Mexico has become an attractive spot for expatriates. Its cost of living, culture, and closeness to the United States make it the #1 country worldwide for American expats. As of 2020, about 1.1 million expatriates lived in Mexico; 700,000 of those were from the United States.1
Moving to a new country usually means needing easy and ongoing access to your money. Opening a bank account at a local bank, or at a local branch of an international bank, is one of the first items that you should check off your to-do list.
Choosing Your New Bank
There are 30 major national banks and financial institutions throughout Mexico. Look online for services and branches to see which suit your needs. You may want to ask your current bank which institutions in Mexico they recommend. Many expats choose to bank with organizations that have English-speaking staff or complementary translation services. Others prefer opening accounts with institutions that have a presence in their home countries, either in the form of a branch or an affiliation with a local bank.
These ten major banks in Mexico have branches or relationships with banks in the U.S. Most websites are in Spanish but can be translated into other languages using your internet browser.
National Bank of Mexico or Banco De Mexico
BanCoppel
BBVA Bancomer
Banamex (also referred to as Citi Banamex)
Banorte
Bank Of America
HSBC
ING Bank
Santander (commonly known as Banco Santander)
Scotia Bank
What You Need to Open a Bank Account In Mexico
As a foreigner, you cannot open an account online.* You need to go to the bank in person. Visit when it’s not busy, allowing 45 minutes or more. Forms and other paperwork are in Spanish, so bring someone who can translate for you unless you’re fluent.
Another approach is to visit the nearest branch of the institution you’ve selected and meet with a representative ahead of time. This allows you to learn about your account options and get answers to your questions. Pick up the forms that need to be completed and get a checklist of documents you’ll need to provide.
Here are the common documents requested to open an account at most Mexican banks. Check with your bank for their specific requirements:
- Residency card (or tourist card/FMM)
- RFC (a Mexican taxpayer ID) or a foreign tax ID/Social Security number
- Passport
- Visa
- Proof of address in Mexico (If you are submitting a utility bill, make sure that it is no more than two months old. Even a semi-annual bill needs to have been issued within the last month.)
- At least MXN 1,000 (It must be in pesos.)
- Your email address and a mobile phone number
*It may be possible for expats to open an account in Mexico before they arrive through certain institutions. Inquire at HSBC, Santander, and Bank of America in your home country.
Types of Bank Accounts Available
You can choose from a fairly wide range of accounts, depending on your requirements, preferences, and eligibility. These can be broadly classified into the following groups: Payroll accounts, checking accounts, deposit accounts, investment accounts, and certificate of deposits. Premium accounts with additional benefits may be available too.
Different fees and charges apply to each. Citizens of the U.S. and Canada have the option to operate a US Dollar checking account. For a Peso-denominated account, offered to customers of all nationalities, the advantage is you earn and manage your finances in the local currency.
Telephone, Online and Mobile Banking Services
Most financial institutions have online banking options. These need to be selected while you are at the bank, and it takes between 3 to 5 working days for an account to be activated. You should receive your cards and PINs (personal identification numbers) during this time.
Forms, Credit Agreements, and Translations
All forms will most likely be in Spanish. If you aren’t fluent, be sure to get someone you trust to help with the forms. Do not sign any credit agreements without a complete understanding of the terms and conditions.
Transferring Money
Hidden fees, commissions and poor exchange rates are the main concerns faced by people who send money to overseas accounts. If you are going to receive a major part of your finances from overseas, it may be best to operate your international account through online banking and ATM options, and keep a separate one locally.
Did You Know?
Once you have a bank account set up in Mexico, anyone you allow can deposit money directly to it from a Western Union agent location? This is called a cross-border money transfer, and the person sending you money can transfer money quickly through our mobile app. Sending money directly to a bank account from the app, our website or a Western Union® agent location is one of the easiest ways to receive money from family and friends still in the U.S. or in one of the 200 countries and territories we operate in worldwide. If you need to pick up money in person instead, go to one of our 38,000 locations in Mexico.
Money can be sent directly to major banks such as Banorte, Banamex, BanCoppel, Banco Azteca, and BBVA. Here is a full list of banks that can receive Western Union money transfers from the U.S.
