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How To Open A Bank Account In Mexico

You’re probably wondering how to open a bank account in Mexico if you plan on living and paying bills there. Navigating the banking system in Mexico is pretty straightforward, like in the U.S.

However, it can seem a little daunting not knowing where to start, or if you even need a bank account in Mexico at all. To help you consider if you need a bank account in Mexico, keep reading. Once you decide if you need one, I’ll cover how you open a bank account in Mexico.

HSBC Is a popular bank in Mexico. Consider this bank when opening a bank account in Mexico

Why You Need To Open A Bank Account in Mexico

Having a bank account in the U.S. or Canada won’t be a problem if you plan to live in Mexico. However, having a Mexican bank account can make things easier for you, especially if you plan to live in Mexico long-term. For starters, here are some benefits:

  • Being able to set up essential services like utilities, a cellphone plan, and internet.
  • Some landlords will require payment through a local bank transfer. Paying cash may not be an option.
  • Save money on international withdrawal fees from any ATMs you are withdrawing money from. (unless you have a bank account that doesn’t charge for international withdrawals)
  • Many retailers only accept bank transfers or cash. So, you’ll either need to withdraw a large sum for expensive purchases or have a Mexican bank account. (You can’t always pay with your credit card.)
  • If you need to send yourself a large amount of money, you’ll need a reliable bank account to safely and economically do so. Sending yourself a large amount of money through services like Western Union will eat a large chunk of your cash in commission fees.

On the other hand, I know people pay with cash or their credit card for one or all of these services. They have never opened a bank account in Mexico and have zero fees for withdrawing money from an ATM in Mexico.

Most people who chose to keep their banks in their home country as their sole bank has found that they get a better exchange rate from their bank back home. Plus, it might be the best option for you if you don’t get charged on international ATMs or international transactions.

*tip: when withdrawing from an international ATM, check your home country’s exchange rate and the local bank exchange rate. If your home bank’s exchange rate is better, make sure you decline the local banks’ exchange rate.

However, if setting up services such as utilities and rent require it, then here is what you’ll need to know.

Documents You’ll Need To Open A Bank Account in Mexico

To open a bank account in Mexico, you’ll need to have temporary or permanent residence at the very least. And yes, I know that some people get away with opening a bank account on an FMM tourist visa. However, this is the exception and not the rule. Don’t assume you’ll automatically have such luck. In some cases, I have heard of tourists opening a Mexican bank account in San Miguel de Allende and Puerto Vallarta- both concentrated ex-pat communities.

Most banks have the same requirements, but it’s wise to check with your desired bank for a detailed list of documents you’ll need to bring.

Here’s what you’ll need to open an account at most Mexican banks:

  • Temporary or Permanent Resident Card (the actual plastic card given to you from immigration)
  • Passport
  • Proof of address (utility bill or internet bill with your name on it)
  • at least MXN 1,000 (yes, it needs to be in pesos.)
  • Translator (most banks only have paperwork in Spanish.)

(Interested in knowing the process of residency in Mexico? Read this article.)

Some banks may have an English speaking banker who can help translate some of the paperwork. However, I wouldn’t count on this. Come prepared to understand the paperwork you have to fill out. If you don’t feel comfortable with this, you should bring someone who can translate for you. One of the reasons why learning Spanish should be a priority for you when moving to Mexico.

Once you open your bank account, you’ll most likely be given a debit card on the spot. Ask your banker to provide you with details on how many withdrawals you can make without penalties. Make sure they explain what fees there are for withdrawals (if any) and how you can change your pin.


One cautionary piece of advice is to be aware of your surroundings at all times when using ATMs in Mexico. As a general rule of thumb, don’t go to ATMs alone or at night.

It is not unusual for criminals to lurk around ATMs waiting for an opportunity. Most ATMs have a locking mechanism that only allows people with a debit card to enter the ATM area. If you see someone hanging out in this area without using an ATM, it is best to walk away.

Use a lot of caution when using ATMs. Only go to bank atms, and never use atms at night in Mexico.

Types of Bank Accounts in Mexico

As a foreigner, you will most likely open either a checking account or a savings account. However, there are other types of bank accounts available. Make sure you know what kind of bank account you are opening when you go to the bank.

Checking Account aka Cuenta de Cheques

At some banks like Santander, there are two types of checking accounts. For a basic checking account, your monthly deposits must be less than MXN 18,000 (approx $900), and you get the benefit of having a smaller minimum balance requirement to avoid fees. At the same bank, there is an additional checking account for deposits larger than MXN 18,000. The benefit of this type of account is you don’t have a limit on monthly withdrawals.

They’ll ask for a minimum deposit of MXN 1,000 to open a checking account at most Mexican banks. Depending on the type of account, a minimum balance needs to be available for you to avoid fees. ATM withdrawals are usually free of charge if your withdrawing from your bank’s ATM. (however, some banks have a maximum number of withdrawals a month. Make sure you ask) Otherwise, withdrawals are allowed from other ATMs at an additional charge.

Savings Account aka Cuenta de Ahorros

Cuenta de Ahorros or Savings Accounts in Mexico work very much like a savings account in the U.S. Most banks limit how many withdrawals you can make a month. At some banks, your money must remain fully in a savings account for a grace period. Check with your bank before opening a bank account, as this could mean you will not have access to your cash. The plus side of this account is the higher interest rate paid out to you.

Banks in Mexico with American Affiliates

If you bank with one of these banks in the U.S. or Canada, you might be able to open a Mexican bank account from their branches in the U.S.  

That way, you can manage a portion of your money in Mexico. Here are a few of the ones I know of:

  • Bank of America in the U.S. is affiliated with Scotiabank in Mexico.
  • Citibank in the U.S. is affiliated with Banamex in Mexico.
  • HSBC in the U.S. is affiliated with HSBC Mexico
  • Santander, in the U.S., is affiliated with Santander Mexico.

What If You Don’t Have A Mexican Bank Account?

But what if you’re just spending a few days or weeks in Mexico, and you don’t want to open a bank account? How do you access a large amount of money then?

I’ve mentioned in this previous blog about a widely popular service known as If you have a bank account in the U.S. and need to send money to Mexico, using a service like is a safe and reliable platform with some of the best exchange rates and charges some of the lowest fees.

It is extremely easy to use. You can even transfer money from an app on your phone, and you can check the exchange rate before you commit to initiating a transfer. What I love about Wise is its transparency. They’ll give you a side-by-side comparison of their exchange rates, and fees compared to other money transfer services. In some cases, Wise may not be the cheapest option, and they’ll let you know that upfront if it’s the case.

Every time I have sent money to Mexico from my U.S. bank account, I have access to it within 24-48 hours. Very important to know in case of an emergency!


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Mariana Lange

Mariana Lima-Lange was born in Mexico and immigrated to the U.S. when she was a child. She spent every summer visiting family throughout Mexico and is very knowledgeable about Mexican culture, lifestyle, and traditions. She is fluent in both Spanish and English.

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