How to Open a Bank Account in Mexico for Residents & Non-Residents

Sick and tired of the banking system in your country, but interested in a different country that's not some faraway island in the middle of nowhere? Over the past years, Mexico has become an appealing destination for those who want to diversify their assets and currencies and even benefit from different taxes.

Mainly preferred by Americans and Canadians, Mexico is also a popular bank destination for South Americans. Moreover, since it’s easy to access and has a straightforward banking system, it’s more and more popular among Europeans too.

However, figuring out how to open a bank in Mexico can be tricky if you're not familiar with the local banking system. Here's everything you need to know.

Requirements for Residents​

The problem with banks in Mexico is that most of them will require you to visit in person. Sure, you can start an application online, but you may still be asked to visit it in person for the final verifications. If you're a resident of Mexico, that shouldn't be an issue.

Even some of the requirements are only given in person, rather than online. To avoid going twice, you can also make a few phone calls and ask what kind of documents you might need. However, most banks generally request some of them.

Documents​

A valid passport is required by most banks. This is the most common form of identification in the country, so make sure yours is in date.

You’ll also need some proof of residence, which is different from the general proof of address. Residency is usually proven with a card, be it temporary or permanent.

However, utility bills or rental agreements are also accepted. They’re also suitable as proof of address.

Although it’s not always a general rule, some banks will require your RFC too, which is a tax ID number. If you don’t have one, you can get it through the SAT, the tax authority in Mexico.

Then, you’ll need to provide a local phone number too. Communication is often done over the phone, especially when setting up your online banking system.

How to Open an Account​

Assuming you have all the documents, here are the steps when not sure how to open a bank account in Mexico.

• Choose a bank. There are quite a few popular options in Mexico, such as Banorte, BBVA or Santander. Each bank has its own fees and taxes, not to mention services or account options.
• Pick a branch. Get into a local branch and discuss with a clerk. Ask about the requirements, documents, eligibility and your personal needs. You’ll also need to make an appointment at this time.
• Attend the appointment. Bring all the required documents to your appointment. The procedure is only a matter of time. Your account will usually be opened straight away. You'll also gain access to online banking.
• Wait for the card. The card won't be given straight away. You can get it posted to you or you can come pick it up on an agreed date.

Keep in mind that if you’re not fluent in Spanish, you might need a translator for all these meetings. You can also bring a friend over.

Requirements for Non-Residents​

In theory, the process of opening a bank account in Mexico is similar for non-residents, too. However, it's slightly more difficult. Not all banks in Mexico cater to foreigners. Plus, requirements usually vary for non-residents.

Documents​

Like residents, non-residents will require a valid passport to prove their identity. If you’re American, some banks in the northern part of Mexico may also accept American driver’s licenses, but that’s not a general rule.

The problem is information is vague and changes all the time, so non-residents will most likely have to visit a branch in person as well. First, get a list of the required documents and make an appointment. Second, to open a bank account.

Proof of address is also required, meaning you’ll need a utility bill in your name. If you’re a non-resident tourist, you might be asked for the FMM, which is a visa.

If you opt for an international bank with a branch in Mexico, such as HSBC, you’ll be asked for a bank statement from your current country.

How to Open an Account​

Here are the steps to go through if you are not sure how to open a bank account in Mexico:

• Decide on a bank. You’ll find both local banks and branches of international banks in Mexico. International banks are more accessible, but fees are likely to be higher too. Some of the most popular choices for non-residents include Santander, HSBC, BBVA Bancomer and Banorte.
• Visit a branch or get in touch. You can try ringing to get a list of the required documents. Otherwise, you may have to visit in person. You’ll need to go there anyway to initiate the procedure.
• Complete the forms. A clerk will guide you if you’re not sure how to open a bank account in Mexico. You’ll have to complete a few forms and let the clerk get copies of your documents.
• Make a deposit. While residents can usually open an account without making a big deposit, non-residents will most likely be asked to make a deposit. Different banks have different requirements for the initial deposit, hence the necessity of research.
• Activate online banking. This is one of the most important steps in the process. Once your account is open, make sure to activate this service in order to access it remotely. You’ll also get a card at your address, yet some banks may ask you to come back in a week or two to pick it up.

Alternatives to Classic Banks​

There are a few alternatives to classic banks in Mexico. Like in most other countries, neobanks are more and more popular in Mexico too. While they do have requirements too, they’re usually lower. Opening an account can be done exclusively online as well.

Some of the best options include:

• Nubank
• Stori
• Bineo
• Klar
• Uala
• Hey Banco!
• Albo

You can also try international alternatives, such as Revolut or Wise. You can open an account in most currencies and use it as a prepaid card. You can upload money and use the card anywhere. Plus, conversion fees are much lower when compared to classic banks.

FAQs​

Still unsure how to open a bank account in Mexico?

Can a dual citizen open a bank account in Mexico?​

Dual citizenship doesn’t affect your right to open an account in Mexico. If one of your nationalities is Mexican, opt to open an account as a resident. It’s much easier, as there are less requirements. Even if you have other nationalities, you can still open an account in Mexico, whether as a resident or non-resident.

Is my money safe in a Mexican bank account?​

Given the fact that Mexico has always been associated with corruption and illicit activities, most people try to avoid local banks. However, your money should be safe because all funds are insured through a protection law from 1999. The IPAB is the public agency in charge of managing the respective law.

What are the main banks for foreigners in Mexico?​

Some of the best rated banks for foreigners in Mexico include BBVA Bancomer, Banorte, Santander, HSBC, Scotiabank, Inbursa, CitiBanamex and Banco Azteca. You can also find smaller banks, but they mainly cater to locals. Neobanks are more open to taking foreign customers, yet you can also use fintech companies like Wise and Revolut.

What’s the insurance scheme for deposits in Mexico?​

The IPAB brings in a deposit guarantee of up to 400,000 investment units in deposit accounts in Mexico. To help you understand better, the IPAB is similar to the FDIC and the NCUA in the USA.