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Banking for Foreigners in the Riviera Maya: My Personal Journey

When we originally arrived to Playa del Carmen a few years ago, we did not have a bank account in Mexico. We would use our debit cards in the shopping mall and hit the ATM to get cash to pay for most of our expenses. Since the limit for ATM withdrawals in Mexico is around $500 USD per day, we had to do several trips to the ATM to get the cash for big expenses such as the mortgage or our car insurance.

After a month or two of using this method, we finally decided to open a bank account in Mexico and transfer money from our US Bank to our Mexican bank using PayPal, which we used successfully until we got jobs in Mexico and were able to close our accounts in the US.

So far we have used two banks in the area, here is some of our impressions of the services available to foreigners in the Riviera Maya. We are not experts in finance, we are talking from the customer service point of view, hoping this might help you to find the right bank for you.

Banking for Foreigners in the Riviera Maya: BBVA Bancomer Preferred Customers’ Unit (PCU)

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BBVA Bancomer PCU

Email: customer.service@bbva.bancomer.com

Website: Bancomer.com

Toll-free: 01 800 BBVA PCU (01 800 2282 728)

There are several offices, one is located in the outside of Centro Maya in Playa del Carmen, and there are also two branches on Juarez avenue.

This was our first bank in Mexico, we were attracted by the specialized offices with English speaking executives, ready to help us with our banking in Mexico. In theory this is a fantastic service, considering the amount of foreigners that live in the area and our willingness to have all our services in the same bank. Here is a list of pros and cons.

BANCOMER PROS

BANCOMER CONS
  • Bancomer is one of the biggest banks in Mexico, branches and ATM’s can be found all over Mexico.
  • PCU offices with English speaking staff and special services for foreigners.
  • It is possible to make deposits, pay your credit cards at Chedraui and Oxxo.
  • It is possible to get Cash Back in most of the local supermarkets.
  • You can have all of your banking services with the same company: bank accounts, credit cards, insurance, mortgages, Fideicomiso, etc.
  • Banking services are available online, on the phone and on their internet app; however all of these services are in Spanish only.
  • PCU’s have a huge office with lots of staff, but only one to help foreigners with their banking needs. If that person is out of the office and you don’t speak Spanish, you will have to wait.
  • You can open your bank account, buy an insurance policy or get a credit card in the PCU, but regular banking like: deposits, payments, replacement of your cards and so on has to be done at the regular bank.
  • The regular bank does not always have an English speaking cashier
  • Lines in Bancomer are always long and if you have to go on payday it is even worse.
  • Long lines can be seen on paydays, some of them are depleted after a few hours.

Banking for Foreigners in the Riviera Maya: Scotiabank

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Scotiabank

Email: scotiabankmexico@scotiabank.com.mx

Website: Scotiabank.com.mx

Toll-free: 01 800 4SCOTIA (01 800 4726 842)

There are three locations one is located in Plaza las Americas/ Arrecifes between Chemuyil and Kantenah, another branch is outside Centro Maya Playa del Carmen and the other branch is downtown the corner of 10 avenue and Constituyentes.

Even though Scotiabank doesn’t have a specialized unit for foreigners, this is one of our favorite banks; the level of service surpassed even some of the banks back in Canada or America. We have a wonderful relationship with Scotiabank and are very happy with them.

SCOTIABANK PROS

SCOTIABANK CONS
  • Really good service, most of the branches have someone that speak English.
  • It is possible to make deposits, pay your credit cards in Oxxo.
  • It is possible to get Cash Back in most of the local supermarkets.
  • You can have all of your banking services with the same company: bank accounts, credit cards, insurance, mortgages, Fideicomiso, etc.
  • Banking services are available online, on the phone and on their internet app; however all of these services are in Spanish only.
  • Their branches are rarely crowded, even in payday the lines are short.
  • When you call the 01-800 number, they have a department to help English speakers.
  • ATM’s are scarce and long lines can be seen on paydays, some of them are depleted after a few hours.
  • Sometimes there is no one that speaks English, regular banking can be ok, but you might need a friend to come and help translating when you are planning to open a bank account, buy an insurance policy or anything that needs a more complex explanations.

This article based in our experience, when shopping for a bank; make sure to ask around for recommendations from other expats or retirees.  There is also plenty of information on the internet about more specific services, educate yourself about the different options and decide according to your personal needs.

Now if you have any question about this or any of the TOP MEXICO REAL ESTATE properties we have listed in Playa del Carmen, The Riviera Maya or anywhere throughout Mexico, please feel free to contact any of our TOP MEXICO EXPERT SALES TEAM and we will be glad to help you find your very own piece of paradise.

And remember, here at TOP MEXICO REAL ESTATE…

We make it happen!

We would like to thank Puerta Zama for sponsoring this blog. Puerta Zama is a new development in Aldea Zama. To learn more about Puerta Zama, please click here.

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