The most used, the one with the highest international transactions, and the one with the lowest fees.
In Mexico, banks that offer the best returns to grow savings are often known for their competitive interest rates in savings and investment products, such as high-yield savings accounts, certificates of deposit, and investment funds. In 2024, several banks have been recognized for providing attractive conditions for savers, although the best returns tend to vary depending on national interest rates and each bank's specific products. Here are some banks that stand out for their performance in this area:
1.- Banorte
Advantages: Offers accessible investment products and competitive interest rates on certificates of deposit and investment accounts. Its digital savings account, "Cuenta Enlace Digital," is known for good returns and easy access.
Why it's a good choice: Banorte has a strong network across Mexico and has enhanced its savings products with competitive rates. Its digital products make it easy to manage accounts and monitor returns.
2.- Hey Banco (by Banregio Financial Group)
Advantages: Hey Banco, Banregio’s digital banking service, is popular for offering a savings account with attractive returns and no fees.
Why it's a good choice: Its savings accounts offer higher returns than many traditional accounts, with a fully digital interface, allowing users to invest without leaving home.
3.-BBVA Mexico
Advantages: BBVA provides a wide range of investment products, from accessible investment funds to savings accounts with attractive returns.
Why it's a good choice: BBVA’s app allows users to open accounts and invest directly from their phone, offering many options to diversify investments for good medium-term returns.
4.- Citibanamex
Advantages: Offers investment accounts and fixed-term deposits with interest rates that adjust based on the initial investment and term, plus diversified investment funds.
Why it's a good choice: A stable bank with options for different investment profiles, from conservative to moderate. Personalized investment advice is also available.
5.-Banco Azteca
Advantages: While it may not be the first choice for some, Banco Azteca offers good interest rates on certificates of deposit and savings accounts, particularly for longer terms.
Why it's a good choice: Ideal for those seeking investment options with low initial deposits, allowing accounts to be opened with low entry barriers.
Final Considerations Before choosing a bank to grow your money, it's important to:
Compare interest rates and terms.
Consider fees (some digital banks have no fees).
Check liquidity options in case of needing the money earlier.
Consult an advisor if considering funds, as they may have different risk levels. Each bank has different strengths, so the best choice will depend on the saver’s investment profile and individual needs.
For users in Mexico looking to make international transactions, several banks in 2024 stand out for their accessibility, low fees, fast transfers, and digital support. Here are some of the best in this category:
1.- BBVA Mexico
Advantages: BBVA has a large global network and enables international transfers to over 30 countries, with a reliable platform and highly rated app. Customers with "Premium" or "Gold" accounts receive better conditions and lower fees for international transactions.
Why it's a good choice: BBVA is ideal for those who need to regularly send and receive money between Mexico and other countries. It also offers a range of digital services for initiating and tracking international transfers via its app.
2.-Citibanamex
Advantages: As part of Citigroup, Citibanamex facilitates international transfers with the U.S. and other countries through its Citi Global Transfer platform, offering preferential rates for transfers between its accounts. Additionally, it has partnerships for fast dollar and other currency transfers.
Why it's a good choice: Ideal for users making frequent money transfers between Mexico and the U.S. or handling foreign currencies. Its global reach and partnerships offer favorable conditions for customers with accounts in Citibanamex and other Citigroup banks.
3.- HSBC Mexico
Advantages: With a presence in over 60 countries, HSBC is a solid option for international transfers due to its global network. Offers preferential rates for Premier accounts and options for multi-currency transfers.
Why it's a good choice: Ideal for those seeking a bank with a global presence and desiring transactions in multiple currencies. Its app enables fast and secure transactions, especially for those managing businesses across countries.
4.- Scotiabank Mexico
Advantages: With a strong presence in the Americas and partnerships with associate banks, Scotiabank facilitates transfers between Canada, Mexico, and other countries. Its Global and Preferred accounts offer lower costs for international transactions and personalized advice.
Why it's a good choice: Suitable for users with connections in North America, particularly between Mexico and Canada. Clients enjoy competitive fees and effective support for transfers to countries in the Americas and Europe.
5.-Banorte
Advantages: Through partnerships with transfer platforms like Western Union, Banorte allows for international transfers at accessible costs, especially in transactions with the U.S. Its digital accounts also allow fast reception of funds from other countries.
Why it's a good choice: A good alternative for frequent transfers to the U.S., convenient for those who prefer competitive fees and simple digital options for making transfers.
Considerations When Choosing a Bank for International Transactions
*Fees and Exchange Rates: Fees and exchange rates vary depending on the bank and type of account. It's essential to review international transfer fees and currency exchange rate differentials.
*Transaction Speed: Some banks offer real-time or same-day transfers with specific agreements, while others may take several days.
*Digital Platform and Support: The user-friendliness of the bank’s app or platform is key for managing transfers and receiving confirmation alerts.
*Bank’s Global Reach: If transactions are needed in specific countries, it’s helpful to choose a bank with a direct presence in those locations or partnerships that facilitate currency movements.
*Each bank has advantages depending on the frequency, destination, and amount of international transactions, so it’s worth analyzing personal needs and the specific features of each bank to get the most benefit from transfers.
In 2024, several banks in Mexico have strived to offer competitive fees for international transfers. However, fees can vary depending on the account held, transfer destination, and the amount of money sent. Here are the banks with the lowest general fees:
1.- Citibanamex
Rates and Benefits: For transfers to Citigroup accounts abroad, Citibanamex generally has low or no fees, especially for the U.S. and some European countries. Fees are lower for customers with "Profiles" accounts or higher.
Why it's a good choice: Citibanamex is ideal for those sending money to the U.S., as its Citi Global Transfer network allows low-fee transactions. Additionally, it benefits from a competitive exchange rate as part of Citigroup.
2.- BBVA Mexico
Rates and Benefits: BBVA’s international transfers have reasonable and competitive fees, particularly for digital transfers to the U.S. and the European Union. Premium and Gold accounts offer additional benefits with lower fees.
Why it's a good choice: With its easy-to-use app and competitive fees, BBVA is ideal for those seeking a mix of low cost and speed. Transfers can also be managed directly through the app.
3.- HSBC Mexico
Rates and Benefits: HSBC offers discounts on international transfer fees for Premier and Advance customers, with competitive fees for other customers. With its global network, HSBC enables transfers to multiple destinations with reduced fees, especially in Asia, Europe, and North America.
Why it's a good choice: Ideal for those needing to send money to several destinations and preferring a bank with a global reach. Premier members enjoy lower fees for qualified customers.
4.-Banorte
Rates and Benefits: Banorte offers transfer options through partnerships with services like Western Union, enabling affordable costs. Fees are typically competitive, especially for transfers to the U.S.
Why it's a good choice: Suitable for frequent transfers to the U.S., offering competitive fees and simple digital options for making transfers.
5.-Scotiabank Mexico
Rates and Benefits: Scotiabank’s fees are competitive, especially for transfers within the Americas and with Canada. The Scotia Global account provides reduced fees for frequent transfers.
Why it's a good choice: An excellent choice for transfers between Canada and Mexico, as well as for customers who prefer a network covering multiple countries in the Americas and Europe.
Other Factors to Consider
*Exchange Rate: Some banks apply a less favorable exchange rate for international transfers. Comparing the offered rate with the market rate can verify the best option.
*Transfer Methods: Some banks, like Banorte, allow money transfers through third parties like Western Union, sometimes resulting in lower fees.
*Digital Products: If the transfer is digital and completed through apps, fees are usually lower than at a physical branch.
*To obtain the lowest fees for international transfers, it’s advisable to verify the chosen bank’s rates and consider using apps for preferential rates. Comparing with alternative transfer services can also be helpful if aiming for the most economical international transactions.
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