Can You Keep Your U.S. Bank Account When You Move to Mexico?

Yes, you can usually keep your U.S. or Canadian bank accounts and credit cards when you move to Mexico.

In fact, many Americans and Canadians living in Mexico usually do!

You do not have to move all your money to Mexico just because you live here.

Many Americans and Canadians living in Mexico, either full time or part time, keep most of their money in their home country. Their Social Security, CPP, OAS, pension, investment income, or paycheck continues going into the same account.

Then they access that money from Mexico.

But there are a few things you should set up before you move.

Here is what you should know.

Don’t Close Your Bank Accounts Just Because You’re Moving

One of the first questions people ask is whether they need to close their U.S. or Canadian accounts when they become residents of Mexico.

Usually, no. You may still need those accounts for years.

You can deposit your Social Security or Pensions into a Mexican bank account. However, many people feel more comfortable keeping everything with their initial financial institution. Especially if you already have automatic payments coming out of the account. You may have credit cards connected to it.

And you might still have expenses back home. There is another reason I wouldn’t rush to close an established bank account.

Opening a new account after you are already living outside your home country can sometimes be harder. I’ve seen posts online from people living in Mexico who found this out the hard way.

One person recently described having a perfectly good U.S. account and then receiving notice that the bank was closing it after they moved overseas. Other people reported keeping their accounts abroad for years without any problem.

That’s why I don’t like giving you a blanket answer that says, “Your bank won’t care.”

Your bank might care. Another bank might not. Call your bank before you move and ask.

Tell them you’re planning to live in Mexico and ask what their rules are for customers who live outside the country. Do the same thing with brokerage and investment accounts. You want to know this before you’re in Mexico, not after you receive an email saying there is a problem with your account.

You May Be Interested In- How To Open A Bank Account In Mexico

Keep More Than One Way to Access Your Money

This is probably one of my biggest pieces of advice. Don’t move to Mexico with only one card.

And don’t have your only debit card and only credit card tied to the same financial institution.

Ideally, you should have a primary credit card, a backup credit card, a debit card, and some pesos available for emergencies.

If possible, have cards from different banks. I also like having different card networks, such as Visa and Mastercard.

Hopefully, you’ll rarely need your backups. But when you do, you’ll be very glad you have them.

What Happens If Your Bank Card Expires or Gets Lost?

Here’s another situation you should think about before moving.

You’re living in Mexico and your U.S. credit card expires. Or your debit card gets damaged. Maybe an ATM eats your card.

Or your bank detects fraud, cancels the card, and sends you a replacement.

Where is the new card going?

This can become a problem because in most cases, U.S. and Canadian financial institutions will not mail replacement cards internationally. Others may have international delivery options, but you should never assume yours does.

This is something you want to ask about before moving.

Fortunately, you have options.

One solution many people living abroad use is a mail forwarding service.

A mail forwarding service can provide you with an address in the U.S. where you can receive mail.

Your bank sends the replacement card to that address. The mail forwarding company receives it for you and can then forward it to you in Mexico according to its policies and available shipping options.

If you’re a client of Mexico Relocation Guide, this is another area where our vetted contacts can help.

Inside our Complete Mexico Relocation Guide, we have recommended mail forwarding services that can help you establish a U.S. mailing address and forward important mail and eligible items to you in Mexico.

This can be useful for much more than replacement bank cards. You may still receive financial documents, government correspondence, insurance paperwork, tax documents, or other important mail after moving.

Having a plan for your mail before you leave can save you a lot of headaches later.

Have a Plan Before Your Card Stops Working

Don’t wait until you’re standing in Mexico with an expired debit card to figure this out. Before moving, check the expiration dates on all your cards.

If one is going to expire shortly after your move, call the issuer and ask whether they can replace it early.

Ask where replacement cards can be mailed, and where.

If they don’t, have your mail forwarding service established before you move. And this is another reason I recommend having cards from more than one bank.

Imagine your primary debit card gets compromised and the replacement is going to take a week or two to reach you.

That’s inconvenient.

But if you have another debit card, two credit cards, and some emergency pesos, it’s not a crisis.

Keep Your U.S. or Canadian Phone Number

This is one people don’t think about enough. Your bank may know you’re in Mexico.Your credit card works. Your online banking works. Everything is fine.

Then one day your bank says:

“We’ve sent a verification code to your phone.”

And you realize you canceled that phone number six months ago. Now you have a problem.

There are plenty of stories online from people living abroad who have run into exactly this issue. One American who had been living in Mexico for years said U.S. banking became more difficult when accounts started requiring a U.S. cell number for authentication. Others have found that some internet based phone numbers aren’t accepted by every financial institution.

So before you move, figure this out.

You may decide to keep an inexpensive U.S. or Canadian phone plan. You may be able to use WiFi calling or another option.

Also check whether your bank allows an authenticator app or another form of two factor authentication.

The important thing is that you test it before you move.

You Don’t Necessarily Need an Expensive Phone Plan

The good news is that keeping a U.S. number doesn’t necessarily mean paying for an expensive U.S. cell phone plan that you’re barely using.

Look into lower cost carriers and plans such as Mint Mobile, Boost, and other budget carriers.

The important thing is to make sure the service will work for what you need while you’re living in Mexico. And that you establish this before moving.

Look for WiFi calling and texting, international roaming options if you need them, and most importantly, the ability to receive the verification codes your financial institutions send you.

Don’t assume every internet based or VoIP number will work for banking.

Most banks don’t accept them for security verification.

You don’t necessarily need a fancy plan. You mainly want to keep control of that number so you can receive important calls, texts, and security codes when necessary.

Before you move, test it. Turn on WiFi calling if your carrier supports it. Log into your important financial accounts. Check where your verification codes are being sent.

And where possible, set up an authenticator app or another backup method, like email, for two factor authentication.

Use Credit Cards Without Foreign Transaction Fees

If you’re going to continue using your U.S. or Canadian credit cards in Mexico, look at the fees.

Some cards charge a foreign transaction fee every time you use them outside your home country.

A few percent doesn’t sound terrible on a $20 purchase.

But imagine paying that extra fee on groceries, restaurants, gas, hotels, shopping, medical expenses, and everything else for an entire year.

It adds up. If possible, have at least one card that doesn’t charge foreign transaction fees. Many people praise the Charles Schwab accounts for this. They refund all ATM fees, and don’t have international transaction fees. But there are other banks offering this option as well.

You Can Use Your Foreign Debit Card at Mexican ATMs

You can withdraw Mexican pesos using many U.S. and Canadian debit cards.

But check your fees first. The Mexican ATM may charge you a fee.

Your bank back home may also charge an international ATM fee. Your bank may have a daily withdrawal limit too.

When the Machine Asks Dollars or Pesos, Choose Pesos

This is something you should understand before using your foreign cards in Mexico.

Sometimes a payment terminal or ATM will give you the option of completing your transaction in U.S. dollars instead of Mexican pesos. It might seem more comfortable to choose dollars because you immediately understand what you’re paying.

But that convenience can cost you.

In general, you want the transaction processed in Mexican pesos and let your card issuer handle the conversion.

The same thing can happen at an ATM. The ATM may show you an exchange rate and ask you to accept it.

You can generally decline the ATM’s currency conversion without canceling your withdrawal.

One person recently shared an example online after using an HSBC ATM in Mexico. The ATM offered a much less favorable conversion than the rate ultimately applied after the person declined the ATM’s conversion.

The exact numbers will always change.

Don’t automatically accept an ATM’s currency conversion just because it pops up on the screen. Read what the machine is asking you.

Wise and Remitly Can Be Very Useful

Once you have a Mexican bank account, services such as Wise and Remitly can make transferring money to Mexico easier.

You can transfer money from your U.S. or Canadian account and have Mexican pesos deposited into your Mexican account.

But don’t compare these services based only on the fee they advertise. Look at what you actually receive.

For example, suppose you want to transfer $2,000 USD. One service might advertise a lower fee but give you a slightly worse exchange rate.

Another might charge a little more but deposit more pesos into your account.

What matters is: How many pesos actually arrive in my Mexican account?

Compare that final number.

And don’t assume the same service will always be the cheapest. Fees, limits, exchange rates, and available transfer routes can change. People online sometimes report that a transfer method they used before later changed its limits or availability.

Consider Keeping Some Money in a Mexican Peso Account

This is something I think can be very useful once you live here. You don’t necessarily need to move your life savings into pesos.

You can keep most of your money in the United States or Canada and maintain a Mexican account for your expenses here.

That Mexican account can also give you more control over when you exchange money. Let’s say you normally transfer enough money every month to cover rent, groceries, utilities, eating out, and other expenses.

Then you notice that the dollar has strengthened against the peso.

Instead of transferring only one month’s expenses, you might decide to transfer enough for the next few months. Now those pesos are sitting in your Mexican account ready to use.

Of course, nobody knows where the exchange rate is going next. The peso could get weaker. It could get stronger.

So I don’t recommend trying to become a currency trader. The point is simply that having accounts in both currencies gives you options. You aren’t forced to exchange money on the exact day your rent is due.

A Mexican Bank Account Can Make Life Easier

Do you absolutely need a Mexican bank account the day you arrive? No-Not necessarily.

But once you’re settled here, having one can make life much easier. Mexico uses electronic bank transfers constantly.

You’ll hear the terms SPEI and CLABE.

SPEI is the electronic transfer system used by Mexican banks.

Your CLABE is an 18 digit number used to identify a Mexican bank account for transfers.

Your landlord might ask you to transfer the rent. A contractor might send you their bank information.

A doctor, service provider, or business might give you their CLABE.

Once you get used to Mexican bank transfers, they’re very convenient.

Requirements for opening an account vary by bank and can change, so I don’t recommend relying on a random checklist you found online from three years ago.

Depending on the bank, you may need your passport, residency card, proof of address, RFC, tax information, or other documents.

Always check with the Mexican bank for its current requirements.

Set Up Your Banking BEFORE You Move

This is the part I really want you to remember. Don’t wait until you’re living in Mexico to figure all of this out.

Before you move, check your bank accounts and credit cards.

• Make sure online banking works.
• Make sure you know how two factor authentication works.
• Check your foreign transaction fees.
• Check ATM fees and withdrawal limits.
• Ask what happens when you change your address to Mexico.
• Make sure you know how replacement cards will reach you.
• Keep a backup debit and credit card.
• Figure out how you’ll receive security codes.

And learn how you’ll transfer money to Mexico if you decide to open a Mexican bank account.

Moving to Mexico Is Easier When You Know This Stuff Beforehand

Banking is a perfect example of why I always tell you that moving to Mexico is about much more than finding a beautiful place to live.

You can watch videos about beaches, weather, food, and inexpensive rent all day long.

But eventually you need to know:

• How will you access your money?
• How will you receive your mail?
• How do you transfer money into Mexico?
• How do most landlords expect rent to be paid?
• And a lot more!

These aren’t the exciting parts of moving to Mexico, but they’re important.

The more of these details you figure out before you move, the fewer surprises you’ll have once you’re here.

Mexico can give you an incredible quality of life, but Mexico isn’t for everyone.

Visit first.

Spend time in the places you’re considering.

Learn how everyday life works.

Ask questions.

And get as much of the boring stuff figured out before you move as possible.

Your future self in Mexico will be very glad you did.

Want Help Planning Your Move to Mexico?

If you’re serious about moving to Mexico and you don’t want to figure everything out on your own, that’s exactly why we created the Complete Mexico Relocation Guide.

We’ve helped thousands of people plan their move to Mexico the right way, with fewer headaches and fewer surprises.

The Guide walks you through the practical things you need to know about moving and living here, including residency, healthcare, renting, banking, insurance, transportation, bringing your belongings, bringing pets, and many of the other questions that come up when you’re planning a move.

But one of the most valuable parts is our directory of vetted contacts across Mexico.

Instead of searching Facebook groups and hoping the person someone recommends is reliable, you can get access to contacts we’ve already vetted.

That includes immigration facilitators, real estate contacts, insurance brokers, private drivers, movers, healthcare resources, mail forwarding services, bank facilitators, private relocation tours, and many other professionals and services you may need before and after your move.

We also work hard to keep the information in the Guide updated because rules, requirements, costs, and processes in Mexico can change.

You don’t need to know everything before you move.

But you should know where to get reliable answers when you need them.

Get the Complete Mexico Relocation Guide here, and start planning your move to Mexico with a clear roadmap and trusted contacts to help you along the way.