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Open a bank account in Mexico

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If you have moved to Mexico, you will probably wish to open a bank account. Find all necessary information on related procedures in this article.

Opening a bank account in Mexico can be very useful and practical if you have settled there. This will greatly help you in receiving your monthly salary and in carry out other bank transactions. You will thus avoid having to pay additional costs for foreign bank transactions. You will be glad to know that it is now possible for foreigners, both for residents and tourists, to open a bank account in the country, according to new immigration laws. Earlier, only those who were in the country with a FM2 or FM3 permit were eligible to opening a bank account in Mexico.

Choosing a bank

Foreigners may open a bank account in any Mexican bank. The country has some thirty banks, including the National Bank of Mexico and the Bancoppel. However, services and facilities may vary from one bank to another. The Mexican Banks Association website may help you determine which bank may be more appropriate for you.

Types of banks accounts

You may choose among the different types of bank accounts available in Mexico according to your needs and preferences: savings account, current account, fixed deposit account or foreign currency account, etc.

If you prefer to open a current account, you will be eligible to basic services offered by most banks across the world. These include internet and mobile banking, blue Visa Card, among others. Savings account offer monthly or annual interest rates. However, access to your funds may be limited. You could also have to pay additional fees on withdrawals.

Procedures

Documents to be produced to open a bank account in Mexico are:

  • a valid identity document (passport or driver's license)
  • proof of residency
  • your company's constitution and procuration documents if you wish to open a commercial bank account.

Deposit

In general, a minimum deposit is required for the opening of a bank account. The sum varies between 7,000 and 13,000 pesos. Foreign currency deposits may require more. But the minimum deposit usually varies according to different banks. You are advised to inquire with your bank beforehand.

Special conditions

Some banks may deduct debit fees from your bank account, according to different types of bank accounts. But these rarely exceed a sum of 1,000 pesos. You might as well be exempted of these fees if you have deposited a big amount without withdrawing.

Additional fees also apply to investment bank accounts and those which have been opened in offshore Mexican banks. The minimum deposit may also be higher.

 Useful links:

Asociación de Bancos de México www.abm.org.mx
El periodico de Mexico – List of Mexican banks www.elperiodicodemexico.com
Banamex www.banamex.com
Afirme www.afirme.com.mx
HSBC www.hsbc.com.mx
BBVA www.bancomer.com

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