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.

 

 

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 documents mentioned below are necessary.

 

One must provide a valid ID, driver’s license or passport, a proof that you reside in the country and the constitution and procuration documents of the company. Our consultants in company formation in Mexico can offer more information regarding this matter. 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.
 

Opening a bank account in Mexico for a newly founded business has to be done following the procedures prescribed for company incorporation. Thus, the bank account can be set up with a local commercial bank only after the legal entity is registered with the Mexican Taxpayers Registry. 

The step is done in this particular moment as, during the set up of the corporate bank account, the bank representatives will need specific company documents, such as the incorporation documents, along with the statutory documents of the company, but also proof on the fact that the company has a registered address. 

The procedure can be done by a person who is a representative of the company, and who does not have to be a Mexican citizen, but must prove information on the fact that he or she has his or her residence in this country; however, the procedure can also fall under the supervision of our team of consultants in company registration in Mexico. 

Our team can help throughout the entire process of opening a company in Mexico through the power of attorney, a document which grants the right to an entity/person to act on behalf of another entity/person. Thus, the process of opening a bank account in Mexico can be handled through the services of our consultants. 

At the moment when the company’s representative or the appointed legal specialists will address to a local commercial bank for setting up a bank account, the newly founded company must already have a registration number that is issued by the Public Registry of Commerce. If this has not yet been achieved, the institution can issue a document that states that the company is still in the process of obtaining the company registration number, so that the procedure can be facilitated with the bank of choice. 

However, even if the latter situation applies, the respective company number has to be obtained as soon as possible, as even though the bank may have started the process of opening the bank account without the registration number, there is a limited period of time in which the bank accepts to perform this activity without the respective number. 

If, for various reasons, the bank will not receive the company registration number in due time, then the bank’s representatives will close the bank account and this can have negative implications of the process of company formation in Mexico, which will be delayed. 

Provided that the company’s representatives already have all the papers they know they need for the process of opening a bank account in Mexico, the bank tellers will be able to analyze the file and will set up the bank account in a period of maximum a week since the documents were received. 

The bank account can be set up if the bank approves, and if this applies, then the company will have its own corporate bank account. In all cases, investors have to submit an application form, along with all the documents for setting up the account. 

The account will be set up in the national currency of Mexico, but there is also the possibility of setting a bank account in US dollars. This can be useful for companies operating from Mexico and which have commercial relations with the United States of America (USA). 

The process to set up a bank account in a foreign currency will be the same, all corporate documents have to be submitted just like in the case of a Mexican currency account. The minimum share capital required when setting up the account in US dollars will not be the same, but each bank can have its own requirements in this case. 

This is why foreign businessmen will first have to contact commercial banks in order to find out the amount of capital they must prepare for a US dollars corporate bank account. In-depth information on this subject can also be obtained from our team of specialists in company formation in Mexico, who can address to the bank tellers on your behalf. 

Please mind that one can request setting up more bank accounts in Mexico; it is also allowed to offer an authorization to use the respective account for more than one person. However, the banks will need to know the names and personal details of all the persons who are authorized by the representatives of the company. 

Corporate bank accounts in Mexico also provide the possibility to set up home banking services; other services for companies can be available depending on the bank of preference. It must be noted that in general, the procedure does not imply the payment of any registration fee. If you need to find out other details on opening local bank account, do not hesitate to address to our representatives. 
 

 

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 and 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 and 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.
 

What are the characteristics of the bank system in Mexico?
 

• according to the data gathered by the World Bank in 2018, 63% of the Mexican population used only cash (when we refer to the adult population of the country);
• the adult population in Mexico in 2018 was of 98 million persons, and out of these, only 37% of it used a bank account and credit or debit cards;
• even so, it is important to know that the market value of the banks operating in Mexico increased at a steady rate – in 2017, it stood at MXN 7,770 billion;
• in 2019, the total assets of the banks in Mexico increased at MXN 9,829 billion;
• between 2015 and 2019, this accounted for an increase of 26,5%. 
   

What should one know on the process of opening a bank account in Mexico?
 

 

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.