my IRA money in the Vanguard Group above the border to Actinver funds. I also have investments at Interacciones, which has a good reputation and invests primarily in Mexican government development projects below the federal level. I believe in Mexico.

    I put all of this into my Mexican wife’s name to keep FATCA off my back.

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