Navigating the Mexican banking system can be challenging for US expatriates. Some banks cater to foreigners with lineups of products, bilingual staff, and international services, while others don’t.
So, how do you find an expat-friendly bank that works for you? Read on to learn about 10 of the best banks in Mexico for expats. We’ll also answer some frequently asked questions about banking in Mexico as a foreigner.
10 best banks in Mexico for expats
After analyzing the market to find the best banks in Mexico for expats, here are 10 that topped the list.
BBVA Bancomer México
BBVA Bancomer Mexico is the largest financial institution in Mexico. Its network of more than 14,000 ATMs and nearly 1,700 branches makes it easy to access your money across the country. Further, BBVA offers a variety of deposit account and credit card options for nonresidents. You can also use the BBVA Mexico App to easily track transactions, schedule transfers, and make service payments online.
Banorte
Banorte, one of the largest Mexican-owned banks, has a large footprint of more than 1,100 branches and 10,000 ATMs. Plus, it offers economical bank account options for foreigners. For example, the Banorte Personal Link account has no monthly fee, initial deposit, or monthly balance requirement.
Other perks include savings through the Banorte Promotions and Discounts App, protection against fraud and theft, and the ability to replace your debit card at convenience stores, including OXXO, 7-Eleven, and Kiosko, for just 34 Mexican pesos (MXN).
Santander México
Santander México, a subsidiary of Banco Santander in Spain, is another option worth considering. It has 1,300 branches and over 10,000 ATMs across Mexico.
Among Santander’s product offerings are multiple checking accounts for nonresidents, including a basic account with no minimum monthly balance or opening amount. You can also open a premium account that includes access to legal assistance and help with household needs like locksmithing, plumbing, and electrical services.
Additionally, nonresidents are eligible for products like credit cards and personal lines of credit.
HSBC México
HSBC México, owned by HSBC Holdings in London, is one of the smaller banks on this list. Still, it has a notable presence in Mexico, with more than 850 branches and 5,500 ATMs. It’s also part of the Multired Alliance, which gives members an expanded network of 9,400 ATMs.
The accounts HSBC offers include the Cuenta Flexible, which is fee-free if you set up monthly direct deposits or keep your balance at or above 4,000 MXN. Its premier account requires a 20,000 MXN initial deposit but comes with preferential branch service in more than 30 countries.
HSBC also enables you to manage multiple HSBC accounts from different countries in one app.
Scotiabank México
Scotiabank México, owned by a large Canadian banking group, has a decent-sized presence in Mexico. It has 450 branches, including 32 that are bilingual, and 12,000-plus ATMs. The bilingual branches can be extremely valuable if you’re not comfortable with your Spanish yet.
Scotiabank also offers a versatile lineup of products to nonresidents, including various bank accounts, mortgage credit, automotive credit, credit cards, personal loans, and revolving credit lines. And you can manage your accounts online through the ScotiaMóvil app and ScotiaWeb online platform.
Inbursa
Inbursa is another leader in the Mexican banking market, with more than 640 branches and 11,200 ATMs. It offers a unique variety of personal accounts to foreigners. In addition to a general checking account, there are accounts for minors and senior citizens and even pet-focused accounts that offer access to pet insurance, veterinary guidance, and pet store discounts.
You can also use Inbursa’s online banking portal to make service and tax payments and find exclusive discounts at various establishments.
CitiBanamex
Next up is CitiBanamex, the only bank on this list owned by a US company. While Citi plans to sell Banamex by the end of 2024, it’ll remain a viable option for expats since it will continue operations as just Banamex.
The bank has 1,300 branches and 9,000 ATMs across Mexico, so it’s widely accessible. And it offers a variety of accounts for nonresidents, including checking accounts, insurance products, savings accounts, and investment accounts. You can also opt for a priority account with perks like “preferential attention” at branches, accidental death insurance, and extended warranties on products you purchase.
Banco Azteca
Owned by the Mexican parent company, Grupo Salinas, Banco Azteca has more than 1,900 branches and 10,000 ATMs across Mexico. It aims to serve underbanked populations, so it can be a good fit if you’re looking for an affordable account. And once you’re a Banco Azteca member, you can use the Banco Azteca app to process online transfers, service payments, and payments via QR code.
Bancoppel
Bancoppel is a Mexican-owned bank with more than 1,300 branches and 1,900 ATMs across Mexico. Like Banco Azteca, it aims to serve members of the low-income population who can’t access traditional banking options. As a result, it offers low-cost banking services and serves many rural areas.
Bancoppel’s offerings include credit cards, bank accounts, loans, savings accounts, investment accounts, insurance, and money transfers.
Intercam Banco
Intercam Banco, owned by a parent company in Puerto Rico, is an expat-friendly bank with a network of more than 2,900 ATMs. Many recommend it for tourists because it accepts tourist visas as a sufficient migratory document.
Along with flexible eligibility requirements, the bank offers a versatile lineup of products specifically for foreigners. For example, you can find savings accounts, investment accounts, a multi-currency card, foreign exchange services, and trusts at Intercam Banco.
Can you get by without a Mexican bank account?
You can get by living in Mexico without a Mexican bank account. Many Mexican businesses accept credit cards from major card brands like Visa, Mastercard, and American Express. Additionally, you can often withdraw pesos from Mexican ATMs with foreign debit and credit cards. However, watch out for conversion and foreign transaction fees. They can add up quickly with some card providers.
You may also run into a problem if you need to replace your card. It can be difficult to get new cards sent to Mexico quickly. Further, banks in Mexico often allow you to process service payments through online banking. Your foreign bank account won’t have that feature, which can make paying local bills more of a hassle.
Requirements for opening a Mexican bank account
Banks in Mexico typically require foreigners to present a valid passport, a valid migratory document, and proof of a Mexican address when opening a bank account in Mexico. However, the specific requirements vary depending on the bank and the type of account you’re seeking.
In most cases, Mexican banks ask for a phone or utility bill from the past two or three months to verify your address. As for the migratory document, some require a temporary or permanent residency card while others accept tourist visas.
In addition to these main requirements, some Mexican banks may ask for other items such as your social security card, Mexican phone number, Clave Única de Registro de Población (CURP, or “Unique Population Registry Code”), or Registro Federal de Contribuyentes (RFC, or “Federal Taxpayer Registry”). To find out what’s required from a specific bank and branch, it’s best to go in and ask.
Tips on banking in Mexico as an expat
How can you streamline the process of opening a bank account in Mexico as an expat? Here are a few tips.
Learn basic Spanish banking terms
While some Mexican banks have representatives who speak multiple languages, not all do. If you don’t speak much Spanish, you may want to look for branches near you with bilingual support, hire a translator to go with you, or learn the basic banking terms you’ll need to open an account.
Be aware of transaction fees and currency exchange rates
When transferring money from the US to a Mexican bank account, it’s important to understand the associated costs. You may face transaction fees and costs from converting US dollars to Mexican pesos (USD to MXN). The fees tend to be more straightforward, as they’re often a flat amount or a percentage of your transaction amount. However, the conversion costs can be a bit more confusing.
To calculate how much a conversion will cost you, you’ll need a provider’s exchange rate and the going rate in the market. For example, take Western Union’s exchange rate of 1 USD – 16.6971 MXN as of late May 2024. If you were to send yourself 1,000 USD, you’d receive 16,697 MXN.
Understand tax implications of banking in Mexico
If you decide to open a bank account in Mexico, be sure to research the tax implications. You may have tax liabilities in both Mexico and your home country, which can increase your cost of living. If you have questions or doubts, it’s best to seek legal counsel to avoid legal issues or penalties.
Consider online banking for convenience
Online banking services can make managing your money easy and convenient. Once your Mexican bank account is set up, you can typically go online to create an account. From there, you’ll have 24/7 access to your transaction activity and many other features. For example, Mexican banks often offer users the ability to make service payments, pay taxes, make payments with a QR card, and process transfers.
Send money and more with Western Union
Once you get your bank account set up, put it to use with Western Union. Easily send money or transfer money between banks online, in person, or with the Western Union app®. Simply 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
What is the best bank in Mexico for foreigners?
The best banks in Mexico for expats offer a variety of products, competitive pricing, large ATM and branch networks, quality service, and security. While there’s not one bank that will be best for everyone, all the banks on this list check many of the important boxes.
Can a US citizen get a Mexican bank account?
US citizens can open Mexican bank accounts, but the requirements vary by bank. In most cases, you’ll need to provide a valid passport, an acceptable migratory document, and documents that prove your address. Some also require minimum initial deposits.
Which bank works in Mexico and the US?
Bank accounts don’t work in both countries. For example, HSBC Bank has subsidiary banks in the US and Mexico, but they aren’t connected. You’ll need to open a new account in each country. Debit cards from the accounts, however, can often work across borders.
