Top Banks in Mexico
There are plenty of banks in Mexico. However, the following are the most preferred by foreigners.
- BBVA Bancomer serves more than 11 million clients and has the largest amount of total assets, loans, deposits, number of branches, and ATMs.
- Banorte It has a vast network of branches and ATMs all over Mexico.
- Citibanamex is operated as part of the US-based Citigroup.
- Banco Santander is a Spanish company. They offer a wide range of services from loans and mortgages to working capital and trade finance.
International Banks in Mexico
There are some international banks operating in the country owned by foreign banking groups. If you have an account with one of these banks in your home country, you can easily open an account at the Mexican branch.
There are some international banks operating in Mexico. They are:
- Santander
- HSBC
- Scotiabank
Bank Fees & Minimum Deposit
Setting up a Mexican bank account will require:
- A minimum holding deposit of 1000 MXN (50 USD) to avoid bank fees.
- Personal documentation to open a bank account, including identification and your immigration ID card to prove your legal status in the country.
International money transfer
A wire transfer moves money from one bank or credit union to another using financial networks like SWIFT or ABA. The SWIFT | ABA network includes a large number of banks and financial institutions in many countries.
In order to use bank wire transfers, you have to provide your bank account information. whether you are sending or receiving money. Transaction time is usually one business day but could be longer depending on the countries involved.
Retail money transfer service can also be used to wire money. Senders can send money thru their retail to the recipient and the recipient can walk out of a retail location in another country in less than an hour with his/her money.
How to open a bank account?
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Requirements to open an account
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- Proof of legal status, such as visa or residence immigration card. It is not possible to open an account with a tourist status.
- Valid Passport
- Proof of residence, such as any recent utility bill, not older than 3 months.
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To open a bank account, it is necessary to go to a branch from the desired bank and fill out proper documentation. However, there are a few special accounts that can be opened online. Usually, these digital accounts do not have the same functionality as some of the regular accounts.
We recommend comparing all different bank account options to make informed decisions.
Types of bank accounts
- Checking accounts in Mexico: Charges vary and often depend on a minimum balance in the account.
- Deposit accounts in Mexico: Allow withdrawing without notice. This type of bank account comes with a debit card to withdraw cash at any ATMs worldwide. They charge minimum interest rates, and many banks often require the client to hold a minimum balance in the account to avoid account fees.
- Investment accounts: This type of bank account offers a variable or fixed return on investment, based on the degree of risk chosen by the client. It requires a higher deposit.
Credit ratings in Mexico
Credit ratings in Mexico are handled by a private organization known as Credit Bureau (Buró de Crédito). In case of not having a credit history in Mexico, we recommend collecting as many “proofs of creditworthiness” as possible– i.e. former bank statements, referral letters from banks abroad, or a letter from a former employer.
Sales tax (VAT) and total cost of bank credits
Banks charges and credit interests are subject to sales tax VAT – IVA in Mexico. The value of IVA is 16%.
Exchanging Money in Mexico
Major banks are willing to exchange your money for Mexican pesos. Some banks will only exchange the foreign currency if you have a local bank account. Others have limited time windows during the day when they will transact foreign currency exchange. We recommend you use a currency exchange house instead of one located at the airport or any other, which can be located at major shopping centers or in different locations throughout the city.