How to open a bank account in Mexico {Complete guide}

How to open a bank account in Mexico

Mexico is more than tourism with expats making it home in the thousands every year as they choose to work there, retire, study and to invest. It makes sense: Mexico is filled with opportunity, a growing economy, relatively low cost and possibilities are everywhere to be found in terms of manufacturing, real estate and service sectors but they are especially present in coastal areas.

If you are looking to make a move there, you will need a bank account. It is not too easy to open an account, but it should not be too difficult as well. Here is our guide on how to open a bank account in Mexico.

Documents needed to open a bank account in Mexico

The basic documentation requirements to open a bank account in Mexico are quite simple. However, beware that there could be variation from bank to bank.

Passport or ID
Proof of residence
Visa (FM2, FM3, or FMM)
Some banks may require a document called the “credencial” if you are a business traveller which you could obtain from the Instituto Nacional de Migracion

You will also be required to make an initial deposit of at least 750 pesos and sometimes this number goes higher. Remember that large cash deposits are taxed and bank transfers aren’t. This is one of those local oddities that differ from most western countries: you pay sales tax on all charges, fees, commissions and interest.

Can I open a bank account in Mexico as a non-resident?

It will be difficult to open a bank account in Mexico as a tourist or any type of normal account. As an investor or a high net worth individual things will be different but as far as I know you simply cannot open a bank account in Mexico as a non-resident.

Best Banks in Mexico

There are plenty of banks to choose from in Mexico and as mentioned previously, it should not be too hard to open an account if you have the required documentation. Banks will not require a credit history and contracts are likely to be in Spanish. If it is important to you and you do no speak the language, have a friend come along to help you read the fine print.

BBVA Bancomer: this is Mexico’s largest bank and as such it has a wide reaching network with over 1800 branches, nearly 8000 ATMs and the list goes on. Their list of account offers are numerous with the most basic being the basic payroll account which you can cancel for free. They have accounts that come with international cards too such as the Maestra Particulares account.
Banamex: this is a Citigroup subsidiary and one of Mexico’s largest banks with a series of offers from youths to large corporate accounts. Their basic account has a minimum deposit of 500 pesos and if you keep that as a minimum balance you are not required to pay a monthly maintenance fee. Click here to see their network of ATMs and branches.
Banorte: this is a wide reaching bank with nearly 7500 ATMs all over the country and over 1200 branches too. One interesting concept is that you can deposit into your account through a network of over 5000 retail partners including drugstores and supermarkets. Their accounts have debit cards but you can only cash 7000 pesos per day.
HSBC: with over 5000 ATMs and 1400 branches this is a large bank with a full set of product offers which include a debit card you can withdraw up to 2000 pesos per day. Their flex debit account costs only 250 pesos plus tax and if you keep a balance above 3500 pesos will won’t have to have a penalty.
Santander: one of the largest too, it has a large selection of branches and ATMs everywhere too. They are known for their 123 Account which gets you cashback on purchases and a list of other perks so this is an account worth checking out. Rewards include access to discounted cinema tickets, vacations and flights too.

Fees are not too high in general and you should be able to open an account low a cost comparable to most western nations. However, get ahold of a list of fees from your relationship manager which may help you decide if the account is right for you. For example, ATM usage out of network may incur high fees, or if you need to cancel the account you will be charged.

The virtual bank account alternative

It is expensive to send money out of mexico if you use a bank

If you need to transfer money abroad from Mexico using a bank, you will pay too much. Take an example to transfer 10 thousand dollars to India. If you choose a bank, you will only receive 9000 dollars or so worth of rupees in India. This is not a good deal.

WIth a B2B Pay virtual IBAN account, you get 9900 euros. Yes, you save nearly 85% or about 900 dollars. It is a huge number you get to keep and you also get a free European IBAN you can use to send and receive money within the EU and abroad to anywhere in over 30 countries.

Page content

1. How to open a bank account in Mexico
2. Documents needed to open a bank account in Mexico
3. Can I open a bank account in Mexico as a non-resident?
4. Best Banks in Mexico
5. The virtual bank account alternative
6. It is expensive to send money out of mexico if you use a bank

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