Citibanamex Bank Review 2021 – that will be the topic of today’s article.
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Grupo Financiero Banamex S.A. de C.V. has its origin and is the owner of Banco Nacional de México or Citibanamex (formerly Banamex). It is the second-largest bank in Mexico. The Banamex financial group was acquired by Citigroup in August 2001 for US $ 12.5 billion. It continues to operate as a subsidiary of Citigroup.
Banamex was formed on June 2, 1884 through the merger of two banks, Banco Nacional Mexicano and Banco Mercantil Mexicano, which have operated since early 1882. The newly founded bank had branches in Merida, Veracruz, Puebla, Guanajuato and San Luis Potosi. and opened a branch in Guadalajara.
After the outbreak of World War I, the bank’s French managers left Mexico. Ten years later, Agustin Legorreta Ramirez, the acting president, was able to revive the bank. Following the reorganization, the bank has partnered with Banco de Mexico and US government officials. By 1937, 36 of the 50 bank branches in Mexico were owned by Banamex.
Banamex has gradually introduced several innovative financial products to the Mexican market, including the first credit cards in 1968 and the ATM banking system in 1972. In 1977, Grupo Banamex was formed by the merger of the bank with its investment and mortgage assets. Four years later, Banamex acquired California Commerce Bank.
During the severe economic crisis of 1982, then-Mexican President Jose Lopez Portillo announced a severe devaluation of the peso and nationalized all private banks in Mexico. For the next nine years, Banamex acted as the state-owned national credit association. In 1991 Banamex was re-privatized and, together with the investment bank Acciones y Valores de México (Accival), founded the Grupo Financiero Banamex – Accival. It had 720 branches, 31,797 employees, $ 26.2 billion in assets, and a client base of four million, making it the largest financial group in Latin America at the time.
As a result of the aggressive expansion of private lending in Mexico, tension arose in the bank’s balance sheet (indicators of the quality of the loan portfolio and capitalization ratios). The macro devaluation of the Mexican peso in December 1994 and the subsequent significant increase in domestic interest rates, coupled with a dramatic economic downturn, left Banamex and most of the rest of the privatized banks essentially insolvent.
To avoid the potentially catastrophic consequences of general bank failures, Ernesto Zedillo’s administration decided to rescue troubled banks through a government fund (Instituto de Protección al Ahorro Bancario or IPAB, later named Fondo Bancario de Protección al Ahorro or Fobaproa). IPAB encouraged bank shareholders to invest fresh capital in banks by promising to buy back non-performing loans from banks at a ratio of two to one (or in some cases more) relative to the newly introduced fresh capital in exchange for a long term. -dated government note with capitalized interest rates. Banamex ultimately sold $ _ in NPLs to IPAB, and its shareholders invested $ _ in new capital. The combination of these measures, coupled with the Mexican economic recovery, helped clean up the bank’s balance sheet.
From 1997 to 2001, Roberto Hernandez Ramirez was the CEO. In 1997, Afore Banamex was established to access the newly established private pension fund market.
August 6, 2001 Citigroup Inc. acquired Grupo Financiero Banamex-Accival for US $ 12.5 billion, which became Grupo Financiero Banamex. It was the largest merger between US and Mexican corporations in history. Grupo Financiero Banamex’s operations were integrated with Citibank’s relatively small existing business in Mexico under the Banamex brand.
In October 2014, allegations were made that employees were taking millions of dollars in kickbacks from suppliers. Mexican and US authorities are investigating the allegations. Citigroup has called on Manuel Medina-Mora to step down.
After buying Citigroup Banamex in 2001, Banamex decided to expand into the United States by opening a branch in the country and creating Banamex USA. Most of the bank branches were located in the Southwest with branches in California, Texas and Arizona. The US subsidiary did not last long and was closed in 2015 after a 6-year investigation into the money laundering scheme of Citigroup and Grupo Financiero Banamex by the US Department of Justice. As a result, Citigroup had to pay a $ 140 million fine.
For those who are interested in working with this bank, we will try to give you a comprehensive and detailed overview of the products and services that the bank can offer its clients.
Citibanamex Bank offers:
- Credit cards
- Debit Accounts
- Savings and Investments
- Digital services
- Online banking
The bank suggest a few debit accounts, such as:
- Managing your money without complications
- Using your debit easily and safely
- Acceptance – Debit card accepted in thousands of establishments
- Payroll – You can also receive your salary
- No commissions – For cash withdrawal on Citibanamex ATMs
- Direct debit – Automatic payment of services: electricity, water and others
Base Account does not require a minimum opening amount, nor does it charge commission for account management.
Requirements for your account:
- Be a Mexican or foreign natural person based in Mexico, over 18 years old.
- Current Official Identification.
- Proof of address.
- Passport and immigration form for foreign prospects.
- Unique Population Registration Key (CURP) mandatory for nationals and foreigners.
How do I get my Base Account?
- Gather your documents.
- Go to yourCitibanamex branch.
- Request your Base Account.
Can you receive your scholarships or social supports in Base Account?
Yes, you only need to contact your account at any Citibanamex Branch, and provide the 16 digits of your card to the institution that will make the deposit.
Is it possible to make purchases with a Base Account card?
Yes, Base Account is accepted in thousands of businesses to make payments and purchases. Remember to always present valid official identification to verify your identity.
What do you need to apply for your Base Account if you’re a foreigner?
You must present yourself at a Citibanamex Branch with the documents indicated in the requirements section of this page
Base Account for the basic public of payroll and general basic product and resources corresponding to programs provided by government bodies referred to in article 48 bis of the Law on Credit Institutions. INE credential in force for Mexican citizens. Passport and immigration form for foreign citizens. Receipt of electricity, telephone, water, gas, or property, lease of the current year registered with the Ministry of Finance and Public Credit or the Treasury of Mexico City, statement of another bank. With an age of no more than three months.
Citibanamex Deposit Accounts are products offered by Banco Nacional de México, S.A., a member of the Banamex Financial Group, and are guaranteed by IPAB for up to 400,000 Investment Units (UDIs) per person.
Citibanamex current account without minimum opening amount. Commission 0 $ for account management. You can free up the commission when you receive the payroll along with them.
- Digital services
- Transactions 24/7 – Send and receive electronic transfers anytime.
- Real Time Traffic – Instantly check your debit card movements, deposits and withdrawals from your accounts.
- Alerts and notifications. Get information from your accounts 24/7.
- CoDi- Charge or pay with your mobile phone easily and securely.
- Apple Pay: Add cards to Apple Pay and shop with your iPhone or Apple Watch.
You will not be charged any fees for maintaining an account, withdrawing funds or consulting at Citibanamex ATMs.
With Citibanamex Móvil you can check your balance, make transfers, pay for your cards and services. Forget about lines and use your time to do what you like best.
Yes, Citibanamex welcomes you to Mexico with a dedicated team to assist you. You can get paid with us and enjoy exclusive Citibanamex benefits and promotions.
You have access to investments, loans, credit cards, insurance, and more. Some of these products are subject to approval.
The minimum amount for opening a priority account is USD 1,000.
And there is no monthly commission for meeting Priority requirements.
- Service guarantee – in the branches you will be served at the front desk in a maximum of 9 minutes.
- Unrecognized charges – get a response to your clarification regarding unrecognized charges in less than 9 days.
- Overseas Bonus – Get 1% cashback on all purchases made overseas.
- Cash Withdrawal Compensation – Receive $ 36 for cash withdrawals from ATMs outside the Citibanamex network nationwide.
With a master account, you get:
- Guaranteed service in the branches and upon making a clarification.
- Preferential service on an exclusive line.
- Financial transactions via your mobile phone, wherever you are.
- Get access to Citibanamex products at discounted prices and prices.
- Get 1% compensation on purchases made abroad with your card.
- Invest from Citibanamex Mobile in bill of exchange investment funds, Save Easy and BlackRock.
What are the requirements for obtaining a Citibanamex mortgage loan?
- Have a good credit history.
- Be between the ages of 23 and 69.
- The minimum monthly income is 15,000 US dollars.
- Work experience 1 year.
- The minimum income must be $ 15,000 for an individual or $ 20,000 if you choose to combine it with your partner, children, or parent’s income.
To expedite the process of applying for a branch loan, make sure that:
- Simulate your mortgage and define the terms of your mortgage.
- Fill out an application for a mortgage loan.
- Have an official ID and proof of address.
Premiere home or mortgage improvement by paying less with a fixed annual interest rate of 7.90%
This is a Citibanamex mortgage where customers can access a wider line of credit and start paying less compared to a fixed payment mortgage.
The main metric for comparison is CAT (Total Annual Cost), which corresponds to the total percentage of factors such as interest rate, insurance premiums, costs and commissions.
The mortgage loan profiles of your choice have, in particular, a fixed annual interest rate throughout the life of the loan and a 2% increase in monthly payment every anniversary. That is, if your down payment is $ 9,100, your monthly payment for the second year will be only $ 182 more, resulting in a monthly payment of $ 9,282 in this example. Increasing your monthly payment will help you amortize your loan capital more quickly.
Citibanamex offers mortgage loans according to your needs, reliably and at competitive rates.
Savings and investments
- Meet your goals, from saving to increasing your wealth
- Take care of your money and make it increase its value
- Choose the best option for you: deadline and opening amount
There are a few savings accounts that Citibanamex offers, let’s see which are them:
- Save your money safely. Do it from $100.
- Automatic savings- You decide the amount and the deadline to schedule your recurring savings
- Secure-Your balance will not be reflected in ATMs
- Accessible- Have your money available 365 days a year from 6 to 19 h
- Get returns according to the behavior of the CPI
- Opening – From $70,000
- Deadlines – 45 and 90 days
- Manage your investment – On BancaNet and branch
- Earn returns at a fixed annual interest rate
- Receive monthly payments of the interest generated in your account.
- Opening – From $250,000
- Deadlines -From 63, 91, 182 and 378 days
- Manage your investment – On BancaNet and branch
Blackrock investment funds
- Start creating a better financial future
- Deadlines-Flexible according to your needs
- Accessible-Your money available when you require it
- International Experience- Operated by BlackRock. Expert in investment management worldwide.
Big step plans
- Diversify your investments like the experts
- Invest at the same time in Easy Savings, Promissory Notes and Investment Funds.
- Opening – From $5,000
How to save or invest your money?
- Go to the Citibanamex Branch with the hiring requirements.
- Ask the executive to open your investment and solve all your doubts.
- Follow the instructions to deposit the initial amount of your investment.
- By having a Citibanamex Account, you have your Easy Savings ready to use, activate it with your first deposit from Citibanamex Mobile, Net Banking, Audiomatic or branch.
Invest from $500 in a BlackRock Investment Fund in Citibanamex Mobile.
What is an investment fund? It is a form of investment in charge of attracting, investing and managing, financial resources in which small and medium investors like you can participate.
Why invest in an investment fund ? Mutual funds are an accessible way to grow your capital without having to be an expert in finance. You can invest from $500 and you will always have your money available.
How to choose an investment fund? Consider the risk you want to take, the amount and time you want to invest, the costs and the return you are looking to obtain. Fot your first mutual fund, the bank have the BLK1MAS and BLKGUB1 funds. Invest from $500 and start seeing possible returns between 1 to 3 months.
Now for convenience, you can open an Investment Fund contract fromCitibanamex Mobile. To have the possibility of growing your money, meeting your goals or start planning all your dreams without leaving home.
Why invest with BlackRock?
- Global presence – Leaders in investment management in more than 100 countries.
- Experience – BlackRock manages approximately $6.52 trillion USD in assets.
- Accessibility – Invest from $500 in an Investment Fund with immediate liquidity.
- Sustainability – They help their clients in Mexico to invest in a better future for all.
Why have my Afore with Citibanamex?
- They are the administrator of Afores with sustained historical returns.
- They have an annual commission of 0.80%, one of the lowest on the market.
- They are recognized by CONSAR as one of the best Afores in Mexico.
How can you have your Afore in Citibanamex?
- Choose the shape that suits you best
- Leave us your details and one of our executives will contact you.
- Check out our guide to see step by step how to switch to Citibanamex from the AforeMobile app.
- Go to a Citibanamex Afore Branch with your official identification and proof of address.
- Invest in your Aforefor a better retreat
- Make voluntary contributions from $100 and increase your savings
- Competitive long-term returns. Your investment will be safe.
- Create savings goals according to your needs and increase your retirement pension.
- Your contributions can be tax deductible. Address them at AforeMóvil Citibanamex.
What is an Afore? Afore is a Retirement Fund Administrator, it is a financial entity that is dedicated to managing and investing the contributions that you, the government, and the employer make for your retirement.
Reform of the Pension System. In 2020, a reform to the Social Security Law and the Sar Law was approved to increase your employer’s contributions, reduce the minimum number of weeks of contributions, increase the guaranteed pension and reduce the commissions charged by the Afore.
Citibanamex online apps
The bank also offers digital services such as:
- Citibanamex mobile
- AforeMovil Citibanamex
- CVV Digital
Get benefits with the touch of a finger
- Perform operations at any time
- Easily activate your new credit cards.
- Report your credit card for theft or loss.
- Block and unlock your credit card.
- They offer you high standards of protection
- Buy online with CVV Digital and protect your card details.
- Know the status of your clarifications for unrecognized charges.
- Log in with your fingerprint or facial recognition.
- Modify the spending limit of your Citibanamex Credit Card.
- Authorize your operations with NetKey Móvil®.
- Create or change the PIN of your Citibanamex Cards.
- Authorize and do your operations in seconds
- Make payments, withdrawals and investments.
- Transfer 24/7 to accounts of other banks, at no cost.
- Check your balances and movements whenever you want.
- Discover everything you can do with your App
- The balances of all your cards and accounts.
- Your rewards (Premia Points and ThankYou Points).
- Promotions and exclusive offers.
- The location of branches and ATMs.
- Your balance and maturity date of Citibanamex Promissory Note.
- Your Citibanamex Credit Cards.
- To cards from other banks and departments (Liverpool and Iron Palace).
- Your services (CFE, Telmex, Izzi, Axtel, among others).
- Federal taxes.
- On their own accounts.
- To other Citibanamex accounts.
- To other banks.
- Open or reinvest with Promissory Note in installments between 14 and 378 days.
- Deposit or make Easy Savings withdrawals.
How to activate Citibanamex Móvil®?
- Once the application is downloaded to your cell phone, press “Register” and enter your customer number or your Citibanamex Credit Card number.
2. Enter the cell phone you verified at the branch.
3. Enter the code that we will send you by SMS. Remember that for security you should not share it.
4. Create your password and that’s it.
This mobile application is a new product that the bank offers, and it comes with a lot of benefits:
- Consultation of balances and movements.
- Request your Statement of Account.
- Request the detail of movements.
- Home Voluntary Contributions.
- Open an Afore account.
- Authorizes the payment of unemployment biases.
- Update your details to contact you.
- Open an Afore account for children.
- Withdrawal of Voluntary Contributions made at AforeMóvil Citibanamex.
How to start using AforeMóvil Citibanamex?
- Download the application atApp Store
- Have the following data at hand.
- Official identification
- Active email address
- Create a password.
- Take a selfie for your authentication.
We hope the described products and services helped you to understand what you can expect from Citibanamex bank and what offerings they can make to you. It has a wide range of insurance options, loans, and mortgages, and accounts. And also some offerings for expats, so consider this bank while moving to Mexico.
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