An Expat's Guide to Opening a Mexican Bank Account Neomy - Moneytis
go to original August 8, 2016

If you recently moved to Mexico, either for studies or business or retirement, you would probably need to open a bank account in Mexico. If so, this guide is made especially for you: We shopped around Mexico and here is everything you need to know.

Banks in Mexico

• Banamex (partially present in Europe, North America, Middle East, Africa, Asia/Australia, Latin America)

• Bancomext

• BBVA Bancomer (present in United States and Spain)

• Banorte (present in United States)

• Bank of America (present in Europe, North America, Latin America, Middle East, Africa and Asia/Australia)

• HSBC (present in Europe, North America, Asia/Australia, North Africa & Middle East)

• ING Bank (present in Europe, United States, Argentina/Brazil/Mexico, Asia/Australia)

• Santander (present in Europe, North America, Asia/Australia & Latin America)

• Scotiabank (present in Europe, North America, Asia/Australia & Latin America)

As we can see most of them are present either in Europe, United States, Asia and Latin America.

Quick overview

The best ones in term of procedures (easy, fast, not as much documentation) are Santander & Banorte.

How can I open a bank account in Mexico?

First you will have to go the bank, to be helped by an executive. You can wait 10 minutes or 1 hour, depending on the day, the hour, the bank. I suggest you to go at the opening or around 1pm - 2pm, and avoid going in the middle of the month (between the 13th till the 16th).

For instance, banks as Banamex can have such huge offices! You take a ticket when entering and then you wait on the sofas until your number is displayed on the screens. 1 person can be queuing or even 15. Better to go to small agencies, where there are less people, less time waiting.

Beware you can't open a bank account, unless you bring with you: FM2 (Immigrate Card), FM3 (No Immigrate) or FMM (Tourists or Business Travelers) except HSBC.

Choose a bank in Mexico

Depending on the type of account you want to open for instance. Current or savings, investments or offshore accounts,- it's your call.

If your home country bank is present in Mexico, go for this one, it will be easier to go through the whole process and in most cases it will be cheaper to transfer money later on.

What's next?

As in Europe or America, generally banks ask you the following documentations:

1. You definitely need a valid passport, or any ID from your country of origin with Latin characters (e.g. driver's licence).

2. A residential proof, such as light, electricity, telephone or water bill. Banks generally ask for a recent document, not older than 2/3 months, and maximum 1 month old for Santander.

3. Your Mexican document, either Immigrant visa (former FM2), Non immigrant visa (previously FM3) or FMM (Multiple Purpose Form).

A deposit?

On average the bank will ask you to provide an initial deposit between 500$M and 750$M minimum for a current account. Scotiabank will ask you a 1000$M deposit, you will have to maintain continuously 1500$M on your account otherwise they will take commissions from it.

How long does it take?

Within 3 working days you will receive your credit/debit card. Meanwhile, you will receive also your passwords and usernames to access your account on internet (if your account package includes it). If you need it as soon as possible, you can ask for an impersonal credit card (your name is not on it).

Good tips to know

• Banks open from 9am to 4pm, some of them have offices opened on Saturday from 10am to 2pm.

• Large cash deposits might be taxed, but bank transfers are not, neither are checks.

• Your bank can tax withdrawals from other bank's ATM too. You need to check that you can withdraw money easily near your home location.

• When providing a bill, phone has to appear on it if you cannot provide a light or water one: e.g. phone + internet; phone + TV, or combo of the three (TV + internet bill is not accepted).

• Be aware that if you provide semi-annual bills, it has to be from the very last month! Furthermore, with Banorte you will have to ask the owner of the unit to fill in a form (if you rent a room), and provide copies of his Mexican ID.

• If you are a student staying for 1 semester, you won't be able to open an account in HSBC because you need to stay at least 1 full year in the state. In that case, you will have to provide the certificate from your school.

• If you are a business traveler, in some cases - Banorte, Scotiabank, HSBC - the bank will ask you for a "credential" because the FMM won't be enough as proof of residence in Mexico. You will need to go to the Instituto Nacional de Migración to receive a card resuming your FMM with a photograph (that you will have to provide).

• If you have got any doubt about the type of visa you need to come to Mexico, check it here and there!

• With Santander Bank, with the basic account you won't be able to make international transfers during the first 6 months.

Learn more at Moneytis

Image: Central America Link

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