Open a Bank Account in Mexico
Updated on Wednesday 08th September 2021
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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 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 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 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?
What should one know on the process of opening a bank account in Mexico?
What are the characteristics of the bank system in Mexico?
If you want to open a bank account in Mexico, it is necessary to know the main characteristics on the banking industry in this country. Compared to other countries, such as the European market or the US banking system, the Mexican banking industry is still developing, which means that there is a lot of commercial potential for those who want to invest here or to open a company in Mexico.
In the list below, our team of consultants in company formation in Mexico has prepared a short presentation regarding the Mexican banking system, so that you’d know what to expect when arriving in this country, especially if you have very little knowledge on the Mexican economy or society:
- 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 steadily 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?
The right to open a bank account in Mexico is addressed to all types of foreigners, regardless if they are residents in this country or if they simply travel to Mexico for a longer period of time (those who simply arrive here for several days or weeks will, most likely, not need a bank account and one also has to consider the time and the procedures necessary to complete this).
As a general rule, one should consider opening a bank account in the case in which the stay in Mexico is of more than few months. Those who have decided to open a bank account will have to select the most suitable bank for this procedure and in this case, foreigners will definitely choose to work with banks that allow them to set up a bank account as a non-resident (please mind that not all local banks provide this service).
The bank the foreigner will select is of crucial importance, as the bank’s internal policies can prohibit foreigners who have arrived to Mexico on tourist visas to open a bank account. If you will arrive in this country under a tourist visa, we invite you to address to our team of specialists in company incorporation in Mexico, who can help you with advice on the banks that can help you in this sense.
We recommend you to open a bank account in Mexico as a foreigner who will live in this country even for few months, as you can transfer a part of your foreign accounts into the Mexican bank account, the main benefit being that thus, you will avoid paying processing fees usually charged when using your account on foreign territories.
Banks in Mexico are allowed to request a variety of documents in the process of opening a bank account; the simplest way to complete this procedure is with banks that will require your passport, your visa issued by the Mexican authorities, and a proof regarding your short-term residency in this country.
For the latter, you can use any type of bill that is issued for the respective address where you live. If you have all these documents, then you will be able to contact a local bank and address to a local teller, who can provide more details on whether you must present other documents or not.
If you will not be required to provide other papers, you will have the right to complete a form, through which you will request to open a bank account in Mexico. After this, your application will be processed by the bank and then you will be contacted in a period of maximum 7 days.
When you will be contacted by the bank, you will be asked to present in person at the local branch where you have submitted your application so that you can get your credit card. Please mind that when you will get to the bank, you will have to sign various documents.
If you need assistance regarding the regulations that you must comply once you sign the form, you can request legal advice from our team of consultants in company registration in Mexico. Besides this, you should know that you can also request online banking services. If you need to open a bank account in Mexico for business purposes, you can definitely address to our team of consultants for professional services and consultancy on the documents that you have to prepare.
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.