Mexican Banks Blame Poor Infrastructure for High Fees

MEXICO CITY – Some banking fees in Mexico are higher than in other countries, the country’s top banker acknowledged on Wednesday, blaming higher costs associated with the nation’s inefficient infrastructure.

With almost all major Mexican banks in the hands of foreign investors, financial consumer watchdog Condusef on Monday launched a stinging attack on financial institutions, accusing them of charging higher fees to Mexicans than in their own countries.

The study, featured prominently in local newspapers, found that some major foreign banks operating in Mexico, such as Citigroup, HSBC, BBVA and Scotiabank, charge fees as much as 10 times higher in Mexico than what clients pay in the banks’ home countries.

Manuel Medina, head of the Mexican Banks Association, said fees vary country by country, depending on factors like risk and banks’ expenses. But he agreed that some fees charged to consumers are higher in Mexico than in other countries.

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