Banking in Mexico
You do not need to have your own bank account in Mexico unless you are legally employed. ATMs are widely available around the country, and by utilizing an official ATM from a bank (rather than a private ATM), you may withdraw funds from your home account with minimum costs. Also, we did not hear of banks that would accept a foreigner to open up a bank account without having a legal resident permit.
However, you will need a Mexican bank account when you start working. Many corporations pay through direct deposit (called 'nómina'), and it is pretty rare for them to produce checks to cash or to send money to your foreign bank account as this will cause transaction fees. If you are paid through direct deposit, your employer will usually open the account for you. If not, you are free to pick your own bank. You could also use the Mexican bank account to pay your energy, utilities, and internet bills periodically.
Different banks in Mexico
Bancomer, Banamex, Santander, Banorte, HSBC, and Scotiabank are among the significant Mexican banks having branches around the nation. They are all quite similar, but you may obtain documentation from their websites that illustrate their services, perks, and the many sorts of accounts they provide.
Banorte is the only one of these large banks that are authentically Mexican-owned. Banamex, for example, just merged with Citibank; Santander and Bancomer (BBVA) are Spanish; HSBC is British, and Scotiabank is Canadian.
Aside from studying the rules on their websites, the most straightforward approach to picking a bank is to choose a location near your workplace. If there are multiple banks around, keep an eye out for them. Some are busier than others, depending on the time of the day. Remember that Mexicans get paid every two weeks, so the 15th and 30th of the month might get busy!
When to visit the bank
As we have just mentioned, Mexicans get paid biweekly, once on the 15th and then again on the last day of the month. Banks around the country have long lineups for tellers and ATMs these days. Consider not going to the bank on certain days to avoid extensive lineups and attempt to get money from an ATM that might have run out of cash.
Types of bank accounts in Mexico
Aside from the nómina (direct deposit) bank account, you could create another form of account based on your interests and needs, such as a savings account, checking account, fixed deposit account, or foreign currency account. Before actually opening either of these funds, thoroughly check the bank's rules to ensure you comprehend what you could be billed for.
Checking and nominal funds include a debit card connected to Visa or MasterCard, which can also be used in supermarkets, restaurants, and establishments across Mexico. You will have to meet with an account executive to arrange online banking. Everyone should be informed that you'll be billed for additional internet services such as transferring money.
Procedures for opening an account
The following documents must be submitted in order to create a bank account in Mexico:
- A valid identification document (foreigners, use a passport or maybe a resident ID)
- Proof of residence is frequently provided in the form of an electric bill from your location, and it doesn't need to be in your name.
Mexican banks frequently demand costs that are not imposed in other areas, including for printing your financial records or if the balance in your bank account falls under a specific amount, which is usually 4,000 pesos (approximately USD 240). The restriction doesn't somehow apply when you are receiving payments by direct deposit; however, if you change employment, pay attention to your account to prevent such costs.
A further annoyance is that once you set up an account, cold callers working for the bank may phone you on a pretty regular basis proposing credit cards and other deals. If you do not know Spanish, this might be highly puzzling because you might believe there could be an issue with your account. Generally speaking, you may expect that whenever the banker calls, it means business. If you are not a legal resident in Mexico you cannot apply for a bank account or credit card.
In case you have to make some money transfers you can use apps like wise.com, which offer fast options for international transfers at an acceptable rate.
Useful links:
