How to open a bank account in Mexico as an expat or tourist (2022)

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For the last three years that I have been living in Mexico, I have tried three Mexican banks and saw the difference in how they function. In this post, I will give you a step-by-step guide on how to open a bank account in Mexico whether you’re on a resident visa or a tourist visa.

As a foreigner, it’s hard to decide where to put your money, especially if you’re a digital nomad and traveling long-term. For the longest time, I am using an International travel card through Wise, a great platform for managing different currencies.

Their exchange rates are amazing and it’s easy to use so I always prefer to use this one for receiving and sending money abroad. Their costs are super low, too!

When I got my temporary resident visa in Mexico, I felt like it was time to grow up and really put my roots here. Even if I have been moving to different countries over the years, I realized how important it is to have a good bank record in a country, especially if you are a legal resident.

For example, when I apply for visas (i.e. USA, Canada, Schengen, etc), the first requirement is to show proof of funds that only your bank can give. Before I became a legal resident in Mexico, I was using Philippine, Israel, Spain, and Hong Kong bank accounts.

It always takes a while for me to obtain this proof of funds as the embassies require a document signed by the bank manager. I had to pay extra for shipping the documents back and forth.

It was so painful and costly so I closed all these banks and stayed with a bank account in Mexico. This way, I can easily access bank documents without extra charges.

Can a tourist open a bank account in Mexico?

ABSOLUTELY! I actually started with a Mexican bank account as a tourist in Mexico. Since I was traveling long-term in Mexico, having a local bank account was easier since there are no withdrawal fees.

I usually recommend this to foreigners and tourists staying in Mexico for more than 6 months. It’s super easy to transfer funds from my US bank account to my Mexican bank account.

Intercam is the only bank that allows account opening to foreigners with tourists visas. It’s not a big bank but they have over 70 branches in the country.

Most of the ATMs in small towns like Sayulita, Playa del Carmen, Tulum, etc are managed by Intercam. There’s a lot of limit with Intercam since they don’t offer credit cards but if you’re only after easily withdrawing cash within Mexico, this works very well.

What does a US citizen need to open a bank account in Mexico?

There are no specific requirements that are directed at American citizens. Requirements are the same no matter where you are from or what passport you are holding. The only difference is that if you are a tourist or resident visa holder in Mexico.

(Video) Opening a bank account in Mexico. Mexico bank account

Below are some quick facts about requirements:

  • Valid passport
  • Valid resident visa in Mexico (card) for big banks like BBVA Bancomer, Banorte, Santander, Citibanamex, etc
  • Valid tourist card in Mexico for Intercam and Banco Azteca
  • Proof of billing like water or electricity: if you are a tourist visa holder, it must be from your home country and under your name. If you are a resident in Mexico, you can easily ask your landlord for this and they will give it to you. It does not matter if it’s not under your name.

Are Mexican banks safe?

To tell you the truth, I was very adamant about opening a Mexican bank account but only in the beginning. I’ve heard a lot of horror stories about stolen cards and hacked bank accounts but you don’t have to worry about this because I have tried and tested the safety of Mexican banks.

Below are the reasons why I feel safe and comfortable with Mexican banks:

#1: Withdrawal limits in Mexico

This was painful for me in the beginning because I always need to pay a 10,000 pesos rent in cash. Most Mexican banks have different daily withdrawal limits and they are all over 10,000 pesos. I always needed to go back two consecutive days just to pay my rent!

And mind you, each bank has different withdrawal limits. With my Intercam and Banorte bank cards, it’s 5,000 pesos. With my Santander card, it’s 9,000 pesos; a thousand short to pay my monthly rent in cash.

There have been many cases of money laundering in Mexico (and all over the world) so these are what the withdrawal limits are for. Of course, this only applies when you take cash from the ATM machine. You can always access your money with a higher limit when you go over the counter.

The only hassle with OTC withdrawals is that you need to go through long lines and it can take hours. The physical banking system in Mexico is very painful and inefficient.

#2: One time passwords or NIP

This only works if you have a Mexican phone number. For example, if you login your mobile account, some of the apps will send a one-time password to your mobile phone number registered with your bank account. It’s like a verification code that you need to put for every transaction.

In my experience, Santander has the most of this. I found it really painful when I had to input a lot of one-time passwords but then again, that made me feel safe in banking with them.

Read: Does the Sayulita lifestyle fit you? Get to know this pueblo magico in Mexico!
How to open a bank account in Mexico as an expat or tourist (2)

#3: Apps and e-mail notifications for every transaction

When I had mobile banking for all three of my Mexican banks, I always got a notification for every transaction made, whether I was just buying water from the Oxxo or swiping my debit card in a restaurant.

You will get both notifications via e-mail and through the app together with reference numbers for the transaction.

This one always floods my email inbox but it also helps me see everything I spent for. If you feel that it’s suspicious and you did not do that purchase, there is a phone number in the mobile app or in the e-mail sent to you that you can call. They will attend to it right away.

#4: Firma electronica or pin

With my non-Mexican bank cards, I was never asked to put my pin for physical debit transactions (i.e. restaurant payments) but with my Mexican debit card, it is always required to put your ‘firma electronica’ which is the pin code of your card.

Transactions don’t just go automatically. You always have to provide your code everywhere!

Do I need to speak Spanish to open a bank account in Mexico?

No, not really. Most big banks in Mexico have English-speaking staff although there could be a lot of misunderstanding. When my British friend opened her bank account with Santander, they had a miscommunication with the usernames and passwords – the teller was not able to explain it well so my friend got blocked from her own account.

When I opened my account with Banorte, it seemed like I did not hear anyone speaking English but I can speak Spanish fluently so that wasn’t a problem. You don’t need to bring a Spanish-speaking person as they all can speak basic English.

However, if there are bank terms that you don’t understand, you might need to bring someone to translate for you.

(Video) How to open a Mexican bank account with a tourist visa | MEXICO DIGITAL NOMAD

Will you pay tax when you have a Mexican bank account?

No, you will not. Only people who have a working visa and are paid by a Mexican company through these banks are charged taxes. This is why most Mexicans like landlords prefer to receive cash instead of bank transfer because they will be taxed.

If you are a holder of the Mexican non-lucrative visa which is also a digital nomad visa that allows you to live in Mexico while working online for a company outside of Mexico, you don’t need to pay taxes. Same goes with the normal resident visa or other types of foreigner visas.

Transferring money to Mexico from your USA bank account

My former USA bank is Charles Schwab but transferring internationally costs a lot. Don’t get me wrong, I liked Charles Schwab because they have no ATM fees all over the world.

But since I was managing different currencies, I needed to find a way to do that easily with lower fees plus an easier and faster transaction process. Charles Schwab is not linked to any Mexican bank so I decided to leave it and transfer with Wise.

How to open a bank account in Mexico as an expat or tourist (3)

Below are the reasons why I switched to Wise from Charles Schwab:

  • Wise has higher conversion rates: when you transfer USD with Charles Schwab or any US bank, Wise gives you a real-time conversion (as you see on Google or XE Currency) while US banks give super low conversions to Mexican peso.
  • Wise has lower transfer fees: With Charles Schwab, I pay around $5 USD to transfer $50 USD but with Wise, I only pay $0.80 USD! Look at the difference between these costs!
  • Wise will transfer USD to your Mexican bank real-time: no need for SWIFT, BIC, etc. Wise only needs your Mexican CLABE and you will get your USD to MXN in seconds!
➢ Click here to see how Wise works and read about my personal experience

Benefits of having a Mexican bank account

If you have a US bank account, I am sure you don’t really think that Mexico has higher grade banks but if you already decided to live in Mexico long-term, having a Mexican bank account with greatly benefit you over using your International bank account(s).

Here are some of the benefits of having a Mexican bank account as an expat:

Your USD will have great conversion rates with a Mexican bank account

So, you’re making Mexico your winter base or living full-time in Mexico — have you checked your bank statements? How much are Mexican banks charging you for withdrawal fees in Mexican banks?

It might look really small at the beginning but if you add them all up, you’d be surprised how much fees you are paying and they are unnecessary! Additionally, you are also charged in USD when you take out Mexican pesos in Mexico. Let’s be honest – those conversion rates don’t look really good.

But if you have a Mexican bank account, you will withdraw MXN with no fees plus if you transfer USD from your US account to your Mexican bank account, you will get a higher rate, I promise you!

Withdrawals outside Mexico

When I let go of my US bank account, I actually thought that it will be hard for me to travel outside Mexico using my local bank card. Mexico’s bank cards are also equipped for International withdrawals. With my Intercam account, I was even able to withdraw USD!

I was just in Europe last month and my Bancomer card worked really well. Of course, the conversion is different but I still find it better than bringing EUR or USD. At least I always have a card in case of emergency!

Mexican bank cards are valid as debit cards

You can use your Mexican bank card as a debit card not just in Mexico but all over the world. Most of the cards are Visa but I did not have trouble with them abroad. I have a Mexican credit card but I prefer to use my debit card since there’s already cash in it. I don’t have to worry about bills by the end of the month.

Easy purchase on Mexican websites like airlines or shopping platforms

Lastly, popular online stores like Mercado Libre MX only accepts cards that are issued in Mexico. I’ve tried my US bank card and European credit cards but they never worked with Mercado Libre!

Airlines also mostly accept Mexican debit/credit cards. This way, you are charged in the local currency as your US debit/credit cards have different pricing/conversions.

How to open a bank account in Mexico as a tourist or an expat

Open a bank account in Mexico as a tourist through Intercam bank

If you are interested in how to apply for a Mexican bank account for foreigners and tourists, follow the steps below and let me know if you have any questions. You can always get in touch with me about any concerns by contacting me via email, Instagram, or Facebook.

(Video) How to Open a Bank Account in Mexico, As A Foreigner. Intercam Bank

Step 1: Gather the requirements

The good thing about applying for a Mexican bank account at Intercam is that they don’t require a lot of documents. First, you need to have a valid passport. In my experience, they did not ask for our Mexican tourist card but bring it just in case! Along with your passport, Intercam requires any of the following:

  • Statement of Accounts (from your bank in your home country)
  • Electricity bill
  • Water bill

The period of validity is from 1-3 months. Make sure you are submitting a recent proof of billing. Also, make sure that your address in your home country appears in these statements. The most important thing to have is your home address and your name, of course. You don’t have to worry about anything else!

Step 2: Go to Intercam

Once you have the requirements needed to apply for a Mexican bank account for foreigners, you need to go to their branch. They have over 70 branches in Mexico so rest assured that you will find one wherever town/city you are in Mexico. Make sure you are there before 3:00 pm because they close early!

Once you are there, you will be asked to fill out a form. The form will also ask for references so it’s better to put someone who is an account holder at Intercam. It could also be any of your friends who are living in Mexico. Once the form is filled out, the bank manager will photocopy your passport and your proof of billing.

See also: The best places to live in Mexico as an expat

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Step 3: Wait for their call

This will usually take 3-7 days max. Intercam will review and verify all the documents you submitted so there’s a little bit of waiting time here. But don’t worry! As long as you submitted the correct documents, they will definitely call you back.

If you don’t have a Mexican phone number, the bank manager in charge of your case will give his/her personal Whatsapp number to get in touch with you.

Step 4: Claim your Intercam bank card

Once the documents are verified, Intercam will call you to visit their branch again. Bring your passport together with the money you want to deposit. On this day, you will also sign a lot of documents so get ready! After that signing, I couldn’t even feel my hands!

They will assist you in activating your bank card by setting a pin and calling the toll-free number to activate your card for online transactions. While you are there, you can also ask them to set you up with online mobile banking. I brought my computer when I did this since I am not comfortable with having a mobile banking app.

How to open a bank account in Mexico as an expat or tourist (5)

When you have the card, you can start withdrawing or even use it as a debit card online. Restaurants and establishments will also accept the Intercam card for payment. Another bank that accepts tourist visas is Banco Azteca.

I have no experience in opening an account with them since they don’t have a lot of branches. Just walk in one and find out! What’s great about Banco Azteca is that they also have branches in other Latin American countries. This might benefit you if you travel around Latin America a lot.

See also: Living in Playa del Carmen, Mexico as an expat

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Best banks in Mexico for expats

To trim down your choices, I will only give you the top 3 best banks in Mexico for expats. I know that it’s too overwhelming to choose from but these are the ones that I know are safe, have many branches all over Mexico, have efficient online banking, and have better USD conversions.

Note that I’ve tried to have accounts in most of these Mexican banks and I did not see a big difference as a foreigner. For what you want to do in Mexico, they’re all the same. Below are the best banks in Mexico for expats and foreigners, including how to open accounts with them.

How to open a bank account in Mexico: BBVA Bancomer

As an expat or a foreigner, you need to apply in person for a bank account at BBVA. There are over 100 BBVA branches in Mexico so rest assured that you will find a branch near you. Just go to Google and type BBVA near me. Make sure it’s a bank branch and not just a BBVA ATM kiosk as these appear on Google as well.

Applying for a BBVA bank account in Mexico is just a 1-2 hour process. They will give your card right away and if you want to do cardless transactions/withdrawals, that is possible by setting up the BBVA mobile banking. They will help you set that up too.

(Video) Banking tips for Dual Citizens USA + Mexico

Before leaving the bank, make sure you have access to all your online banking accounts. List down the right passwords, usernames, etc. You don’t want to go back to the branch when you have trouble logging in since the lines are always long!

Related: Is Merida the best place to live for families with kids?

How to open a bank account in Mexico as an expat or tourist (7)

Requirements to open a bank account in BBVA Mexico
  • Valid passport
  • FM2, FM3, or FMM (resident visa card)
  • Proof of address in Mexico (receipts such as telephone, water, or electricity)
  • Cash for opening the account (between 1,500 pesos to 5,000 pesos)
  • A Mexican mobile phone number

How to open a bank account in Mexico: Banorte

Banorte is currently my main bank and it was a very easy application process. What I loved about Bancomer in my area in Puerto Vallarta is that it wasn’t so busy. They also have an automated appointment/number that you can do via Whatsapp but only if you are already on the way to the bank.

You can’t really choose the time. Like BBVA, it was an easy 1-hour process. I was able to get the card right away and transfer it to my new Banorte account through Wise. Since I did not have cash with me, I asked the teller if I can do the initial deposit requirement through Wise. She just gave me the CLABE of my new account and voila! Wise transferred my USD to MXN while I was sitting there with the teller.

How to open a bank account in Mexico as an expat or tourist (8)

Requirements to open a bank account in Banorte
  • Valid passport
  • FM2, FM3, or FMM (resident visa card)
  • Proof of address in Mexico (receipts such as telephone, water, or electricity)
  • Cash for opening the account. For the account that I opened in Bancomer, the requirement was 1,600 pesos or $82 USD
  • A Mexican mobile phone number

How to open a bank account in Mexico: Santander

Santander was trickier because the line was super long! Most Mexicans prefer Santander over other banks so there’s always a long line in any branch. Make sure to come early to open your Santander bank account, preferably opening hours (9:00 am – 10:00 am). They also have lots of branches all over the country so you will find one easily.

You might also like: How to find an apartment in Mexico City

How to open a bank account in Mexico as an expat or tourist (9)

I spent more hours in Santander and in the end, I had to wait 7 days to get my card. Santander has a more personalized bank card where your name is engraved this is why you need to wait a week. With BBVA and Bancomer, you get the cards the same day because your name is not on them although you can request a personalized card which will also take a week.

Requirements to open a bank account in Santander
  • Valid passport
  • FM2, FM3, or FMM (resident visa card)
  • Proof of address in Mexico (receipts such as telephone, water, or electricity)
  • Cash for opening the account. For the account that I opened in Santander, they asked for 4,000 pesos ($200 USD) minimum transfer and it’s also the maintaining balance. Meaning, you will pay fees whenever your balance goes below 4k.
  • A Mexican mobile phone number

Open a Mexican bank account online

I recently tried this with BBVA Bancomer but you are only eligible to open a bank account in Mexico online if you are a Mexican citizen or a naturalized Mexican. It’s pretty easy to do it because the account will be created within 5 minutes. I am a resident visa holder and I had to physically go to the bank to do this because the online features are only offered to nationals and naturalized citizens.

I know a lot of you are looking to do this while you are still in the USA but it’s not possible at this time. I will investigate further with other banks but so far, this is all the info I have about opening a Mexican bank account online.

You might also like: Tips on living in Guadalajara, Mexico as an expat
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How to open a bank account in Mexico as an expat or tourist (11)

Trisha Velarmino

Trisha is one of those people who left their comfortable life to travel the world and learn about life. Her style is to stay in one place she likes for 3 months (or more) to know what it feels like to eat, cook, speak, and sleep in another culture that isn’t hers. She'd like to believe she's not traditionally traveling but she just chooses to be somewhere else all the time. In no particular order, her favorite cities in the world are Barcelona, Buenos Aires, Hong Kong, Mexico City, and Tel Aviv.

FAQs

Can I open a Mexican bank account with a tourist visa? ›

To open a bank account in Mexico, you'll need to have temporary or permanent residence at the very least. And yes, I know that some people get away with opening a bank account on an FMM tourist visa. However, this is the exception and not the rule. Don't assume you'll automatically have such luck.

Can a tourist open an account in Mexico? ›

Foreigners can open bank accounts in Mexico, though it may be challenging if you don't speak Spanish. Fortunately, the internet makes it easier to see which banks are most suitable for your needs.

What documents do I need to open a bank account in Mexico? ›

Gather the Required Documents

Residency card (or tourist card/FMM) Proof of address in Mexico such as a utility bill less than three months old. A Mexican tax ID or a foreign tax ID/Social Security number. Proof of address from your home country (if you are a tourist)

How can a tourist open a bank account? ›

Most US banks will require non-residents to apply for an account in person. That means you have to travel to the US and walk into a bank branch to set up your account.
...
Here are some of the usual requirements for opening international bank accounts:
  1. Government-issued ID.
  2. Proof of residency.
  3. Initial minimum deposit.

Can you open a bank account in Mexico without residency? ›

you will need the required documents to open a bank account as a non-resident, including identification and your immigration documentation to prove your status.

Can you open a Mexican bank account online? ›

The Mexican Government official website states that Mexican citizens residing in the U.S. don't need to leave the country or residence to open a bank account in Mexico. This process can be done online.

What is the best bank to use in Mexico? ›

The Top Banks in Mexico Include:
  • BBVA Bancomer. Established in 1932, BBVA Bancomer is the largest of the banks in Mexico. ...
  • Santander Mexico. ...
  • Banamex. ...
  • Banorte. ...
  • HSBC Mexico. ...
  • Scotiabank Mexico. ...
  • Grupo Financiero Inbursa.
2 Sept 2021

How much money can you have in your bank account without being taxed? ›

When it comes to cash deposits being reported to the IRS, $10,000 is the magic number.

What bank is affiliated with Bancomer? ›

BBVA México is the largest Mexican financial institution (2021), having about 20% of the market. Founded in 1932 as Banco de Comercio (Bancomer), and rebranded from 2000 to 2019 as BBVA Bancomer, its main stockholder is the Spanish bank BBVA.

Are there Wells Fargo banks in Mexico? ›

Services around the world

Wells Fargo does not have offices outside of the U.S. that provide services to consumer or small business customers. For assistance with your accounts when traveling internationally, refer to our international access codes for phone numbers, or visit our travel resource center.

Are there Chase banks in Mexico? ›

JPMorgan Chase & Co. is shutting its private banking business in Mexico, according to people with knowledge of the matter, as wealthy clients in some of Latin America's largest economies move their money to international financial capitals.

Are there any Bank of America in Mexico? ›

Bank of America Mexico SA operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, wealth management, investments, and online banking services. Bank of America Mexico serves customers worldwide.

What banks can I use in Mexico? ›

There are several good banks in Mexico you can consider like Banorte, Monex, Citibanamex, Scotiabank, Citibank, HSBC, Santander. Many are banks that are connected to banks somewhere else.

Does Citibank have branches in Mexico? ›

Citigroup operates in Mexico as Citibanamex, the second-largest bank in the country. Our employees proudly serve their local communities every day, providing banking services, insurance and investment products to our valued customers.

Which bank is best for foreigners? ›

Here are NerdWallet's picks for best banks for international travel:
  • Charles Schwab Bank: Best for using ATMs.
  • Capital One 360: Best on foreign transaction fees.
  • HSBC Bank: Best for expats with high balances.
  • Citibank: Best for wiring money.
  • Revolut: Best for nonbank multicurrency account.
19 Aug 2022

What documents do I need to open a bank account? ›

What you need to open a bank account
  1. A valid, government-issued photo ID, such as a driver's license or a passport. ...
  2. Other basic information, such as your birthdate, Social Security number or Taxpayer Identification Number, or phone number.
  3. An initial deposit is required by some banks, too.

Can I open a bank account with passport? ›

This could be a valid: Government issued photo ID or driver's license. Social Security Card or Individual Taxpayer Identification Number. Passport or Birth Certificate.

How do I get a temporary resident card in Mexico? ›

The application process for getting a Mexico Temporary Resident Visa is:
  1. Contact a Mexico embassy to set up an appointment. ...
  2. Complete the Mexico Visa Application Form. ...
  3. Collect the required documents. ...
  4. Submit the application and pay the visa fee. ...
  5. Wait for the visa to be processed.
  6. Pick up your passport.

How do I get a RFC number in Mexico? ›

In Mexico there is no automatic procedure for issuing a TIN (Clave en el Registro Federal de Contribuyentes - RFC) to individuals or entities, it is the responsibility of the obliged individual or entity to register in the Federal Taxpayer Registry to obtain a TIN.

Can I buy a car in Mexico on a tourist visa? ›

The next thing that is important is that you can rock up and buy a car on a tourist visa, no problem… you can even get insurance to drive as a tourist without issue BUT you can't register the car to your name until you have residency here, either temporary or permanent.

Is Citibank and Banamex the same? ›

Banamex wire transfers are instantaneous and secure. Banamex is a Mexican bank that was purchased by international banking giant Citigroup in 2001, with a combined name of Citibanamex in Mexico.

What Mexican bank is affiliated with Wells Fargo? ›

An economical, convenient, and dependable way to send money home. With the Wells Fargo ExpressSend service, you can send money from your eligible Wells Fargo checking or savings accounts to your family or friends (beneficiaries) in Mexico at the following Remittance Network Members: BBVA. Banorte.

Does Mexico have online banking? ›

In the fourth quarter of 2021, there were over 70 million users of online banking in Mexico, up from around 68 million users reported in the previous quarter. In 2021, the North American country reported on average more than 320 million online banking transfers per quarter.

How are Mexican expats banks? ›

Expats can open a basic, checking or deposit account in Mexico. A basic account, or cuenta de nómina, is useful for those earning a wage. They can be opened easily at any Mexican bank. Retail banks offer checking accounts which normally require a monthly deposit.

Is Banco Azteca a good bank? ›

Today, with more than 15 million customers, more than 1,770 branches and more than 10,180 ATMs throughout the country, Banco Azteca is one of the strongest financial institutions with the largest geographical distribution network in the country.

Is Bancomer a good bank? ›

BBVA Compass has been recognized on Forbes' inaugural World's Best Banks list, earning a place among 60 ranked U.S. banks out of approximately 6,000 competitors across the country.

Does the IRS monitor your bank account? ›

The Short Answer: Yes. The IRS probably already knows about many of your financial accounts, and the IRS can get information on how much is there. But, in reality, the IRS rarely digs deeper into your bank and financial accounts unless you're being audited or the IRS is collecting back taxes from you.

Can I withdraw $20000 from bank? ›

Can I Withdraw $20,000 from My Bank? Yes, you can withdraw $20,0000 if you have that amount in your account.

Does the IRS track bank transfers? ›

When you're being audited: If you are chosen for an IRS audit, then your bank will have to share information on all relevant transactions with the IRS. When making a deposit of 10,000 dollars: If you make a deposit of 10,000 dollars or more, the bank is obliged to report this transaction to the IRS.

Is Bancomer a US bank? ›

BBVA Bancomer, through its Preferred Customers' Unit, is Mexico's first bank to cater to the special needs of foreign residents and visitors, using not only the English language, but also the financial language you are accustomed to back home.

Is Wells Fargo affiliated with Bancomer? ›

Wells Fargo partners Bancomer Transfer Services to expand ExpressSend remittance network. Under the terms of the agreement, Wells Fargo will extend its consumer remittance payout network distribution to seven new financial institutions across the Dominican Republic, Ecuador, El Salvador, Mexico, Nicaragua and Peru.

Is BBVA the same in Mexico and USA? ›

BBVA USA is a subsidiary of BBVA, a global banking company based in Spain with extensive operations in Spain, South America, and Mexico, according to BBVA information. It operates several branches in Juarez, just across the U.S.-Mexico border from El Paso.

Can I withdraw money from my Wells Fargo account in Mexico? ›

Yes. You'll be able to use your Wells Fargo card when you travel — just check the network your card is issued on — usually Visa or MasterCard — is accepted by the merchant or ATM you pick.

Do banks in Mexico have Zelle? ›

Frequently Asked Questions About Using Zelle in Mexico

No, you cannot send money to Mexico with Zelle, as Zelle is available only in the US. The payment app only allows you to send money from one US bank account to another, meaning both the sender and the recipient must have US bank accounts.

Can I use my Wells Fargo card in Mexico? ›

Global acceptance WITH NO FOREIGN TRANSACTION FEES

Your Wells Fargo business credit card is either a MasterCard or a Visa card and is accepted worldwide wherever you see those logos. It's a good idea to have some foreign currency with you before you leave the U.S. to cover immediate expenses.

Can I withdraw money from ATM in Mexico? ›

In Mexico, an ATM is called a 'cajero'. Most cities and towns in Mexico have an abundance of ATMs (cash machines), where you can withdraw Mexican pesos directly from your credit card or debit card.

Can I use my Chase ATM card in Mexico? ›

Q: Will my Chase debit card work in Mexico? A: Yes, debit cards can be used outside the U.S. You'll be able to withdraw money from an ATM or pay for goods and services using the card while traveling. It is essential, however, that you contact your bank ahead of time and put a travel alert on the card.

Can I use my US debit card in Mexico? ›

Yes, you will be able to transact with the debit card outside the United States. You will be able to pull out cash from ATMs with your debit card. You will also be able to make purchases in Mexico with your card.

Is $100 a lot of money in Mexico? ›

With today's exchange rates, $100 USD is about $1,900 – $2,000 MXN. Compared to wages, $1,900 MXN is about weeks' worth of salary for most manual labor jobs outside the major cities of Mexico. So for locals that have basic day labor jobs, it is a decent amount of money.

Can I withdraw cash from Bank of America in Mexico? ›

Bank of America will assess an international transaction fee of 3% of the U.S. dollar amount for all ATM withdrawals processed in foreign currency. International ATM operators may offer to do your currency conversion for you, but they may charge a higher fee for conversion.

Which international banks are affiliated with Bank of America? ›

Traveling Internationally?
  • Barclays United Kingdom (England, Scotland, Wales, Northern Ireland, Jersey, Guernsey and the Channel Islands)
  • BNP Paribas (France)
  • BNL D'Italia (Italy)
  • Deutsche Bank (Germany and Spain)
  • UkrSibbank (Ukraine)
  • TEB (Turkey)

What Mexican banks are affiliated with US banks? ›

Banks in Mexico with American Affiliates
  • Bank of America in the U.S. is affiliated with Scotiabank in Mexico.
  • HSBC in the U.S. is affiliated with HSBC Mexico.
  • Santander, in the U.S., is affiliated with Santander Mexico.
4 Aug 2022

How much cash should I take to Mexico? ›

So, how much spending money should I bring to Mexico? On a mid-range budget, you should expect to spend $110 USD ($2200 MXN) per person daily. This accounts for 3 meals a day, transportation fare, and one activity per day(tours, attractions,etc.).

What major bank is in Mexico? ›

As of December 2021, Grupo financiero BBVA Bancomer SA de CV led the ranking of largest banks in Mexico, with total assets amounting to almost 120 billion U.S. dollars. It was followed by Banco Santander Mexico, with total assets worth more than 80 billion dollars.

Do Mexican banks accept US checks? ›

Bancomer accepts personal checks from my US account for deposit in my Bancomer peso account. There's no fee, the exchange rate is set at the time the check is presented for deposit, and the funds take about eight days to clear. Exchange rate is not the best but acceptable.

Can I buy Mexican pesos at Citibank? ›

Simply exchange them for US . dollars at a competitive rate at any Citibank branch ($5; free if you exchange over $1,000).
...
Available Foreign Currencies.
CountryCurrency
MexicoMexican Peso
NetherlandsEuro
New ZealandNew Zealand Dollar
Northern IrelandNorth Ireland pound*
26 more rows

Who bought Banamex? ›

Citigroup's acquisition of Banamex for $12.5 billion in 2001 was the largest ever in Mexico at the time and was part of a wave of foreign purchases after an economic crisis devastated the bank sector in the mid-1990s.

Can I buy a car in Mexico on a tourist visa? ›

The next thing that is important is that you can rock up and buy a car on a tourist visa, no problem… you can even get insurance to drive as a tourist without issue BUT you can't register the car to your name until you have residency here, either temporary or permanent.

How do I get a temporary resident card in Mexico? ›

The application process for getting a Mexico Temporary Resident Visa is:
  1. Contact a Mexico embassy to set up an appointment. ...
  2. Complete the Mexico Visa Application Form. ...
  3. Collect the required documents. ...
  4. Submit the application and pay the visa fee. ...
  5. Wait for the visa to be processed.
  6. Pick up your passport.

What is the best bank to use in Mexico? ›

The Top Banks in Mexico Include:
  • BBVA Bancomer. Established in 1932, BBVA Bancomer is the largest of the banks in Mexico. ...
  • Santander Mexico. ...
  • Banamex. ...
  • Banorte. ...
  • HSBC Mexico. ...
  • Scotiabank Mexico. ...
  • Grupo Financiero Inbursa.
2 Sept 2021

How do I deposit money into a Mexican bank account? ›

You have three options for transferring money to a bank account in Mexico.
...
You could:
  1. Go to a bank and make a wire transfer;
  2. Transfer money using an international bank; or.
  3. Find an online international money transfer service.
14 Nov 2021

How many days can a tourist stay in Mexico? ›

What is Mexico's visitor visa, the FMM? Mexico's visitor visa allows entry into the country for leisure or business visits lasting maximum 180 days. The immigration official at the port of entry will grant a specific number of days (not exceeding 180) when you arrive in Mexico.

How much is a car in Mexico in pesos? ›

The lowest-priced, brand new, bare bones vehicles in Mexico cost 140,000 to 150,000 pesos (about USD $7,950 to $8,515). If you're buying a brand-new car in Mexico, the dealership people are in charge of getting all of the documentation to get a new plate.

How much does it cost to register a car in Mexico? ›

Bring original and copy of your passport, residence visa, Proof of address, a utility bill, title deed, or rental contract. CURP Clave Única de Registro de Población (Unique Population Registry Code). Cash, between $1000 and $2000 pesos the cost will depend on whether you need new license plates or not.

What happens if I overstay my tourist visa in Mexico? ›

If you overstay your Mexico Tourist Card, you must go to an immigration office in Mexico or the immigration center at the airport and pay a fine, which is calculated based on the number of days you have overstayed. Then, you must make arrangements to get an exit visa before you leave.

How long can you live in Mexico without a visa? ›

Visa Not Required for Mexico

Visa-exempt travelers who come to Mexico for tourism or business can stay for a maximum of 180 days without a visa, while travelers who want to transit through the country can stay for a maximum of 30 days visa-free.

How much does it cost to get residency in Mexico? ›

Additionally, when you apply to get a Permanent Resident Card at the National Immigration Institute, you have to pay a fee for the Card as well (around 5,000 Mexican Pesos or US$250).

How are Mexican expats banks? ›

Expats can open a basic, checking or deposit account in Mexico. A basic account, or cuenta de nómina, is useful for those earning a wage. They can be opened easily at any Mexican bank. Retail banks offer checking accounts which normally require a monthly deposit.

Is Banco Azteca a good bank? ›

Today, with more than 15 million customers, more than 1,770 branches and more than 10,180 ATMs throughout the country, Banco Azteca is one of the strongest financial institutions with the largest geographical distribution network in the country.

How much money can you have in your bank account without being taxed? ›

When it comes to cash deposits being reported to the IRS, $10,000 is the magic number.

How can I transfer a large amount of money to Mexico? ›

Best Ways to Send Money to Mexico Online of 2021
  1. OFX: Cheapest for bank deposits.
  2. Remitly: Cheapest for cash pickup.
  3. MoneyGram: Fastest (tie) and biggest network.
  4. Xoom: Fastest (tie)
  5. Western Union: Runner-up for biggest network.
5 Jan 2021

Is Zelle available in Mexico? ›

In order to use Zelle®, the sender and recipient's bank accounts must be based in the U.S.

Is there a Wells Fargo in Mexico? ›

Services around the world

Wells Fargo does not have offices outside of the U.S. that provide services to consumer or small business customers. For assistance with your accounts when traveling internationally, refer to our international access codes for phone numbers, or visit our travel resource center.

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