By Laurenzo Overee
Mexico is the 10th most populous nation in the world, with over 130 million people. Each year, many people leave Mexico to work abroad, and today about 11 million Mexicans are working in other countries. Of those, a majority are working in the United States.
This means that many people are looking for ways to send money home to Mexico.
The biggest Mexican banks provide a full range of services to ensure that customers receive high-quality financial support for their Mexican bank accounts no matter where they are living.
We have compiled a list of some of the most popular banks in Mexico. These institutions continue to innovate and improve the banking experience for their account holders.
Banco Azteca was established in 2002 as the banking unit of the Elektra retail group Mexican customers who shop at Elektra will find Banco Azteca branches in those stores, making it popular for convenience. Banco Azteca offers clients a wide range of services, including credit cards, business loans, and personal loans.
Billionaire Ricardo Salinas Pliego founded Banco Azteca and recommended the institution as the first bank in Mexico to integrate cryptocurrencies into its financial systems. Banco Azteca also offers free anti-theft insurance from Banco Azteca for the first six hours after picking up cash from one of their locations, up to $8,500 MXN.
The multi-award-winning BBVA Bancomer runs Mexico’s largest banking system. BBVA has been at the forefront of online banking in Mexico and provides seamless digital banking experiences for Mexican bank account holders.
In 2017, World Finance online magazine named BBVA Bancomer as Best Digital Bank in Mexico and also gave it the award for the best mobile banking application.
BBVA prioritizes sustainability, with multiple initiatives aiming for a “greener and more inclusive future” across industry sectors.
The bank has partnered with venture capital firm 500 Global on an initiative to identify trends and technologies that could influence the finance sector. Through the BBVA-500 Intelligence Platform, the bank intends to pursue collaboration with startup companies.
BanCoppel S.A Institución de Banca Múltiple (BanCoppel) was established in 2006. It is the banking arm of the nationwide Coppel department store.
BanCoppel offers a wide range of banking services that include private equity and venture capital, bonds and shares, asset management, loans, deposits, and credit cards.
The bank offers low-income customers easier access to credit.
Additionally, the bank provides dedicated accounts for business owners. In early 2021, BanCoppel acquired a business loan portfolio from Banco Ahorro Famsa SA Institución de Banca Múltiple, involving a large number of small and medium-sized businesses.
BanCoppel account holders can send cash for recipients to pick up at one of the bank’s 1,000+ locations, even if recipients do not have a BanCoppel bank account.
Banco del Bajio
Banco del Bajio (BanBajio) is another popular bank in Mexico. It offers comprehensive financial products and services for individuals, companies, and corporations.
Founded in 1994, the institution has become one of the fastest-growing banks in Mexico. It held an IPO in 2017.
BanBajio offers a diverse range of consumer loans and mortgages. Additionally, the bank provides fraud protection and business, personal accident, and health insurance. BanBajio partners with Guardicore, a leading expert in internal data centers and cloud-based cybersecurity, to provide safe banking options.
Banco Santander Mexico
Banco Santander Mexico, another of the largest banks in Mexico, provides a variety of services that include savings and checking accounts, investments, insurance, and various loan plans. With billions of dollars in assets, this international bank is well-known across the globe.
In fact, Banco Santander Mexico is a subsidiary of the Santander Group, one of the most prominent banking institutions in the world. On the business front, Santander provides integrated financial services for multinational corporations operating in Mexico.
In 2016, the bank implemented an investment plan aimed at boosting its digital channels, online banking, and technological transformation.
Banamex was founded in 1884 and is the second-largest bank in Mexico. Citigroup, one of the most prominent banking institutions in the Americas, purchased Banamex in 2001 and continues to operate it as a subsidiary under the name Citibanamex.
The bank provides a comprehensive range of services to millions of credit card accounts and over customers.
Citibanamex has taken steps to modernize its technology, has launched a proprietary API (application programming interface) intended to facilitate integration with other institutions and third parties. For example, third parties can now access the locations and real-time data for the bank’s 9,000+ ATMs.
Grupo Financiero Banorte
Grupo Financiero Banorte is the largest bank in Mexico that is controlled by the Mexican capital. The bank has received awards such as Bank of the Year and Best Mexican Bank for its diverse range of financing and lending services. Banorte has over 1,000 branches around the country.
Grupo Financiero Banorte recently partnered with Google Cloud as part of the institution’s ongoing digital transformation. With this collaboration, Banorte focuses on developing additional digital banking services, improving cybersecurity levels, and modernizing its IT infrastructure.
The bank recently implemented an analytics-based credit risk platform from financial technology firm Murex.
Founded in 1941, HSBC Mexico is one of the country’s largest banks with billions of dollars in assets and shareholder equity. The bank provides a wide range of services for personal and business accounts.
HSBC Mexico has more than 920 branches and 5,500 ATMs around the nation, catering to the country’s large population. Some of its services include wealth management, commercial banking, global banking, and retail banking.
HSBC Mexico offers the Stilo Connect Plan, a digital account that it advertises as easy to set up and use. The plan can be opened entirely online and offers benefits such as 1% cashback on debit card purchases and personalized financial management tools.
Grupo Financiero Inbursa has established itself as one of the largest banks in Mexico through its broad spectrum of retail, commercial, and investment banking accounts. Inbursa is owned by Carlos Slim, one of the wealthiest people in Latin America.
Inbursa bank collaborates with various nonprofit organizations, such as the Carlos Slim Foundation and La Caixa Foundation, working to prevent financial exclusion and providing individuals with training and job opportunities in the workforce.
Scotiabank Mexico (Scotiabank Inverlat S.A.) is a subsidiary of the Bank of Nova Scotia, a Canadian bank and a leading financial institution in North America.
The bank extends a wide range of services for retail, commercial, and corporate banking. It advertises competitive interest rates and flexible savings and checking accounts.
Established in 1934. Scotiabank Mexico focuses on retail banking initiatives, maintaining long-standing relationships with some of Mexico’s leading importers and exporters.
Remitting Money to Banks in Mexico
Remitting money directly through a bank in Mexico may lead to costly transfer and exchange fees. With a money transfer service like Remitly, you will receive a competitive foreign exchange rate for the peso from around the world.
Remitly makes international money transfers faster, easier, more transparent, and more affordable. Since 2011, over 5 million people have used our secure mobile app to send money with peace of mind.