How to Open a Bank Account in Mexico: A Complete Guide for Expats

Yes, foreigners can open bank accounts in Mexico, with Temporary or Permanent Residency, you'll get full-service accounts with checking, savings, and credit options at major banks like BBVA, Santander, and Banorte. You'll need your passport, residency card, proof of address (within 3 months), and potentially an RFC tax ID, with the account opening process taking 1-3 visits over several days.

Opening a bank account in Mexico is an important step for expats planning to stay long-term. Having a local account makes paying rent, utilities, and everyday expenses much easier, and you'll avoid the fees and exchange rate losses that come with constantly using foreign cards. Here's everything you need to know about Mexican banking.

Can Foreigners Open Bank Accounts in Mexico?

Yes, foreigners can open bank accounts in Mexico, but the requirements vary depending on your immigration status. The process has become more accessible in recent years, though it still requires patience and proper documentation.

With Temporary or Permanent Residency

If you have a Residente Temporal or Residente Permanente visa, you can open a full-service bank account with checking, savings, and credit options. This is the most straightforward path for expats.

As a Tourist

Some banks now offer accounts to tourists, though with limitations. These accounts typically have lower transaction limits and may not include all services available to residents. For detailed discussions on banking in Mexico, visit the Expatslist forum.

Documents You'll Need

Requirements vary by bank, but generally you'll need:

• Valid passport: Original plus copies of the photo page and entry stamp
• Visa/residency card: Your Residente Temporal or Permanente card (original and copies)
• Proof of address: A utility bill, bank statement, or rental contract in your name (within the last 3 months)
• RFC (tax ID): Some banks require this; others will help you obtain one
• CURP: Your Mexican population registry number (some banks will generate this for you)
• Initial deposit: Varies by bank and account type

Tip: Bring extra copies of everything. Mexican bureaucracy loves paperwork, and having spares can save you trips.

Major Banks in Mexico

BBVA Mexico (formerly Bancomer)

The largest bank in Mexico with extensive branch and ATM networks. Their mobile app is well-developed, and they offer English-speaking service at many locations. Popular among expats for their relatively straightforward account opening process.

Santander Mexico

A major international bank with strong presence in Mexico. Known for good customer service and modern digital banking. They have experience working with foreign clients.

Banorte

One of the largest Mexican-owned banks. Offers competitive rates and good nationwide coverage. Their processes can be more traditional but they're reliable.

Citibanamex

Part of Citigroup, making it familiar to many expats. Good for those who value international banking connections, though service quality varies by branch.

HSBC Mexico

Another international option with presence throughout Mexico. May be easier for expats with existing HSBC relationships in other countries.

Digital Banks

Newer options like Albo, Hey Banco, and Nu Mexico offer app-based banking with easier account opening. These can be good for basic banking needs, though they may have limitations compared to traditional banks.

Account Types

Cuenta de Ahorro (Savings Account)

Basic account for deposits and withdrawals. Usually requires minimal initial deposit and has low or no monthly fees. Good starting point for most expats.

Cuenta de Cheques (Checking Account)

Offers more features including checkbook (rarely used now), higher transaction limits, and often a debit card. May require higher minimum balance.

Cuenta de Nomina (Payroll Account)

If you're employed in Mexico, your employer may set this up for direct deposit. Often comes with benefits like no fees and preferential rates.

The Account Opening Process

Step 1: Choose Your Bank

Research which bank best fits your needs. Consider branch locations near your home or work, ATM availability, mobile app quality, and expat-friendly reputation.

Step 2: Visit in Person

Most banks still require in-person visits to open accounts. Go to a branch with all your documents. Larger branches in business districts or shopping centers often have more experience with foreign clients.

Step 3: Complete the Application

Be prepared to fill out forms and answer questions about your employment, income source, and intended account use. This is standard anti-money-laundering procedure.

Step 4: Wait for Approval

Some accounts are approved immediately; others take a few days. You may receive a temporary card right away or need to return to pick up your debit card.

Step 5: Activate Online Banking

Set up your mobile app and online banking access. This usually requires verification codes sent to your registered phone number.

Tips for Success

Bring a Spanish Speaker

Even at banks that advertise English service, the actual process may be conducted primarily in Spanish. Having a friend who speaks Spanish can smooth things considerably.

Go Early

Banks can get crowded, especially at end of month. Arrive when they open for shorter waits and fresher staff.

Be Patient

The process may take longer than you're used to. Expect multiple visits if issues arise with documentation.

Start with One Bank

Once you have one account established, opening additional accounts becomes easier as you have local proof of address (your bank statement). For more banking tips, check out Expatslist's blog.

Fees and Costs

Common fees to be aware of:

• Monthly maintenance: 0-200 MXN depending on account type
• ATM withdrawals: Often free at your bank's ATMs; fees at other banks' ATMs
• International transfers: Vary significantly; compare before choosing a bank
• Minimum balance fees: Some accounts charge if you fall below a threshold

Using Your Account

Debit Cards

Mexican debit cards work at most businesses. Chip and PIN is standard; contactless payment is increasingly available.

SPEI Transfers

Mexico's interbank transfer system (SPEI) allows instant transfers between banks. Most transfers are free or very low cost. You'll need the recipient's CLABE (18-digit account number).

Bill Payments

Pay utilities, phone, internet, and other services through your bank's app or website. Set up automatic payments to avoid late fees.

International Transfers

For receiving money from abroad, you'll need your CLABE number and the bank's SWIFT code. Services like Wise often offer better rates than traditional bank transfers.

Common Challenges

Proof of Address

This is often the trickiest requirement for new arrivals. If you're renting, ask your landlord to put a utility in your name, or request a letter confirming your address.

RFC Requirements

Some banks insist on an RFC even for basic accounts. You can obtain one at SAT offices, though the process requires its own set of documents.

Branch Variability

Experiences can vary dramatically between branches of the same bank. If one location gives you trouble, try another.

Alternatives to Traditional Banks

If traditional banks prove difficult:

• Digital banks: Often have simpler requirements
• Fintech apps: Services like Mercado Pago offer payment functionality
• Keep your foreign account: Use a travel-friendly card like Charles Schwab or Wise for ATM withdrawals while you work on opening a local account

Opening a Mexican bank account requires patience and preparation, but once established, it makes daily life significantly easier. Most expats find the process worthwhile, especially for those planning to stay more than a few months. Start gathering your documents early, be prepared for the bureaucracy, and you'll soon have local banking sorted out. Connect with other expats at Expatslist for banking recommendations.