Opening a Bank Account in Mexico

Who this is for

Key tradeoffs

Important considerations that affect most people in this situation.

The residency-banking connection

Your immigration status determines your banking options in Mexico. This is the most important factor.

• Tourist visa (FMM) — not accepted at major banks for account opening. You can use ATMs and international cards, but a local account is generally not available
• Temporary Residency (Residente Temporal) — accepted at most banks. This is the minimum for traditional banking. First-year cards are often sufficient; some banks may want to see renewal
• Permanent Residency (Residente Permanente) — full access to all banking services. Some credit products require this status
• Work visa considerations — if your residency is employer-sponsored, some banks may want to see employment verification alongside your residency card

Common requirements

Once you have appropriate residency, these documents come up consistently. Having them ready saves time.

• Valid residency card — Residente Temporal or Permanente. Bring original plus copies. Some banks scan both sides
• RFC (Registro Federal de Contribuyentes) — Mexico's tax ID. Essential for all accounts. Obtained from SAT offices with your residency card
• CURP (Clave Única de Registro de Población) — population registry number. Often required alongside RFC. Usually provided during residency process or obtainable online
• Proof of address (comprobante de domicilio) — utility bill, bank statement, or phone bill from the last 3 months at your Mexican address. CFE electricity bills are commonly accepted
• Mexican phone number — required for 2FA and notifications. Prepaid SIMs are easy to get (Telcel, AT&T Mexico, Movistar)

Types of banks commonly used

Mexico has a mix of traditional banks and newer digital options. The practical difference is access and requirements.

• BBVA México — largest bank in Mexico. Strong digital app, extensive ATM network. Generally requires residency and RFC. Known for bureaucratic processes but reliable once established
• Banorte — major Mexican-owned bank. Similar requirements to BBVA. Some branches have more experience with foreign residents than others
• Citibanamex — Citibank's Mexican operation. Familiar to those who've banked with Citi elsewhere. Standard residency requirements
• Santander México — Spanish bank with Mexican presence. May be more comfortable with Spanish documentation or EU contexts
• Hey Banco (by Banregio) — digital bank with more flexible requirements. Often recommended for expats. No monthly fees, good app, but fewer physical services
• Nu México — Brazilian digital bank expanding in Mexico. Relatively new, lower requirements, but limited features compared to traditional banks

Typical process

Once you have residency and RFC sorted, the banking process itself is straightforward but requires patience.

• Choose a bank based on your needs — full services vs. basic access, branch proximity, specific features like international transfers
• Visit a branch in person — most accounts still require branch visits, though some digital banks are fully online. Appointments help but aren't always available
• Bring all documents — missing documents typically means another trip. Expect 45-90 minutes for the full process
• Complete verification — sign agreements (in Spanish), provide biometrics at some banks, set up app access
• Account activation — debit cards are often provided same-day or within a week. Online access is usually immediate
• Initial deposit — some accounts require minimum opening deposits (typically 1,000-5,000 pesos)

Where people get stuck

These friction points come up repeatedly. Anticipating them helps manage expectations.

• No residency — this blocks most banking options. If you're on a tourist visa, focus on getting residency first or use international cards
• RFC not ready — banks won't proceed without it. Visit SAT early in your residency process; appointments can take weeks to get
• Branch variation — experiences vary dramatically by branch and staff. If one branch is difficult, try another. Mexico City and major expat areas often have more experienced staff
• Language barriers — banking is conducted in Spanish. While some staff speak English, documents and processes are in Spanish. Bring a Spanish-speaking friend if needed
• Address proof challenges — if you're in temporary housing, you may need to wait until you have proper utilities in your name. Some landlords will provide a letter

Alternatives to Mexican banks

If traditional banking isn't accessible or necessary, these alternatives serve many expats well.

• Wise — multi-currency account with peso support. Can receive and hold pesos, convert at good rates. No Mexican residency required. Limitation: not a Mexican IBAN, so some local uses may not work
• International debit cards — Schwab, Fidelity, and some credit unions offer cards with no foreign transaction fees and ATM fee rebates. Practical for daily peso access
• ATM strategy — Mexico has extensive ATM networks. Withdrawing pesos from your home bank account works for many people. Watch for fees on both ends
• Practical approach — many expats use Wise or home country accounts for 6-12 months while establishing residency, then open a Mexican account once RFC is sorted

Next steps

Continue your research with these related guides.