Banamex is a Mexican bank that was purchased by international banking giant Citigroup in 2001, with a combined name of Citibanamex in Mexico. With advances in technology and the expansion of Citigroup's international ties, these days it is very easy to wire or transfer funds from a U.S. Citi account to Banamex or transfer Banamex funds to a Citi account. Even if you don't have a Citibank account, there are still multiple options for wiring money to a Banamex account in Mexico. Keep in mind that all transfers are subject to the current exchange rate between your currency and the Mexican peso.
Banamex and Citigroup
It is possible to seamlessly transfer money from a Citigroup account to a Banamex account using Citigroup Global Transfer. This service lets you transfer money from a Citibank savings, checking or money market account to other Citibank accounts in the U.S. and to certain other countries, including Mexico. This makes it the best money sending service for wiring money to Banamex.
All you need is the recipient's name and account number. Incoming transfers and outgoing domestic transfers are completely free. Outgoing international transfers (such as from your Citi account to a Banamex account) have no transfer fee, but other charges may apply.
Transfer Limits for Banamex
How much you can send per day varies by the type of banking package you have with Citibank. The Basic Banking tier's daily and weekly limit across online, mobile and ATM platforms is $50,000. Priority accounts have a $75,000 daily limit and a $100,000 weekly limit. Citigold account limits are $100,000 daily and $150,000 weekly. Finally, Citigold Private Client account holders have a $100,000 daily limit and a $500,000 weekly limit.
Citigroup also provides a facts and resources page for doing business in Mexico. Mexico is one of the spotlighted countries in Citigroup's Global Consumer Bank, and the Citigroup 2020 Annual Report notes that Citi was named Best Digital Bank in Mexico. Use of the Banamex mobile app has also been steadily increasing.
Options for Transfers to Banamex
Citigroup is the best remittance service for Banamex as the companies are merged, but there are other options for sending money to Banamex. Many banks have options for international wire transfers, including Wells Fargo and Chase, two national chains that are some of the most popular banks in Southwestern states. Banks and credit unions local to those states may also have agreements with major Mexican banks like Banamex.
Another option is to use a service like Western Union or MoneyGram. Both of these services let you use your bank account, a credit or debit card or cash to wire money to bank accounts around the world. While these services do charge a fee, they are one of the best options if your bank or credit union won't wire money directly to Banamex.
Both Western Union and MoneyGram have in-person locations where you can give cash and some identifying information (including the Banamex account number of the recipient) and send the money to Banamex. Both services also offer completely online options.