Banking in Mexico
Banking in Mexico is straightforward once you have residency, though it requires patience with bureaucracy.
Opening a Bank Account
Requirements (most banks):
- Valid passport
- Proof of residency (temporary or permanent resident card)
- Proof of address (utility bill, lease)
- Mexican tax ID (RFC) - can be obtained later
- Mexican phone number
- Initial deposit (~$100-500 USD equivalent)
Banks Popular with Expats:
| Bank | Notes |
|---|---|
| BBVA Bancomer | Largest bank, extensive ATM network |
| Santander | Good online banking |
| Banorte | Mexican-owned, extensive branches |
| Scotiabank | If you have Canadian ties |
| HSBC | International presence |
| Intercam | Accepts tourists, expat-friendly |
For Tourists/No Residency
Intercam Bank:
- Can open account with passport only
- Requires in-person visit
- Need bank statement from home country
- Takes 3-7 days for approval
- Good option while waiting for residency
Digital Options:
- Wise (multi-currency account)
- Revolut (if available in your country)
- Keep US/Canadian accounts with no foreign transaction fees
Managing Money
Currency:
- Mexican Peso (MXN)
- Personal accounts cannot hold foreign currency
- Exchange rate fluctuates (~17-20 MXN per USD typical)
ATMs:
- Widely available in cities
- Most charge fees (bank + your bank)
- Use bank ATMs inside branches when possible
- Daily withdrawal limits: ~$5,000-10,000 MXN
Transferring Money to Mexico:
- Wise (best rates, low fees)
- Remitly
- Western Union
- Bank wire (expensive)
Credit Cards
Using Foreign Cards:
- Visa and Mastercard widely accepted in tourist areas
- Many local businesses cash-only
- Always choose "pesos" when given currency choice
- Some US cards have no foreign transaction fees
Getting Mexican Credit:
- Difficult without income history
- Some banks offer secured cards
- Credit building takes time
- Many expats don't bother
Cash Culture
Mexico is still largely a cash society:
- Local shops and restaurants often cash-only
- Markets and street vendors cash-only
- Tipping in cash preferred
- Small bills appreciated (avoid 500 peso notes)
Financial Tips
- Keep a US/Canadian account with no foreign ATM fees
- Use Wise for large transfers
- Always have cash for local businesses
- Get Mexican bank account once you have residency
- Don't keep large amounts at home - bank robberies are rare but home theft isn't
Pro Tips
- •Intercam bank accepts tourists without residency
- •Use Wise for the best international transfer rates
- •Always carry cash - many businesses don't accept cards
- •Choose "pesos" when credit card asks for currency
- •Get a US bank with no foreign transaction fees before moving
Have questions about banking in Mexico?