Online banks in Mexico, what are the alternatives and which is the best?

Currently, not only in Mexico but in the world we are seeing a trend by online banks, and no wonder, really have an online bank – compared to traditional banking – gives us certain advantages, how to manage our money online from our mobile or computer. It is not necessary to go to a physical branch to perform procedures, and we can do any procedure at the time we think appropriate.

Previously, online banking was limited to some banks that operated only online. But now, even the great classic banks of all life already offer one or another online service. In Mexico we still do not have a 100% online bank (it was the late Bankaool) but if we find several financial institutions that bring us to the experience of an online banking, or classic banks that already have some online services.

Amazon Rechargeable

Although it is not a bank as such, the new Amazon card (backed by Banorte, which is a bank) is an excellent option if you want to have a debit card to make online payments, especially at Amazon. This new proposal from Amazon gives us the possibility of acquiring an international MasterCard from the comfort of your home, without the need to go to a branch.

Amazon Rechargeable Card 2

To do this, we must only register on their website to request it (the process is done through the Banorte page) but first you need to have your personal information (telephone, CURP, telephone, etc.) at hand and NOT have any another debit account level 2 in Banorte. The process is immediate, but to receive the plastic you must deposit $ 500 pesos to your account (which are yours and you can use them at any time to buy things). While you wait for the arrival of the plastic at your home (maximum 6 working days), Amazon will provide you with a virtual MasterCard so you can use it at that moment, as expected, you can use it in all the online stores that accept MasterCard

To deposit , really Amazon and Banorte have us well covered, we can do it either in some of its branches Banorte without commission cost, through an interbank transfer (SPEI), or in stores like OXXO, 7-eleven, Pharmacy Guadalajara, Saving Pharmacy, La Comer, Fresko, Sumesa, Extra Stores, Circle K, Circle K, Soriana, Del Sol, Woolworth, Gasmart and Telecomm, obviously with their respective commission for deposit.

For withdrawals, we have free withdrawals through the ATMs that Banorte offers us, or in any national or international bank with their respective commission.

But maybe one of the questions you’re asking yourself right now, and the commissions? , because here comes the great attraction of this card, since it has no commission for opening, monthly commission or minimum balance required. The physical card also has no cost, however, as mentioned above, to send it you have to deposit $ 500 or more in one or several transactions, SPEI transfers from the window have a cost of $ 110 pesos, but if you make them from the App are only $ 3.50 pesos + VAT. Finally, you can use Banorte Móvil to manage your card at no cost

Really, in general, it is an excellent option, and although it is aimed at being a card to buy, without problems it can be used to save since it has practically no commissions. A point to consider, is that being an Amazon card, perhaps in the future offer special offers to their cardholders, in fact right now there is one (expires on May 31, 2018): if you activate your account, you deposit $ 500 and do a purchase greater than $ 500 pesos on Amazon, will discount $ 150 with the help of this coupon  AMAZONR150 .

By the way, being a level 2 account, it is limited to deposits of up to 3,000 UDIS which is equivalent to approximately $ 17,500 pesos.

See more info on Amazon Rechargeable

Albo

Now let’s talk about Albo, one of the options that have been on the market for some time, being one of the pioneers in this area. One of its biggest attractions is its application, which is currently available for Android and iOS devices, so you can manage your finances from your mobile without any problem, even gives you the option to classify your movements by category, to keep Greater control and order of your finances.

albo card

Of course, to open an account is necessary to have an  invitation  (which you can request by registering your email on your page), once this is done, it is necessary to install the App, register and deposit $ 500.00 pesos to your account , this to activate your account and so proceed to send you your physical card (10 business days), which is a secured credit card  MasterCard International issued by Financiera Cuallix (Cuallet), which may be confusing at first, but despite being a credit, it practically works as a debit, since you will only spend what you have deposited (or funded) in your account without fear of getting into debt It is important to emphasize that the money you deposit to activate the account is still yours and is not a payment or something similar to acquire the card, which is free.

To deposit in your account you have several options: interbank transfer (SPEI), deposit in Oxxo and Farmacias Benavides, but yes, you must not forget that these last two options charge a commission for each deposit you make, which range from $ 9 pesos for Oxxo and $ 7 pesos in Farmacias Benavides. And in the case of Oxxo, deposits could take up to 48 hours to reflect.

Regarding withdrawals, you can do without problems at any ATM in the world that accepts MasterCard, unfortunately, in the withdrawals, there is no way to not pay the respective commission charged by these banks.

Albo Information 2

But maybe you’re wondering, what about Albo’s commissions? , despite the fact that on their homepage mention having zero commissions, yes we found some, which is $ 5 pesos for each SPEI transfer you make to other banks and $ 43.10 + VAT for account inactivity (more than 45 days without movements). Everything else such as account opening, account management, and even the minimum balance fee is $ 0 pesos.

Actually, as such it is a good option, it allows you to manage all your movements from your app, it gives you a MasterCard card which you can use both in physical stores, as well as on the Internet to use it in stores like Amazon, Netflix, MercadoLibre, etc. It has hardly any commissions and is supervised by the CNBV and the Treasury. Perhaps its biggest disadvantage comes when it comes to making deposits or withdrawing since you will not be saved from paying the respective commission charged by these companies. Of course, the convenience of deposit anywhere (Oxxo’s is everywhere) is not taken away from anyone.

Hey Bank

Hey Bank is the recent launch of BanRegio (a bank already known in Mexico) which was previously under the name of Sync, this is backed by the IPAB and allows us to manage everything from your App, under a minimalist interface and quite well organized

To open your account you just need to install the App, register your data and voila, that’s all, in the next 5 to 10 business days (depending on your location) you will get your plastic to your home, without any shipping or deposit previous, which is pretty cool. The card you will receive is an international VISA debit card, which you can use at any store that accepts VISA, as well as on the Internet to link it to PayPal, make payments at Amazon, Netlifx, Spotify, Uber, etc. No problem. Even if you have a Samsung phone you can associate it with Samsung Pay without further complication.

Being a bank backed by BanRegio we can withdraw money without problems and without commission through any of its branches and ATMs, or from any of the banks with which it has an agreement, such as Scotiabank, Inbursa, and Banjio. But if you prefer you can also withdraw money from other banks with their respective commission.

It is at the time of deposit where we have some limitations, since there are two forms of time, either in one of its branches or by interbank transfer (SPEI). Deposits for this account are limited to 3,000 UDIS (approximately $ 17,500 pesos) per month. And just to mention it, HeyBanco does not allow you to make cash transfers via SWIFT abroad.

And the commissions? Well, this is where we find the great attraction of this bank, it really has zero commissions, both in transfers, account management, it is not necessary to maintain a minimum balance, etc. The only thing you need to do is keep your account active (make payments or deposits) within 6 months if there is no movement after that period you will be charged a commission of $ 50 pesos per month for inactivity.

By the way, the plastic that comes to you comes with a double card, but what does it mean? Yes, it comes with your debit card number and one more card printed on a credit card which has been deactivated. you should worry, I suppose later the bank will offer some clients the credit service, and for practicality, it is already there. One aspect to mention is that you must pay attention to pay at physical stores, because due to this feature of “double number”, when entering the cashier of the trade card in the “terminal” you must mention that you choose to pay with the debit (and not the credit), otherwise it will give error in the payment.

Really, in general, it is a very interesting option, on the one hand, we have a quite simple and functional App, and on the other, we have a VISA card with practically zero commissions and no opening amount. Perhaps for some the biggest drawback would be to look for a nearby BanRegio branch.

Weex Wallet

Weex Wallet is one of the new guys in the area of financial services, just a couple of months ago they officially started operations leaving behind their beta phase. After having a couple of years with his OMV, Weex decided to embark on the world of online banking, with a very interesting idea.

So first, when you register in the App you will get a MasterCard virtual debit card, which you can use immediately. This you can see at any time from your App and will serve you perfectly to make payments online, associate with PayPal, Uber, etc .. In case you want the plastic, in theory, is free, but you must pay the $ 90 pesos It costs your shipment. The physical card like any other MasterCard can be used in millions of stores around the world.

Weex Wallet App

To deposit money to your account you have several options, from SPEI, 7-eleven, Walmart or Circle K, but yes, these last 3 as expected charge a commission, which by promotion will be reinstated by Weex to your account during the first 45 days. Now, if you want to have your money in an ATM you do not have any free option, since yes, you have the possibility to use the ATMs of other banks, but you must pay your commission. It is worth mentioning that one of the biggest problems I see with this card is that it does not have interbank transfers (SPEI) from Weex to other banks, so it is a point to consider.

Regarding the commissions on the part of Weex, they are really null, does not charge annuity, account management, opening cost, does not require a minimum balance and it is not necessary to make certain movements per month, in general, it has zero commissions.

By the way, Weex also has a credit service (with a MasterCard credit card), which you can offer in the near future if you see that you have transactions in your account, this usually has a very small credit (large most give you your initial credit of $ 500 pesos), since this service is really aimed at young people who want to start with their credit history without getting into debt, and if they see that you put it to good use, they can increase your credit. This service if you have commissions, $ 300 pesos + VAT per annuity, which will be charged in 3 parts of $ 75 pesos each. In case you become a defaulter and do not cover the minimum (hopefully not) you will be charged $ 200 pesos per penalty. By the way, it has an annual interest rate of 55%, which presumably is not the lowest in the market.

The service of Weex Wallet also has several extras , for example your App has a way to make ” cooperachas ” (money collection) with your friends (which must also have Weex Wallet), where through a “Split” you can create a group and add the amount that each member should cover, which they can pay right there, and you (or the person in charge of the collection) can see that amount reflected at the moment. Similarly, if you want to lend money to your friends (or borrow your money ), you can do it right there. If you are a user of your Weex telephony service, you also have several benefits, for example, every time you recharge your balance from your Weex Wallet account, the company will pay you 1 MB for each recharged weight.

In general, leaving aside that you can not make transfers from Weex to other banks, it is an excellent option to take into account, and more if it is going to be your first debit card, since you will have practically zero commissions from Weex Wallet, you will have a future credit option if you want to start with your credit history, you have many ways to make deposits to your account (unfortunately with commission) and if you are a user of Weex Mobile they will complement each other perfectly. Something I do not mention is that currently the service is limited to invitation, so if you want to register in the service you have two options, one being a Weex Mobile user and the other asking a Weex Wallet user to give you an invitation.

Payment Market

One of the services that already have several years in the market is just this, that of Mercado Pago(Mercado Libre service). Which has no major complication and is very similar to the other options.

This works through the bank “Bansí”, so it has some support. To open your account we are so first that we must deposit $ 300 pesos (or more) to receive the plastic to your home, which is an International MasterCard debit card, so you can use it to pay online and buy in physical stores without problems.

Payment Market Card

As for the options to deposit to your account, they are really few, from a national interbank transfer, in a Bansí branch or a 7-eleven deposit (with your respective commission of approximately $ 13.85 pesos). To have the money we are in the same situation, we can do it from a branch Bansí or ATMs of other banks with their respective commission. Deposits for account level 2 (which you can request on the portal and is ideal for online payments) is limited to 3,000 UDIS per month (approximately $ 17,500 pesos).

Regarding the commissions, we find ourselves with the first one of $ 103.45 pesos for account opening, $ 2 pesos for activating notifications by SMS, $ 1 pesos for notifications via email, and a commission of $ 15 pesos per month for not maintaining a minimum balance of $ 1,000 pesos in the account.

In general, a rather peculiar option, on the one hand, yes, we find many commissions compared to the competition, but it has the support of MercadoLibre, so in certain occasions, they put promotions for their cards.

Super Digital Account of Santander

Santander is another of the classic banks that have decided to join digital banking, specifically with its service called ” Super Digital Account “. This, as it should be, you can open from your computer without having to go to a branch, but that if, the only requirement apart from the already classic documents such as the INE, name, phone number, etc. is that you DO NOT have any other Santander product.

Once you register, the bank will send you a MasterCard debit card to your home in a maximum of 7 business days, but also if you are a little impatient you can go to pick it up at a branch, this card is expected to be used in both physical stores on the Internet to pay for services like Uber, Amazon, Netflix, etc.

And the commissions?  this is where we find some commissions, for example, just by opening an account you need to deposit (either in cash or in one of your practices ) $ 75 pesos + VAT (which would be something like $ 87 pesos), a commission of $ 9.90 pesos + VAT for account management (this you can avoid if you make a deposit per month to your account) and $ 100 pesos for making an interbank transfer (although I understand that it is free from your app).

As we can see it is a fairly basic account, and it does not differ much from the traditional options, it has some commissions but it has the advantage that you can open your account from your computer without having to go to a branch, in the same way, accounts with the support from Santander, so you can use your ATMs without problems to deposit or withdraw money, as well as take advantage of the offers that this bank sometimes offers. Something that you must take into account (as well as the vast majority of the options that I have shown you in this article) is that this account only allows you to make deposits of up to 17,000 pesos per month.

BBVA Bancomer digital

To conclude we are going with the option of Bancomer , a bank which already has a great reputation not only in Mexico but internationally. They offer a service called ” Digital Account “, which provides you with a virtual debit card that you can use without problems on the Internet, you can see and manage it from your App, although as such it is treated as a “Basic Libretón” account.

The virtual card is a Visa Electron and has zero commissions in terms of account management, membership or minimum balance, and despite the fact that in their commissions’ document they mention that they charge $ 50 pesos per account membership, in practice we see that they do not. This virtual account has all the benefits of a physical card (except for payments in physical stores), you are given a card number, expiration date, and secret code, we go as a card of a lifetime, with which you can pay without problems on the Internet or services such as Uber, No Apron, etc. through the “BBVA Wallet” App.

One of its great benefits is that you have all the comforts and benefits offered by Bancomer, from deposits in your practices through one of its branches (which are many in Mexico), make interbank transfers to other banks without any problem, deposits through your mobile number, benefit from the promotions that sometimes put in some shops and withdraw money at their ATMs.

Even though the account is virtual, if you print your contract and go to a branch arguing that you opened your account on the Internet, they can give you the plastic so you can pay in physical stores.

Flink

Flink is a new financial institution or as they call themselves: a NeoBank. They opened their activities relatively recently in Mexico but are still in the Beta phase. They come with a very interesting proposal with which you can get an international MasterCard chip debit card in a matter of minutes and all through your App.

Something noteworthy about Flink is its App, which every time you make a purchase it will notify you instantly by means of a notification and you will also see all the information of your account as movements and jumps in a quite simple way, it is even possible to categorize them, get graphs and trends in order to understand in a simple way the behavior of all your expenses. But it does not end there since it also includes other pretty good features such as the possibility of setting spending limits so that you do not spend more and the possibility of blocking the card to avoid being used when you do not want to.

All about Flink

But, on the subject of commissions as it goes? , since there are hardly any commissions, the only ones that exist are a commission of $ 5 pesos for transferring money from your Flink account to other banks and $ 150 for a plastic replacement in case you lose your plastic card. The rest, such as account opening, cost and plastic shipping (debit card), account management, minimum balance, transfers between Flink accounts is $ 0 pesos. One thing that stands out from Flink, is that unlike other accounts that I mentioned in this article, is that it is perfect if you need to deposit larger amounts of money, since you can fund your account with a monthly limit of $ 45,000 pesos, but Yes, you can only withdraw up to $ 6,000 pesos a day.

Where can I withdraw my money? , here we will not find more news, and that is that we find the same disadvantages of the other options, you can withdraw at any ATM in Mexico (and the world), but paying the respective commission, which can range from $ 9 to $ 30 per withdrawal, depends on the bank.

Banco Sabadell Account Account

Banco Sabadell is a Multiple Banking Institution that has been operating in the country since 2015, which are well known in Spain, but in our country, they are relatively new, so do not be surprised if you have never heard of them. They come with a completely different proposal from the ones I mentioned earlier since they focus more on savings and investment accounts, which you can open through your App without having to go to a physical branch.

Banco Sabadell Mexico

Its most known product is the ” Account Relationship “, which you can open from your App in iOS / Android without the need to provide an opening amount. But what benefits does this account give me? , among its particularities we find that it is a paid deposit account with no fees, no minimum opening amounts and no mandatory deadlines, 100% digital and 100% mobile, which allows you to obtain returns on your balances and deposits without losing the availability of your money. Among its most outstanding features is that it will generate an annual return of 4.00% just for having your money in sight and, your money is protected by the IPAB for up to 400 thousand UDI’s.

Your App by itself is quite simple and intuitive, I dare say it is the one that I have liked the most of all the options. In it you can make movements, see your balance, hire pagares among other things.

But until now we have only seen advantages, but what are their disadvantages ?,  Maybe they are not disadvantages as such, since the nature of this product is mainly investment, but if you must take into account that at the moment the bank will not offer you any type of physical card so that you can, for example, make payments in shops. Your money is at all times within the App, and whether you want to deposit or want to have it, you must have another account in another bank and make your respective transfers (free). Another point is that their products are currently only available to residents of the CDMX and within the metropolitan area, but they hope to expand soon to other states.

 

As we can see there are many options, so it is up to you to see which option suits your needs , luckily, no credit history is needed to open the account or something similar (since they are mostly debit or savings accounts) and you really use what you deposit), so it becomes an excellent option if it is your first card or you want to keep your savings safe. In general, all have decent apps, with which you can do the most basic operations such as checking your balance, seeing movements and making transfers, and everything from the comfort of your mobile or computer.

Extra: fees charged by other banks for withdrawing cash

As an extra, I would like to show you the fees that the different banks in Mexico handle in case you are considering withdrawing cash at another ATM outside your bank or financial institution. As you can see, the cheapest is Bansi with almost $ 9 pesos of commission for withdrawal and the most expensive is Intercam Banco with $ 30 pesos.

Commissions when withdrawing cash at other ATMs in Mexico
Fees and Conditions subject to change, contact financial institutions for further details.
By:TMP

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