Banamex is a subsidiary of Citibank, which offers banking services for individuals and businesses that do business in the United States and Mexico. As such, the system of sending money to a Banamex account is no different than any other American bank. Sending money to Banamex is a quick process that does not involve any risk. The transaction can be handled for a small fee by any US bank.
Visit a customer service representative at a bank branch or log in to your account if your bank allows you to make transfers on the Internet.
Provide the RAC with the recipient’s name, account number, bank name (Banamex) and the amount of money you wish to connect. Also provide your name and account information. The bank system will provide you with the Banamex route number, 122233645. Follow your bank’s instructions if you are using the system on the Internet.
Wait for confirmation that the funds have been received by Banamex. Request documentation to prove that the transfer was successful before leaving the branch. If you are making the transaction through the bank’s website, print or save the confirmation receipt before leaving the system.
International transfers with Banamex: Rates and Commissions
Banco Nacional de México, whose official name is CitiBanamex, is a bank based in Mexico, although it is indirectly owned by the Citigroup group, one of the largest financial companies in the world and with a presence in dozens of countries.
This worldwide presence would make us think that Banamex is the ideal bank to deal with international transfers, but unfortunately this is not the case, since making transfers with Banamex is much more complicated than with the vast majority of banks.
In this article you will see how to make or receive an international transfer with Banamex, the information you need to provide and its costs.
The BancaNet platform allows customers to enter by simply knowing their customer or card number and password to carry out the most common procedures remotely without having to leave home. Unfortunately, although it may surprise, Banamex does not give the option to send international payment orders from its platform.
If you want to issue an international transfer to send funds to an account abroad, you only have the option to personally go to one of the Banamex branches during business hours, normally Monday through Friday from 9:00 a.m. to 4:00 p.m. , and manage from there.
In the case of CitiBanamex, it is especially important not to forget any of the necessary data at home to save us moving and training unnecessarily. The data to be provided will depend on whether the transfer is destined for the United States or if, on the other hand, the recipient country is neither Mexico nor the United States.
- Recipient’s full name and address
- The account routing number
- Name of destination bank and address
- SWIFT / BIC code
The ABA code, also known in English as “routing number”, is a 9-digit number that is used to identify banks in the United States.
- Full name and address of the beneficiary
- IBAN number of the destination account
- SWIFT / BIC code
- Name of the destination bank and its address
Just like for transfers to the United States, here it is also important to know the bank’s SWIFT / BIC code so that the transfer arrives at the destination bank without problems, no matter the country to which the bank belongs. It is composed of between 8 and 11 digits, which indicate the entity, the country, the locality and the office of the bank to which it belongs.
Although in Mexico the Standardized Bank Code (CLABE) is used to identify accounts, the international equivalent for Europe and Asia is the IBAN number, a code of up to 34 alphanumeric characters that allows determining the specific account in which you wish to receive the transference.
Conversely, if instead of issuing an international payment order, you want to receive it in your Banamex account, you will have to indicate the account number in which you wish to receive it. The data you will need to receive international transfers in your Banamex account are the following:
- Full name as it appears on the account
- Address of the owner
- The CLABE of your Banamex account
- CitiBanamex SWIFT code
- Bank name – Banco Nacional de Mexico SA
- Amount to send and currency to receive
The interbank network for making international transfers is called the SWIFT network, so the SWIFT code necessary to make them receives its name from this network. Thousands of financial entities belong to this network. When issuing an international transfer or money order, the money of the originating bank can go through a maximum of 3 banks belonging to this network until reaching their final destination. Due to the complexity of the process, the transfer can take between 2 and 5 working days and the banks involved in the process can add their own commissions.
As indicated in the Banamex commission brochure, the amount that will be charged when issuing a payment order abroad is at least $ 40 USD. On the contrary, if instead of sending it you are the one who receives it, Banamex will charge you $ 15 USD plus VAT. The information about the commissions of this article were extracted from the commission brochure of Banamex on October 2, 2017.
On the other hand, in order to send or receive money from abroad, you must have a Banamex Checking Account or Debit Card, apart from going to your nearest branch to carry out the operation. This account or card has a single contracting cost of 1,500 pesos, and a possible monthly maintenance cost. In any case, it is always best to check with your bank the total costs on the Checking Account and the sending or receiving of money.
In addition to all of the above, we must add the fact that when there is a currency exchange, it is possible that Banamex uses its own exchange rate instead of the official one, which may entail additional expenses when converting the amount of the transfer from the original currency to pesos or vice versa.