Getting a bank account in Mexico

yes, good topic, I too will need

Not THAT visitors VISA. It has to be at least one of the temporary resident visas.

Good topic but the first question is.
WHY do you need an account for?
Will yu be working illegally in Mexico?
The major reason for the request for your residency card is to be able to know your credentials (CURP number, address where you live, RFC taxpayer number) thus said the banks are responsible to know where the deposits money come from and withheld Impuestos if necessary.


Personally, my wife and I are permanent residents Mexico and after verifications with the RFC, since we will not work, own business or proprety, we decided not to have a mexican bank account. We also calculated the benefit (exchange rate) if we had a mexican bank and had our pensions deposited directly in Mexico...result...not showing major benefits comparing to ATM usage.
We also spoked to our lawyer, when you have goods in a country you are better making a will in that country in their official language.

For those reasons, we use our ATM cards and withdraw what/when/where our money and our wills are still valid.

On the other hand, if you plan to buy proprety, work you will need a bank account and a RFC taxpayer number.

Adios y buen dia a todos, GyC.

What I would suggest is that you check with a bank that is an American bank that also has a presence in Mexico. Like
BBVA Bancomer. BBVA Bancomer is Mexico's largest bank. ...
Banamex. Mexico's second-largest banking group, Banamex, is a Citigroup subsidiary. ...
Banorte. ...
HSBC. ...
Santander.

It could be that some of them do not want to bother with the cost involved for someone who is a visitor.
They like to see that you have a history of being there, and want to see proof of a rental, perhaps electric bills you paid, a rental agreement, and they want to know money will be coming into the account.
I opened my account just as I was becoming permanent. I had gone through the paperwork with the counsel and IMN so it was clear what my status was. I was just waiting for the permanent card.

I make ATM withdrawals from HSBC because they allow for larger withdrawals, other wise I personally avoid all of those banks.  Yet if you open an account with one of them in the U.S. I would think you should be able to do business with their Mx. branch. It wouldn't hurt to ask them. I have a small U.S. bank and a small Mexican bank.

Hello, I live on a fixed income so paying for fees from a ATM everytime I need cash is an expense that I would like to reduce.  Since I can't get more than $7000 MXN at a time. A Company called OFX would charge $18.00 USD for up to $1000 USD but they have said that they do bank to bank transfers. So again, any help with this problem would be appreciated.

Thank you,

M.W. Stanley

ibmark1 wrote:

Hello, I live on a fixed income so paying for fees from a ATM everytime I need cash is an expense that I would like to reduce.  Since I can't get more than $7000 MXN at a time. A Company called OFX would charge $18.00 USD for up to $1000 USD but they have said that they do bank to bank transfers. So again, any help with this problem would be appreciated.

Thank you,

M.W. Stanley

Hi, other options

1- www.worldremit.com transfers money to the pick-up facility "elektra/banco azteca from California to Mexico fee 1,99$ it works like debit card charge
https://www.worldremit.com/en/Mexico
2- go the ATMs that allows bigger withdrawals such as Banorte 14000$ for 46$ pesos fee, HSBC same amount for 33$ pesos fee

But I don't know how you can have a mexican bank account without proper residency status.

Hoping you will find a solution to your problem.

Adios y buen dia a todos, GyC.

ibmark1 wrote:

Hello, I live on a fixed income so paying for fees from a ATM everytime I need cash is an expense that I would like to reduce.  Since I can't get more than $7000 MXN at a time. A Company called OFX would charge $18.00 USD for up to $1000 USD but they have said that they do bank to bank transfers. So again, any help with this problem would be appreciated.

Thank you,

M.W. Stanley

Just a suggestion, but this works for some people:

Get a u.s. bank account that refunds ATM fees charged to you. I personally use Charles Schwab.

Then, the key seems to be that you maintain some sort of address in the United States, with a friend or a family member, wherever.

Then you have to alert the bank that you are traveling for an extended time. If you give them signs that you are now a resident of a foreign country, they will often close your us-based account.

I have heard that there are exceptions, already mentioned in this thread I think, for banks that have a presence both in the United States and in Mexico.

Initiating an account with one of them in the United States and then going to the local Mexican branch maybe a way around the ATM fees.

Hope you figure out something that works for you.

Gordy

My buddy opened an account for me in his name.  Easy peesy.

You can not open a bank account with a tourist visa. The bank officer is correct. You need either a Residente Temporal or a Residente Permanente visa. Both of which are green colored cards.

Having a Mexican bank account could have some advantages for us but am concerned about reprocussions from the USA IRS. If I check the “YES” box on my tax reform this could open a door for IRS questions, audits, etc. has anyone had experience with this?

Another point of view on the Mexican bank account.  For many years, I had my SS deposited directly into my bank in Colorado and used the ATM in Mexico to withdraw money in pesos.  I added it all up and found I was spending quite a few dollars a month in ATM fees. So, I changed the direct deposit to my Mexican bank (Banamex).  And now, with the dollar/peso difference, I find my Mexican account growing very fast.

You are braver than me.  I'd never do that.  I get changed $2 for a withdrawal of any amount.   Peanuts!   I bet you don't know what happened in the 90s when three 0s were removed to form the New Peso.  It was a disaster for people with Mexican accounts.

With elections coming up in both countries. The candidates here are interesting, not encouraging , just interesting Its a risky time.

My Mexican account is a safety net. I have my main account in a very good bank in the U.S., and I have money in one of the most secure Mexican accounts. So I would be worried about that also if my money was transferred to a mexican bank, especially the semi mexican banks with outside owners or big bank ties.

The trick with the ATM is get as much money as you think you need period. Don't just go by every few days for just a little more money. My bank visits are once a week period.

Good one!

NO, I do not know.  I do know that this is 2018 and at this point, I feel my money is safe.  If I feel threatened in any way,  it takes only a few minutes to change the Ss deposit back to my bank in the USA.  With the current administration in the USA I would just as soon have my money....what little I have, closer.

Hello,
Just returned from Morelia August 5th. I asked a representative at Scotiabank for info on opening a checking account. He says I have to have proof of residence. And so, to rent an apartment or house I have to have a bank account .. ???? OK I give, What do I do ??? I plan on relocating to Morelia on a residente permanente visa. Suggestions ? Thanks,

Lberrylt

Lberrylt wrote:

Hello,
Just returned from Morelia August 5th. I asked a representative at Scotiabank for info on opening a checking account. He says I have to have proof of residence. And so, to rent an apartment or house I have to have a bank account .. ???? OK I give, What do I do ??? I plan on relocating to Morelia on a residente permanente visa. Suggestions ? Thanks,

Lberrylt

First off I would suggest a different bank.  Do you have a U.S. bank? You have to be able to pay to rent a house or apartment, so basically you have to show you have an income. Which is what you have to do in order to get a visa that is temporary or permanent.

The visa would be the big issue. What homeowners want to see is that you have a way to pay, I have never seen any requirement that you have a bank in Mexico.

An account in Mexico does require some essential paperwork, like an address, a visa, and an ID. To prove that you intend to stay, they may also ask for proof that you pay an electric bill and intend to actually have money coming into your account with them. The homeowner wants proof of who you are, a deposit and depending on the owner possibly other paperwork which includes a contract.

"Bank Branches in Both Mexico and the U.S.
Bank of America (affiliated With Santander Bank) Find a branch in the U.S. using the Bank of America location finder.
Citibank (known as Banamex in Mexico) Find a branch in the U.S. or Mexico using Citibank's location finder.
HSBC. ...
Mizuho Americas. ...
Santander Bank."

It seems common for people to do their banking in the US, then use an ATM to get money in Mexico. What do you do if you rely on that and the ATM eats your card or your card is no longer readable for some reason? Even if you have a backup, at some point it seems you'd have to go back to the US just to get another card. That's a bit crazy.

I do like the idea of banking with a US bank that has a Mexican branch.

JulianDave,
I agree with your comment about ATM machines and cards. There is also the security concerns with them as well. When I move to Mexico I will say goodbye to the US . I have no intention of returning.  I want to be absorbed into the culture, disappear. I still have no answers about the Catch-22 concerned with opening a bank account. Thanks,

Lberrylt wrote:

JulianDave,
When I move to Mexico I will say goodbye to the US . I have no intention of returning.  I want to be absorbed into the culture, disappear.

Couldn't agree more with this sentiment.

JulianDave wrote:

It seems common for people to do their banking in the US, then use an ATM to get money in Mexico. What do you do if you rely on that and the ATM eats your card or your card is no longer readable for some reason? Even if you have a backup, at some point it seems you'd have to go back to the US just to get another card. That's a bit crazy.

I do like the idea of banking with a US bank that has a Mexican branch.

if an ATM "eats" your card, It might be because you did not understand the instructions. Some systems require that you press a button to get your card back. Familiarize yourself with enough Spanish to understand the AMT's they are not all the same. I only use bank ATMs in the banks which has been pretty safe for me.
If you lose a card you call your bank and they send another.
Cards expire also and they send another so you need an address where they can express deliver that card. I have had no security problems with my cards using an ATM. It's using your card to make purchases where you can get in trouble. Except for hotels I only use cash.

travellight wrote:

If you lose a card you call your bank and they send another.
Cards expire also and they send another so you need an address where they can express deliver that card.

I've always heard the government mail system is unreliable and slow, so wasn't thinking getting something in the mail was an option. Do FedEx and/or other private carriers deliver in Mexico, and are more reliable?

JulianDave wrote:

travellight wrote:

If you lose a card you call your bank and they send another.
Cards expire also and they send another so you need an address where they can express deliver that card.

I've always heard the government mail system is unreliable and slow, so wasn't thinking getting something in the mail was an option. Do FedEx and/or other private carriers deliver in Mexico, and are more reliable?

Many banks hire local private mail delivery services for regular correspondence and FedEx etc. to deliver cards. CFE, the federal electric company, does to deliver electric bills to customers. Etc. Many business only have you pay bills for service by going into a bank and putting it in their account - they don't accept checks. You will get used to these differences. You can't compare what companies or government in the US do which use the USPS to what they do in Mexico. So many different systems in many  ways that I now know how most of them work after 12 years. Comparing systems will only mess you up. Find valid information from reliable sources is what I have done. Many Expats don't know these things but guess by comparing what they did back home.