Open a Bank Account in Mexico

Updated on Tuesday 12th December 2017

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Numerous foreign investors and foreign citizens move to Mexico for employment or other reasons. Also, the country is a major tourist destination which attracts a great influx of tourists each year. No matter what the reason is for moving to the country, a key aspect to take into consideration is to open a bank account in Mexico immediately after arriving here. In this article, our Mexico company formation consultants explain how to do that and what the benefits of opening such an account are.

Documents required to open a bank account in Mexico

In Mexico, there are many different bank accounts which can be opened. These differ depending on your own needs and preferences and can be savings accounts, commercial bank accounts, current accounts, fixed deposit accounts, foreign currency accounts and so on.
To open a commercial bank account in Mexico for a legal entity , the following documents are required:
A valid ID, driver’s license or passport;
A proof that you reside in the country;
The constitution and procuration documents of the company. Our company formation advisors in Mexico can offer further details on what these documents consist of. We can also provide help in setting up a company in Mexico.
Usually, a minimum deposit is needed in order to open a bank account in Mexico. This deposit can vary between MXN 7,000 and MXN 13,000 (USD 369 to USD 686), depending on each bank.

Benefits of a bank account in Mexico

There are many benefits associated with opening a bank account in this country, among which our Mexico company registration agents would like to mention:
No fees for ATM withdrawals;
The money can easily be transferred to your Mexican bank account from your home: if you need to transfer funds into your local bank account, this can easily be done without having to be physically present at the bank ;
You can pay for items and services in Mexico with bank transfers: mainly with larger transactions, this is very common in Mexico;
You can obtain easily another ATM card in case you lost it: a bank account in Mexico can provide a certain protection between the majority of your assets and losing your card.
If you would like to know more about the benefits and requirements of a bank account in Mexico, or for assistance in opening a company in this country, we kindly invite you to contact our friendly Mexico company formation representatives.