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Banks in US up for Mexican waive

Banks in US up for Mexican waive

(21 June 2005 – USA) A stoush is taking place in the US as local and international banks vie for a larger slice of the foreign exchange market. The moves are centred in particular on the large amount of money flowing from the US to Mexico and other Latin American countries. Each year more than 100 million transactions take place between these countries.

HSBC has just announced that it will allow US customers to transfer money anywhere in the world for no charge, although FX fees will apply for ATM access overseas.

The second largest US bank, Bank of America, said it would also put a stop on fees for transactions between the US and Mexico. However, customers would be obliged to open check accounts with the bank.

Citigroup, for its part, has launched a "bi-national" credit card which can be used by Mexicans working in the US and by their family and friends in Mexico.
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