{"id":18848,"date":"2020-09-10T18:01:54","date_gmt":"2020-09-10T23:01:54","guid":{"rendered":"https:\/\/www.topmexicorealestate.com\/blog\/?p=18848"},"modified":"2024-09-04T10:57:27","modified_gmt":"2024-09-04T15:57:27","slug":"opening-mexico-bank-account","status":"publish","type":"post","link":"https:\/\/www.topmexicorealestate.com\/blog\/2020\/09\/opening-mexico-bank-account\/","title":{"rendered":"Opening A Bank Account in Mexico"},"content":{"rendered":"

When preparing to either relocate or spend any length of time in Mexico, it makes perfect sense to physically and financially establish a presence. Having a bank account when setting up and paying your utility bills online, can make life that much easier. If you own Mexico real estate, you most likely have already established a financial institution. Even if you decide to rent for a while, we recommend – if not totally necessary to open a bank account in Mexico.<\/span><\/p>\n

Until that time comes when you find the perfect home or investment property, having a financial institution in place can be a positive move in the right direction. When your dream becomes a reality and homeownership in Mexico is achieved, you will have to set up a\u00c2\u00a0<\/span>Fideicomiso<\/span><\/em>. In brief, a\u00c2\u00a0<\/span>Fideicomiso<\/span><\/em>\u00c2\u00a0is a \u00e2\u20ac\u02dcTrust\u00e2\u20ac\u2122 that will help administer any request the property\u00e2\u20ac\u2122s beneficiary wants to do with the property itself. As a foreigner and not a legal citizen of Mexico, the property\u00e2\u20ac\u2122s ownership being either private or commercial, will have to open a bank account. <\/span>\"How<\/span><\/p>\n

When opening a bank account in Mexico, there are several institutions to choose from. They are in no specific order:<\/span><\/h4>\n
    \n
  • Bancomer \u00e2\u20ac\u201c This is Mexico\u00e2\u20ac\u2122s largest Banking institution. Its major stockholder is the Spanish Bank BBVA. There are 1,800 branches and 7,700 ATMs. They offer a variety of accounts, depending on personal needs.<\/span><\/li>\n
  • Banamex \u00e2\u20ac\u201c This is Mexico\u00e2\u20ac\u2122s second-largest bank by America\u00e2\u20ac\u2122s Citibank. It offers a variety of business and payroll accounts, personal checking accounts, and credit cards.<\/span><\/li>\n
  • Banorte \u00e2\u20ac\u201c This is one of the four largest banks in Mexico and has a reputation for being a retirement fund bank. There are 1,269 branches, 7,269 ATMs, and 5,200 commercial establishments that offer their services.<\/span><\/li>\n
  • HSBC Mexico \u00e2\u20ac\u201c This is one of Mexico\u00e2\u20ac\u2122s top four banks and has a presence in the United States. It has 1,400 branches and 5,200 ATMs. They offer a variety of personal accounts and debit cards.<\/span><\/li>\n
  • Santander \u00e2\u20ac\u201c This banking institution belongs to a financial group that is associated with the Spanish Banco Santander. They have also partnered with Bank of America to provide ATM locations throughout Mexico.<\/span><\/li>\n<\/ul>\n

    Things to Consider When Opening a Bank Account<\/h3>\n

    Banks in Mexico are a little more lenient when it comes to opening an account. They don\u00e2\u20ac\u2122t require credit checks or past banking records if you have the proper documentation. When opening a new account, we recommend depositing at least 50 US dollars or equivalent to in pesos. Banks usually give the best exchange rate.\u00c2\u00a0<\/span><\/p>\n

    If you are going to open a commercial account, make sure you have all the necessary paperwork. This includes a Mexican Corporation ID and the same documentation needed for a personal account. If you travel for any reason throughout Mexico, make sure you know where your bank\u00e2\u20ac\u2122s ATMs are located. If you use another Bank\u00e2\u20ac\u2122s ATMs, there will most likely be a surcharge.\u00c2\u00a0<\/span><\/p>\n

    Make sure you understand all the fees that your bank charges for any specific transactions. This includes, but is not limited to, debit card fees, monthly account fees, online bill pay, and money transfer fees, to mention only a few.
    \n<\/span><\/p>\n

    \"How<\/p>\n

    What Documents you Need to Open a Bank Account<\/span><\/h3>\n

    The following documents are required to open a bank account in Mexico:<\/span><\/p>\n

      \n
    • A valid passport or Government issued photo-ID from your country of origin.<\/span><\/li>\n
    • Proof of residence, utility bills, and a valid address in your name.<\/span><\/li>\n
    • Bring your FM2 VISA \u00e2\u20ac\u201c proves permanent citizenship, or FM3 Visa \u00e2\u20ac\u201c shows long-term stays (more than 6 months), or FMM VISA that allows an individual to stay in Mexico no more than 180 days.<\/span><\/li>\n<\/ul>\n

      If you travel to Mexico for business, the bank might ask for your\u00c2\u00a0<\/span>credential card.<\/span><\/em>\u00c2\u00a0This can be acquired through\u00c2\u00a0<\/span>Mexico\u00e2\u20ac\u2122s Instituto Nacional de Migracion.<\/span><\/em>Account Activation<\/span><\/p>\n

      Upon your acceptance and new account activation, you will need a minimum of 750 plus pesos to deposit. If you are depositing cash, there could be a tax on your money. It might be worth bringing a check or possibly transferring money (see Funding an Account) to be exempt from any applicable Federal, State, and local taxes. Try to use these types of deposits as often as possible.\u00c2\u00a0<\/span><\/p>\n

      Funding an Account<\/span><\/h3>\n

      Funding an account online from either a Canadian or United States bank can be extremely beneficial. Especially if your bank associates or has a partnership with a Mexican bank. A perfect example would be as follows.<\/span><\/p>\n

        \n
      • Mexico\u00e2\u20ac\u2122s Banamex is a subsidiary of Citibank.<\/span><\/li>\n
      • Mexico\u00e2\u20ac\u2122s Santander has a partnership with Bank of America.<\/span><\/li>\n
      • HSBC has Banks in the United States and the headquarters are in New York, NY.<\/span><\/li>\n
      • Scotiabank is a Canadian Banking institution that offers services in Mexico.\u00c2\u00a0<\/span><\/li>\n<\/ul>\n

        Doing business with any of these banks and their affiliates in and out of your origin country can make opening a bank account in Mexico much easier.<\/span><\/p>\n

        \"\"<\/p>\n

        No matter what your length of time in Mexico is, having the ability to do banking in Mexico is a smart choice. Once you establish a bank account, you will have the ability to pay bills online \u00e2\u20ac\u201c make direct deposits \u00e2\u20ac\u201c transfer money \u00e2\u20ac\u201c convert currency and have a local bank card. Having a financial presence in a country you spend time in will provide many more benefits that otherwise wouldn\u00e2\u20ac\u2122t be available.\u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0\u00c2\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

        When preparing to either relocate or spend any length of time in Mexico, it makes perfect sense to physically and financially establish a presence. Having a bank account when setting up and paying your utility bills online, can make life that much easier. If you own Mexico real estate, you most likely have already established […]<\/p>\n","protected":false},"author":2,"featured_media":18854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1858],"tags":[122,2199,1477],"class_list":{"0":"post-18848","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-living-and-retirement","8":"tag-bank","9":"tag-bank-account","10":"tag-retirement","11":"entry"},"_links":{"self":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/18848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/comments?post=18848"}],"version-history":[{"count":4,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/18848\/revisions"}],"predecessor-version":[{"id":18855,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/18848\/revisions\/18855"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media\/18854"}],"wp:attachment":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media?parent=18848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/categories?post=18848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/tags?post=18848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}