Six banks agree to eliminate charges for cash withdrawals at ATMs

Six banks in Mexico, including domestic and foreign, announced this Wednesday an alliance so that their 13.2 million customers can access your cash in the same network with more than 9,300 ATMs.

The banks HSBC, Scotiabank, Banbajío, Inbursa, Banregio and Mifel explained that this union will allow users savings of 42 million pesos per eliminate the commission of more than 30 pesos for withdrawing money at ATMs outside your bank.

“It is the largest alliance in the Mexican market, six main banks in the same place, with the same multi-network brand,” said Pablo Elek, deputy general director of consumer and wealth banking at HSBC Mexico.

The HSBC executive said that now customers of these six banks will reduce their transfer costs, in a context in which 12.2% of Mexicans spend more than 27 pesos on some type of transportation per trip.

Elek narrated that this alliance took a year to consolidate, but stressed that As of this Wednesday, it operates without limits of consultations. and with the cash availability restrictions that each bank establishes.

He added that the ATM network and its location will be available in the mobile applications and websites of the institutions.

The banker explained that in Mexico 98% of transactions that occur at an ATM They are consultations and withdrawals.

“The use of cash in Mexico is real, what we see is a clear trend towards increase in both consultation and transactional movement transactions to the digital part”, added Elek.

In his speech, Fuad Juan Fernández, deputy general director of consumer and digital banking at Scotiabank Mexico, highlighted that “the only way to make financial inclusion” and “to improve the economy of individuals and families, is when we think together about solutions”.

The Scotiabank executive, of Canadian origin, recalled that cash still circulates despite the banking sector campaign to increase digital operations.

In this regard, he cited 49% of Mexicans go between one and five times a month to withdraw cash and a large part of the currency in the country is withdrawn from ATMs.

Sandra Sosa, marketing director of the Inbursa bank, commented that the alliance is open to any bank that wants to join and it abounded that this Thursday they will start a dissemination campaign.

This new network will be made up of 5,620 HSBC ATMs, 1,918 from Scotiabank, 718 from Banbajío, 666 from Inbursa, 326 from Banregio and 104 Mifel.

(With information from EFE)

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