Background on CIBanco and the VISA Suspension
Recently, CIBanco, along with Intercam and stockbroker Vector, has been under scrutiny following the announcement of international operations cease with VISA. The financial institution assures clients that their funds are secure and available for immediate reimbursement.
Who is CIBanco?
CIBanco, or Banco de Crédito e Inversiones, is a Mexican financial institution offering banking services, including personal loans, mortgages, and investment products. It has a significant presence in Mexico City and other major cities.
Why is this relevant?
The VISA suspension has left CIBanco clients uncertain about their international transactions and the process to retrieve their funds. This guide aims to clarify the steps for clients to securely access their money.
Step-by-step Process for Reimbursement
1. Personal Visit: The account holder must visit a CIBanco branch in person to initiate the reimbursement process.
2. Request Reimbursement: Inform the bank representative that you wish to retrieve your funds due to the VISA suspension. Provide necessary identification and account details.
3. Receive Reference Number: Upon completion of the process, you will be given a reference number to track your reimbursement and for any future inquiries or clarifications through CIBanco’s customer service channels.
Foreign Currency Accounts
CIBanco also offers accounts in foreign currencies for frequent international travelers. If you hold such an account, follow the same procedure for reimbursement.
Currency Conversion: Funds will be disbursed in the original currency if available; otherwise, they will be converted to Mexican pesos. Keep in mind that for multicurrency accounts, funds will only be provided in cash.
Security Recommendations
Given the possibility of receiving a substantial amount of cash, consider these security tips:
- Accompanied Visit: Bring a trusted individual when visiting the branch to withdraw your funds.
- Secure Storage: Keep the cash in a safe and discreet location.
- Immediate Return Home: Go directly back to your residence after completing the process.
Be aware that there might be long lines and extended waiting times at some branches due to increased user traffic. Patience and ample time are advised for a smooth reimbursement process.
Key Questions and Answers
- What is the procedure for reimbursement? Visit a CIBanco branch in person, request reimbursement, and receive a reference number for tracking.
- How are foreign currency accounts handled? Follow the same reimbursement process. Funds will be disbursed in the original currency if available; otherwise, they’ll be converted to Mexican pesos. Cash is the only payout method for multicurrency accounts.
- What security measures should I take when collecting my funds? Bring a companion, store the cash securely, and return home immediately after completing the process.
