BBVA Bancomer Bank Review 2022 – that will be the topic of today’s article.
Learn about BBVA Bancomer Bank in 2022 and explore how it stacks up against the RL360 Quantum Savings Plan.
Nothing written here should be considered as formal financial, or any other kind of advice, and some of the facts might have changed since we penned this article.
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Introduction
BBVA México is the largest financial institution in Mexico (2021) with about 20% of the market. Founded in 1932 as Banco de Comercio (Bancomer) and renamed from 2000 to 2019 as BBVA Bancomer, its main shareholder is the Spanish bank BBVA. Headquartered in Torre BBVA México on the Paseo de la Reforma in Mexico City.
BBVA México, known as Bancomer, was founded in Mexico City almost one century ago by a few financial specialists Salvador Ugarte, Raul Baileres, Liberto Senderos, Mario Dominguez and Ernesto Amescua, with a holding called Ugarte about two-thirds of the shares, possibly for other investors.
In 1991, when Carlos Salinas de Gortari was the president, Bancomer was privatized again when a group of investors led by Eugenio Garza Laguera obtained most part of the stocks and shares.
In July 2000, Spanish Banco Bilbao Vizcaya Argentaria acquired most of the public shares of Bancomer S.A. from the Canadian BMO Financial Group, and also merging them with BBV Probursa, in fact BBVA in its official name. In February 2004, BBVA obtained the rest of the shares of Bancomer S.A. which was done to become the only owner of the bank.
BBVA México has over 11 million customers, 1704 branches and 4286 ATMs. It is currently a wholly-owned subsidiary of the Spanish BBVA Group. It accounts for 40% of BBVA’s total revenues worldwide, making it the largest bank in the group outside of Spain.
In June 2019, BBVA made its brand popular worldwide and BBVA Bancomer was changed its name to BBVA.
Currently, BBVA is a global customer-focused financial services group founded in 1857. The group has a a very strong leader position in Spain, and is considered as the largest financial institution in Mexico. Moreover, it has leading franchise companies in South America. It is also the leading shareholder of Turkey’s Garanti BBVA and has an important investment, transactional and banking business in the US capital markets.
BBVA Bancomer, through its Preferred Clients Division, is the first bank to cater to the special needs of foreign residents and visitors, using not only English, but the same financial language you are used to at home.
The Preferred Clients Division is a division of BBVA Bancomer, one of the most established and important financial groups in Mexico with over 75 years of experience, and part of BBVA, an multinational financial company with over 35 million clients worldwide in more than 20 different countries.
Their goal is to offer foreigners the service and attention they expect. For this reason, the bank has introduced several new services designed to make their clients’ banking business fast, secure and simple.
When you register, you will get English language services option and your preferable client card when you buy any of the banking and financial products such as Bancomer checking account, Bancomer debit card, Platinum credit card, Bancomer insurance, Bancomer mutual funds and more!
Their specialized subsidiaries are located exclusively in cities throughout the Mexican Republic where there is a high density of foreign residents and visitors.
BBVA has also online accounts for the convenience of its clients, which gives an access to thousands of ATMs, including those located in Puerto Rico, Canada, Mexico, the UK, and Australia. The bank also offers some useful money management tools and highly rated mobile apps, but the savings rate is low. Best for: Consumers who need a large ATM network, who prefer mobile banking, rarely withdraw their savings, and do not have an overdraft facility.
The main pros:
- Access to over 64,000 ATMs.
- No monthly service fees when checking.
- High ratings of the mobile application.
The main cons:
- No interest in verification.
- Low rate for online savings.
- Expensive overdraft fees that can be charged up to six times a day.
Let’s now check out the most popular account types of the BBVA Bancomer bank.
BBVA USA Online Savings Account
The interest rate on the BBVA online savings account is low compared to what you can find on other high yield online savings accounts. You can open an account with a minimum of $ 25, and if you choose an electronic statement, you can avoid the $ 3 quarterly commission. The bank’s online money market is another option for an account with interest income. Please note that only four withdrawals are allowed per month; it costs $ 3 for an additional withdrawal. Usually banks allow at least five or six withdrawals per day.
BBVA USA Online Checking Account
There is no monthly maintenance fee when using a current BBVA online account. You can open one for as little as $ 25, and you have access to over 64,000 ATM machines, including some international locations. The account does not accrue interest.
BBVA USA CD
The profitability of online CDs is slightly higher than some of the big banks. But they are not first class and are limited in duration. However, the $ 500 minimum deposit to open a CD is reasonable when compared to other banks.
With over 600 branches, you won’t find BBVA branches as often as you do with other banking giants. As mentioned above, BBVA is also available in USA and the branches can be found in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
You can also get help on the BBVA website, which has a good overview of the various bills and fees and how to avoid them. The bank also offers other customer service options including Twitter and live chat. And the bank’s mobile apps have great reviews too.
Overdraft fees and commissions
If you choose BBVA, avoid signing up for an overdraft service. The bank charges an exceptionally high overdraft fee of $ 38 ($ 32 for California residents) up to six times a day. Average fees are $ 35 at banks and $ 26 at credit unions, according to a, and many banks have a lower daily fee cap.
The bank will also charge an extended overdraft fee of $ 23 every seven consecutive calendar days if your account remains negative, up to a maximum of four times.
Other Mexico Banks Overview
The central financial authority in Mexico is considered the Bank of Mexico (Banco de Mexico). The Central Bank of Mexico regulates the domestic money supply and foreign exchange market, provides credit controls and sets reserve requirements for Mexican banks.
Usually, banks in Mexico include:
- State development banks
- State credit institutions
- Private commercial banks
- Private equity banks
- Savings and Loan Associations
- Mortgage banks
Mexican banking system has to be yet developed due to a potential decline in asset quality amid weak economic growth, higher interest rates and relatively high inflation in the country. The rating agency expects that the problems will continue to affect disposable income and, consequently, the solvency of borrowers.
If any of you is looking for a good bank in Mexico to cooperate with, the briefs of the below mentioned bank list can be a good start for you.
Top banks in Mexico include:
BBVA Bancomer
BBVA Bancomer, founded in 1932, is the largest bank in Mexico. It provides a variety of financial products and services to companies, governments, individuals, SMEs and business clients. The bank has 1,800 branches, 7,700 ATMs and 125,000 POS terminals. The company is headquartered in Mexico City and employs approximately 34,000 people.
Net income: 36.17 billion Mexican pesos (2020)
Total assets: Mexican pesos 2.41 trillion (3/2021)
Santander Mexico
Santander was founded in 1932, and currently it operates in two main segments: commercial banking and global corporate banking. The bank works through about 1,500 offices, 9,500 ATMs and 2,300 contact centers. It employs about 22,300 people.
Net income: 20.15 billion Mexican pesos (2020)
Total assets: 1.75 trillion Mexican pesos (3/2021)
Banamex
Banco Nacional de México, S.A., which is also famous as Banamex, works in Mexico and in many other countries. Founded in 1884, the bank is headquartered in Mexico City and employs approximately 37,000 people. It operates approximately 1,600 branches and 7,500 ATMs.
Net income: Mexican pesos 7.44 billion (2020)
Total assets: Mexican pesos 1.38 trillion (3/2021)
Banorte
Banorte, founded in 1899, is fully owned by Grupo Financiero Banorte, which is the first banking and financial services holding company in Mexico. The bank employs about 30,000 people and is located in Mexico City. The bank is working through its main network, that includes about 1,200 branches, 9000 ATMs, 7000 third-party correspondents and about 167,000 POS terminals.
Net Income: Mexican Pesos 30.51 Billion (2020)
Total assets: 1.81 trillion Mexican pesos (3/2021)
Bancomext
Bancomext, founded in 1937, provides a variety of financial products and services in Mexico. The Bank, in particular, acts as an export credit agency and assists in the financing and promotion of small and medium-sized local exporting companies in international markets. It also offers consulting services for companies looking to enter the export business.
Bnacomext has approximately 554 employees and is based in Mexico City.
Net income: Mexican pesos 829 million (2019)
Total Assets: Mexican Pesos 397.46 Billion (3/2019)
Grupo Financiero Inbursa
Grupo Financiero Inbursa is another good bank, which provides different banking services to its customers, which are both individuals and SMEs in Mexico. The bank was founded in 1985, and now operates business units that are specialized in investment funds, general insurance, auto insurance, mortgages, health insurance, pension funds, and commercial banking. The company is headquartered in Mexico City and employs approximately 10,901 people.
Net Income: Mexican Pesos 12.66 Billion (2020)
Total assets: 541.38 billion Mexican pesos (3/2021)
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