Expat’s Guide to Banks and Bank Services in Mexico
The banking system in Mexico is overseen by the Bank of Mexico and the National Banking Securities Commission, it is a well-regulated financial sector made up of commercial banks, international banks, and developing banks that provide diverse services to suit local and expat needs.
Are you an expat trying to open a bank account in Mexico? In this guide, we will talk about the banking system of Mexico, how to open a bank account, and the bank services available to you once you have opened your account.
Banking System in Mexico
The Mexican banking system is a well-regulated financial sector consisting of commercial, international, and developing banks. It is overseen by the Bank of Mexico (Banco de México) and the National Banking Securities Commission (Comisión Nacional Bancaria y de Valores).
Bank Services and Features
Banks in Mexico offer banking services and features including online and mobile banking, credit and debit cards, international money transfers, investment services, load and credit facilities, ATM access, and foreign currency accounts. These services cater to the diverse needs of locals and expats.
Expats working in Mexico should also be aware of Payroll Accounts (Cuenta de Nómina). These accounts are basic bank accounts that allow expats to receive their wages or salaries. Payroll accounts are particularly good for expats as they do not charge fees or commissions and they provide ATM access.
How to Open a Bank Account in Mexico as an Expat
In order to open a bank account in Mexico as an expat or non-resident, you must provide documentation to verify your identity, legal entry into Mexico (residency card, visa card, etc.), and a minimum deposit of MXN $800-1000 or USD$40-50.
Opening a bank account in Mexico as an expat is essential, as it provides numerous quality of life conveniences, including better local currency management and local payment methods. Often, employers will request that expats open a local bank account for their salaries and other local incomes.
Common Problems Expats Face When Opening a Bank Account
The biggest problem expats face when trying to open a bank account in Mexico is preparing the documentation required to open an account with a Mexican bank. Typically, expats will have to prepare valid documentation, including proof of address, valid visa, and valid residency permit.
These documents may take time to prepare and collect from various government departments. This can hinder the entire application process.
Another problem expats face when trying to open a local bank account is that language barrier. Whilst this may not affect expats staying in major hubs like Mexico City, expats staying in more remote regions may experience setbacks due to language barriers.
Best Banks in Mexico for Expats
Some of the best banks in Mexico for expats include BBVA Bancomer, Banorte, Banco Santander, and Citibanamex. These banks are highly recommended for expats as they offer international bank account options.
Among the banks in Mexico, the following are the most popular for expat size, reputation, and services:
To learn more about the process of opening a bank account in Mexico as well as the recommendations on which banks to open an account with based on your needs and requirements, check out our in-depth guide, where we answer “Can Expats Open Accounts in Mexico?”.
Conclusion
As expats in Mexico, whilst it isn’t mandatory, it is highly recommended that you open a Mexican bank account. BBVA Bancomer, Banorte, Banco Santander, and Citibanamex are among the most popular banks for expats in Mexico.
The reason expats are recommended to open a bank account in Mexico is because it offers expats more flexibility and better management over their finances with Mexican peso (MXN), the local currency. It also makes it easier for expats working in Mexico to receive their salaries and income.
Additionally, many establishments in Mexico prefer payments through a Mexican bank. Landlords will often request that tenants open a local bank account. Having a local bank account offers expats more flexibility and options in their daily expat lives in Mexico.
As an expat staying in Mexico, it is important that you take necessary precautions to prevent avoidable financial losses in the case of illness and unforeseen accidents. The best way to do this is to secure a comprehensive health insurance plan that suits your needs, requirements, and budget.
Pacific Prime is a global insurance broker with over 20 years of experience in the industry. Our team of expert advisors can help you sort through countless plans from top insurers in Mexico to help you find the best insurance plan to suit your needs and requirements in Mexico.
If you are in need of insurance, Contact Pacific Prime today for impartial advice or an obligation-free quote!
Born and raised in the cultural melting pot that is Hong Kong, and having studied at an international school, Vista has developed a multicultural perspective that he uses in his writing and strives to connect to people of different backgrounds.
In his free time, Vista enjoys immersing himself in different worlds, from video games to light novels and movies. His hobbies help him expand his writing style by putting himself in the point-of-view of different people and characters.
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