Are you a tourist or expat wondering how to open a bank account in Mexico? Navigating another country’s banking system can be confusing, but this guide will give you a better idea of what to expect.
Learn who can open Mexican bank accounts, how the process works, what you need to open an account, and what to consider when comparing banks.
Can you open a bank account in Mexico?
If you’ll be spending some time living in Mexico, opening a local bank account can make your life a lot easier. But can you open one as a foreigner?
In short, yes. Foreigners can open Mexican bank accounts. However, the requirements vary depending on the bank and account type you choose. For example, some banks require account holders to be Mexican residents, while others allow tourists to open accounts.
To find the best bank and account for your situation, it’s wise to shop around and compare different offerings.
Can you open a Mexican bank account from the US?
As a foreigner, you generally can’t open a Mexican bank account remotely from the US. Some Mexican banks allow members to open accounts online, but that feature is typically restricted to Mexican citizens. That said, if you’re a Mexican citizen with a Mexican phone number and proof of a current Mexican address, you’ll likely be able to open a Mexican bank account online while abroad.
Which US banks operate in Mexico?
Most of Mexico’s banks are controlled by foreign entities, so you may see some familiar names around, like Santander and HSBC. However, of the seven largest banks that control 78% of the Mexican market, just one is owned by an American bank: CitiBanamex. Citigroup has owned Banamex since 2001 but recently announced plans to sell it by the end of 2024.
While US-controlled banks may be hard to find in Mexico, especially once Citi and Banamex split, they don’t necessarily offer you an advantage. Mexican banks operate separately from their parent banks, so member accounts don’t cross over from the US and the offerings are different.
But don’t worry. You can find services tailored to foreigners at the major Mexican banks, which include BBVA Bancomer, Banorte, Santander, HSBC, Scotiabank, Inbursa, and CitiBanamex (soon to be just Banamex). As a result, they’re some of the best banks for expats in Mexico.
Note: Some US banks like Bank of America and JPMorgan Chase have a location or two in Mexico, but they don’t serve consumers.
Getting a Mexican bank account
Now that you know the basics, here’s a more detailed look at how to open a bank account in Mexico.
Choosing a new bank
The first step to opening a bank account in Mexico is finding the best fit for you. Banks can vary greatly in terms of their eligibility requirements, ongoing costs and fees, accessibility, security, and more. As you shop around, here are the main factors to consider:
- Initial deposit requirement: This is the number of pesos required to open the account. For example, HSBC Mexico’s Premier account requires a deposit of 20,000 Mexican pesos (MXN), which equates to about 1,200 US dollars (USD) at a late May 2024 exchange rate of 1 USD – 16.58 MXN.
- Minimum monthly balance: This is the minimum amount you must have in an account each month to avoid a monthly fee and keep the account open.
- Fees: These are the fees a bank charges for account setup, ongoing management, ATM withdrawals, and more.
- ATM network: This refers to the number of ATMs in the bank’s network and near you.
- IPAB Guarantee: This indicates the presence of deposit insurance. Like Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) insurance in the US, the Instituto Para La Proteccion al Ahorro Bancario (IPAB) in Mexico guarantees deposit accounts up to 400,000 investment units, or “unidad de inversion” (UDI) in Spanish. As of September 2023, 400,000 UDIs was equivalent to about 3.1 million MXN and about 181,000 USD, according to S&P Global Ratings.
- Residency requirement: This details which migratory document(s) you’ll need to open the account.
- Account types: These are the types of bank accounts an institution offers.
- Branches: This refers to the number of physical bank branches overall and near you.
- Bilingual customer support: This indicates the availability of customer support in your native language.
- Online banking services: These services enable you to manage your account online and through a mobile app.
- Other helpful services: Other services provided to bank account holders include check cashing, credit products, and investment products.
Types of bank accounts
Most Mexican banks offer checking accounts (cuentas de cheques) and savings accounts (cuentas de ahorro), while some offer other specialized accounts. For example, Banorte offers a basic checking account along with accounts designed specifically for minors and women. Further, Intercam has a variety of accounts specifically for foreigners, from checking and money market accounts to mutual funds.
Online and mobile banking services
Online and mobile banking services are common in Mexico, especially with the larger banks. You can often create an online account to check your account activity, schedule service payments, transfer money, contact customer service, view account statements, and more. For example, with Scotiabank, you can use ScotiaWeb to pay for services, including electricity, TV, gas, phone, and even taxes.
Documents and translations
Most documents that Mexican banks require are already in Spanish, such as your migratory forms and local bills. However, if a bank requests a letter or document that’s not, be sure to ask if it needs to be translated. You don’t want to cause unnecessary delays due to language requirements.
What you need to open a bank account in Mexico
When opening a bank account in Mexico, come prepared with a few things. While the requirements can vary between banks, they often include:
- Passport: A valid, unexpired passport from your home country.
- Migratory documents: Proof that you have a legal presence in the country. Some banks accept tourist visas, while others require you to have temporary or permanent residency.
- Proof of address in Mexico: Proof that you live in Mexico, such as a utility bill.
- Minimum deposit: A deposit into the new account that meets a minimum requirement.
- Other: Other possible requirements include a Mexican mobile phone number, a US Social Security card, a Clave Única de Registro de Población (CURP, or Unique Population Registry Code), proof of income, or a Registro Federal de Contibuyentes (RFC, or Federal Taxpayer Registry).
Here’s a look at how the requirements to open a bank account in Mexico can vary by institution.
| Bank name | Required migratory documents | Required proof of Mexican address | Required unexpired passport | Other |
| Scotiabank deposit and checking accounts | Tourist visa, visitor permit, temporary residency document, or permanent residency document | Documents that prove your residence from the last three months | Yes | Proof of income for credit application |
| Intercam Intercuenta Enlace checking account | Mexican migratory form (FM) | Documents that prove your residence from the last three months | Yes | NA |
| BBVA Libretón Premium account | Immigration form or current temporary or permanent residence card | Documents that prove your residence from the last three months (electricity, telephone, water bill) | Yes | 2,000 MXN minimum deposit
Proof of CURP (only if it doesn’t come with your immigration form)
|
| HSBC Advance checking account | FM2 visa immigrant photo credential, FM2 visa booklet with immigrant status, permanent resident card, temporary resident card, or multiple immigration form | Documents that prove your residence from the last three months (electricity, telephone, property, or water bill) | Yes | 20,000 MXN minimum deposit |
Funding your initial deposit
When Mexican banks require an initial deposit, the amount can range from less than 100 US dollars to over 1,000. To fund it, you can pull money out of an ATM using an existing debit or credit card but may run into foreign transaction fees, cash advance fees, expensive conversions, ATM fees, and withdrawal limits.
Transfer money between bank accounts with Western Union
Once you’ve set up your bank account in Mexico, it’s time to start putting it to use. That’s where Western Union can help. Easily and quickly transfer money between banks with just a few clicks.
Simply head over to our website or the Western Union® app, add your new bank account information and the recipient’s bank information, and the funds can be there as soon as the same day.
FAQs
Can foreigners open bank accounts in Mexico?
Foreigners can open bank accounts in Mexico but typically need to do so in person. The requirements vary by bank but often require a valid migratory document, an unexpired passport, and documents to prove you have a Mexican address.
What US banks have branches in Mexico?
US banks don’t have branches in Mexico for consumers, per se. However, US banks can own or have controlling stakes in Mexican banks. For example, CitiBanamex is currently owned by the US bank Citi.
Can you live in Mexico and have a US bank account?
Yes, you can live in Mexico and have a US bank account. You may need to enroll in electronic communications or set up a US mailbox forwarding address, but you can manage the account from abroad. Further, if your account comes with a Visa or Mastercard debit card, you can use it to withdraw funds from Mexican ATMs.
