Planning on staying in Mexico for a long time? Moving here to start a new life? Don't forget to open your own bank account! You may think that you don't need it now but trust that you will in the long run! Even though there are loads of online money-transferring platforms, digital banks, and the like, there's no replacing having a local bank account in the place where you'll be staying for a long time. Or for the rest of your life. Remember, this is your money, what you worked hard to earn, on the line. Make sure to keep it safe and sound!
The Legality of Setting Up An Account in Mexico
When you get to Mexico, you might question: 'am I allowed to open a bank account here?' The answer is yes! No matter your legal status in the country, all residents and non-residents are allowed to set up their own accounts in local banks. There are no laws prohibiting that! What you might find difficult, however, is getting through the language barrier. If you don't speak or understand Spanish, that'd be quite a problem, especially with local banks. In this situation, you're better off working with an international bank that also operates in Mexico. Don't worry, there are a lot of them here too!
Show Your Required Documents
As with any other application process, setting up a bank account in Mexico requires you to show some documents. Though they differ from bank to bank, some are pretty standard across the board. First, there's your form of identification. This would usually just be your valid passport but presenting your driver's license and similar types of ID as well would work too. Proof of address and income would also prove useful in the setting up process. For the latter, it can be either your company ID or certificate of employment. Additionally, some banks would also require you to present your
Mexican visa as well, so make sure you have it handy when you're applying to set up an account.
Bank Fees in Mexico
As you might expect, various banks impose fees when you set up your own accounts with them. For one thing, upon setting up your account, many banks would require you to have a minimum deposit amount ready. It's usually $1,000.00 but some institutions require a bit lower or a lot higher than that. Then there are the ATM fees, which you have to pay every time you make a transaction. This also differed from bank to bank and usually, when you transact from an ATM machine that's not of your chosen bank, the fees are much higher!
Online Banking in Mexico
You might be surprised to know that online banking is fairly common in Mexico. Most local banks have their own digital platforms that help people make all sorts of transactions without having to go to the nearest branch. There are also online banks that are often affiliated with Mexico's local and international banks but are considered separate entities themselves. They serve as state-of-the-art digital platforms to help you handle your finances online. Among the most popular are
Hey Banco and
Amazon Recargable. Accounts here are easy to set up and are not as complicated as with physical banks.
What To Consider When Choosing A Bank
Now, what should you consider when choosing a bank in Mexico? Firstly, make sure that the bank is, at the very least, well-known enough that it has branches throughout the country. From Mexico City to
Puerto Vallarta, if you know that there will be a branch of the bank wherever you are, that's better. As already mentioned, online banking is common nowadays in Mexico too. It'd be good if the bank you're setting up your local account with has its own online portals to help you deal with transactions wherever you may be. It'll be less of a hassle that way!
Mexico's Top Local and International Banks
With all that said, which local and international banks in Mexico should you go for? When it comes to the latter, the most well-known banks like
HSBC and
Santander are the best choices. Their popular enough to ensure that there are branches just about anywhere in the country and they already have their own strong online platforms. As for the local ones,
BBVA Bancomer is good because it's the largest in Mexico, currently serving around 11 million in the country. As is
Banorte, the second-largest bank and also the one with the biggest number of ATMs in the country.
Please don't forget to open your own local bank account in Mexico when you get here. No matter how long you're going to stay in the country, it's really better, a lot safer, and more practical to do so!
Having a bank account in Mexico makes it easier for you to deal with your finances here, especially when maintaining a
luxury home!
