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Mexico
The most convenient way to buy pesos when you’re already in Mexico is by using ATMs. You will often receive the best exchange rate, even though you have to pay a service fee every time you withdraw. If you know you’ll be needing a lot of cash, you can take it out all at once to avoid paying the service fee multiple times. However, you need to be careful about carrying a large amount of cash while you travel. You don’t want to be a target for thieves. Being offered to pay in your own currency at an ATM is a sneaky trick and causes many travellers to pay more than they need to. Always choose to pay in the local currency - in this case, peso - to cut your costs and get the best rates available. If you want to use an ATM then stick to using an ATM attached to a bank. For the lowest fee we recommend Santander who will charge you just over $40 pesos = 2 euro. They will also tell you the exchange rate so you know exactly what you are getting. Quite often this exchange rate is better than what you would get exchanging cash. Another reliable bank to use is HSBC, although they recently doubled their ATM fee on some of their cash machines to around $80 pesos. Use the Wise debit card to spend in Mexico without rip-off fees. Withdraw money, pay for meals in restaurants or spend in shops in Mexican peso, all at the real exchange rate with the Wise debit card. There are three forms of electronic payments that shoppers in Mexico choose most often: payments made through OXXO, Mercado Pago, and PayPal…. Each of these electronic or mobile payment methods varies slightly.
Top banks
BBVA
BBVA Communications is a global team with a local touch, a team that cares about the accents of each geography. Our goal is to offer the best information about the Group, as well as helpful content on topics on which we have a voice. We believe in creating and disseminating our own content, because we want to communicate directly with the different stakeholders we focus on. For this purpose, we have assembled a broad team of communication professionals working from Argentina, Colombia, Spain, the United States, Mexico, Paraguay, Peru, Türkiye, Uruguay and Venezuela. With them, we are able to guarantee the quality of the content we publish on economy & finance, 'fintech', innovation and responsible banking. As our purpose says, we work to “bring the age of opportunity to everyone.” And today, many of these opportunities lay in the digital world. Here’s where we navigate, to share with you the best stories of our trip. Within BBVA’s digital transformation, thinking about the customer is the first of our values. And for us, you, the reader, are our customer. BBVA has been one of the forerunners of corporate journalism in the world. Innovation is one of our hallmarks. That is why, and because through bbva.com we want to reflect the trends linked to the world’s leading media companies, we invite you to browse through our website.
Santander LATAM
South America serves individual and business customers through our presence in Brazil, Chile, Argentina, Uruguay, Colombia and Peru, providing us with a strong position and widespread presence in the region. Comprised of large economies and major portions of the population that are still unbanked, the region has great growth potential. In view of this scenario, we remain focused on expanding, sharing positive experiences from each country and delivering profitable growth, backed by (i) a sustainable increase in our customer base, prioritizing long-lasting relationships with customers by offering suitable services and continuously improving our customer support with creative solutions; (ii) unyielding pursuit of operational excellence through process reviews and digitalization; and (iii) strict risk management, always maintaining our loan quality indicators under control.
Banamex (139 years)
We have more than a century of experience and leadership promoting the progress of Mexico, its families, companies, social organizations, institutions and its people.
Banorte
Grupo Financiero Banorte (GFNorte), is a leading financial institution in Mexico, with the largest business diversification and continuously seeking ways to innovate in the financial sector, offering a wide variety of traditional and digital products and services, through its broker dealer, annuities & insurance companies, retirement saving funds (afore), mutual funds, leasing and factoring company, warehousing and recently announcing the inclusion of a digital bank. Banorte is the second largest financial group in Mexico in terms of loan portfolio, the number two provider of loans to governments and the second largest bank in mortgage loans. In addition, the retirement fund administrator Afore XXI Banorte, of which GFNorte owns 50%, is the largest in the country in terms of assets under management.
HSBC
HSBC was born from one simple idea – a local bank serving international needs. In March 1865, HSBC opened its doors for business in Hong Kong, helping to finance trade between Europe and Asia. Our purpose – Opening up a world of opportunity – explains why we exist. We’re here to use our unique expertise, capabilities, breadth and perspectives to open up new kinds of opportunity for our customers. We’re bringing together the people, ideas and capital that nurture progress and growth, helping to create a better world – for our customers, our people, our investors, our communities and the planet we all share.
Scotiabank
Grupo Financiero Scotiabank Inverlat is a member of Scotiabank Group, a global financial services company, whose headquarters are in Toronto, Canada. Scotiabank is one of the leading financial institutions in North America and it is Canada's most international bank. It offers financial products and services to individuals, small and medium businesses, enterprises and to the government sector. With 671 branches (624 and 47 Bank Private Banking and Wealth) and 1,468 ATMs nationwide, Grupo Financiero Scotiabank Inverlat, offers a wide range of financial products and services, which include traditional banking, foreign exchange and markets to individuals, commercial and corporate clients.
Inbursa
Inbursa is a financial company which, through its subsidiaries, provides banking and related services in Mexico. The company operates business lines in investment funds, general insurance, automobile insurance, mortgages, health insurance, retirement funds and commercial banking.[1] The company is owned by Mexican billionaire Carlos Slim.
BanBajío
Banco del Bajío is a Mexican bank headquartered in León, Guanajuato, Mexico. It is one of the major banks in Mexico and fastest growing local banks in the country. It is the 8th largest in terms of customer deposits and provided lending services
Banco Azteca
Banco Azteca is a Mexican bank chain which operates in Mexico, Panama, Guatemala, and Honduras. It previously operated in Peru and El Salvador as well. The company's products are consumer credit for goods, personal loans, small business loans, credit cards, mortgages and payroll systems.
Banco de Mexico/ SPEI
SPEI® is a large-value funds transfer system in which participants can make transfers among themselves on behalf of themselves or their customers. Each payment order contains information allowing identification of the sender client and the client to whom the payment should be credited.
Top payment methods
There are three forms of electronic payments that shoppers in Mexico choose most often: payments made through OXXO, Mercado Pago, and PayPal…. Each of these electronic or mobile payment methods varies slightly. And Vouchers like: Farmacias del Ahorro, Hamsa, 7 Eleven.
Carnet
Although Visa and Mastercard are responsible for more than 90% of all cards in Mexico, Carnet is a local brand created in 1968 that deserves to be mentioned. According to its official website, Carnet has 82 issuers and already issued more than 18 million cards. It is currently accepted by more than 600,000 venues and around 67,000 ATMs, besides counting with four memberships tiers: Esencial, Clásica, Oro and Platina.
Mercado Pago
Whether you want to integrate Mercado Pago for your business or you are a developer integrating for others, Mercado Pago offers different solutions that allow you to receive virtual or in-person payments.
You can offer payments with various types of payment in physical stores or online stores through the payment link, QR Code, and the Mercado Pago device, Point, which may or may not be integrated with each other.
OXXO
Since we opened our first OXXO store in Monterrey in 1978, our goal has been to meet the needs of our customers in a friendly, fast, practical and reliable way, creating economic, social and environmental value in the communities in which we have a presence. Oxxo is a Mexican chain of convenience stores and gas stations, with over 21,000 stores across Latin America, as well as in the United States and parts of Europe.It is the largest chain of convenience stores in Latin America.
It is wholly owned by the beverage company FEMSA
Famsa
Famsa is an online cash payment voucher option in Mexico. Famsa allows online shoppers to check out by selecting Farmacias Benavides as the payment method. An instant voucher is created with the transaction amount and specific payment reference. The shopper then has the option to pay the voucher in cash in one of the Famsa stores or online. As soon as the payment is matched to the initial checkout, the merchant gets paid and can ship products or provide services. With many Mexican people not having access to credit or debit cards or banking products, Famsa allows merchants to tap into this substantial group of online buyers. Check below for the Payment Service Providers that help merchants to accept Famsa online in their web shop.
Farmacias del Ahorro
Farmacias del Ahorro is a cash-based online payment method in Mexico. Administered through a popular network of Mexico pharmacies, it allows online shoppers to check out by selecting Farmacias del Ahorro as the payment method.
The shopper then receives an instant voucher with the transaction amount and specific payment reference, after which they can pay the voucher in cash at one of the Farmacias del Ahorro stores or online.
Once the payment is matched to the initial checkout, the merchant gets paid and can ship products or provide services.
7-Eleven
As the world’s first convenience store, our top priority has always been to give customers the most convenient experience possible to consistently meet their needs. 7-Eleven aims to be a one-stop shop for consumers – a place people can always rely on to deliver what they want, when, where, and how they want it.
Concluding remarks
Cash
Physical currency is still widely used in Mexico, and cash is commonly accepted in most stores and businesses.
Credit and debit cards
Visa, Mastercard, and American Express are widely accepted credit and debit cards in Mexico. However, not all businesses accept cards and some may have a minimum purchase amount for card transactions.
Mobile payments
Mobile payments are becoming increasingly popular in Mexico, with apps like MercadoPago, OXXO and PayPal allowing users to pay for goods and services using their smartphones.
Cryptocurrency
While not as widely used as other payment methods, cryptocurrency is becoming an increasingly popular way to pay for goods and services in Mexico, particularly Bitcoin.
Debit card
Debit card usage is common in Mexico, as they are connected to a bank account, and it is widely used to withdraw cash from ATMs.
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About us
Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
We attract website owners and payment professionals on our portal through marketing channels and personal communication. Also we work as affiliates and recommend to the website owners where they can find a PSP who supports their business model and we introduce clients to PSP.
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