If you are planning to make Mexico your primary or second home, it is a good idea to have a Mexican bank account. Physically transporting larger sums of money back and forth between countries isn’t always the smartest way to secure financial needs. Then keeping it tucked away at home can create mishaps like not having enough on you when unexpected needs arise. Some companies prefer local bankcards for payments when paying bills, as well. And withdrawing money in Mexico will always be cheaper and easier with a Mexican bank account. Having a local bank is a great way to manage your finances and keep more accurate records.
Documents Required for a Mexican Bank Account
There are a few similarities regarding policies and procedures throughout North America. Before we get into types of accounts and fees, let’s look at the requirements to open a Mexican bank account. The first and most obvious step is to have an established address where you plan to stay for a given length of time. The minimum suggested is six months. The following are essentials that will be required by the financial institution, especially if you’re coming from the United States or Europe.
Documents needed to open a new account:
- A valid ID. This could either be your passport or an official ID from your country of origin, issued by the government. They will not accept copies or replicas of any type of official identification.
- Proof of residency. This can consist, but is not limited to, ownership papers and utility or phone bills. Any official documentation that shows you plan to be here for more than six months a year. Certain documentation will vary between banks.
- A visa. Most banks will require a temporary resident or permanent visa. An FMM (Multiple Purpose Form) could also be used if you are staying under 180 days.
The above information can change at any given time. It is best to always check with the country’s consulate before you depart your home country to make sure you’ve got all required documents. It is also a good time to start filling out for part-time or resident status.
Be Patient and Ask the Important Questions
When applying for a Mexican bank account, here are a few tips you will want to know. You will need to have patience, especially if there is a slight language or terminology barrier. If you need additional time to read the bank’s fees, policies or procedures, schedule another appointment with the same banker for a further date.
Things to know:
- You will need to speak with a personal banker about opening an account. They will make sure that everything is in exact order.
- We reccomend you visit the bank right at the opening time or after lunch hour.
- Try to stay away from the beginning, middle or end of the month. These are paydays in Mexico and banks are usually rather busy. It is best to go mid-week and six or seven days into the month.
- Don’t be afraid to ask questions. Make sure you write them down beforehand.
A brief list of international banks or possible affiliates:
- BBVA Bancomer
- Banorte*
- Bank of American
- ING Bank
*In doing some simple research, Banorte seems to be a viable choice for foreigners wanting to bank international. Their overall fees, available outlets/branches, and limited paperwork needed seems to cater more to the international clients.
Check Affiliations Previously
Other expats adivse you check with your current bank to see if they are part of or are affiliated with any Mexican banks. Ask for a fee schedule from your current bank if you are planning on doing a variety of transactions between banks internationally.
Certain banks have different fees regarding types of transfers, accounts and bank cards. Many of them waive their fees if a specific balance is maintained. They also require an initial deposit when opening a Mexican bank account. Make sure you fully understand any and all transfer fees, taxable deposits, exchange rates, and other miscellaneous international charges.
If you already have a bank trust that either involves owning property in a restricted zone or a Mexican corporation, you should highly consider opening an account(s) with this bank. They most likely offer special privileges and/or additional discounts for current customers.
Don’t be afraid to reach out to our Top Mexico team for further questions and guidance about opening your bank account in Mexico.
And remember, at Top Mexico Real Estate…we make it happen!