Banking & Finance
- See the data table below for detailed numbers
- Check the FAQ section for common expat questions
- Use our free assessment to get personalised results
Opening a bank account in Mexico is one of your first tasks after landing. The process varies depending on your visa type.
Banking Overview in Mexico
| Feature | Details |
|---|---|
| Currency | Mexican peso (MXN) $ |
| Bank Account for Foreigners | May be possible — confirm with the bank |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Mexico
Foreign nationals may be able to open a bank account in Mexico, but we have not independently verified this — confirm the current rules directly with the bank, in writing, before you rely on it. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Banks in Mexico — remote & non-resident opening
Named banks operating in Mexico, and what our automated research found about non-resident remote account opening (no branch visit required). This has not been verified by a human reviewer — use it as a starting point and confirm directly with the bank.
| Bank | Remote opening | Confidence | Details |
|---|---|---|---|
| Banamex | May require an in-person visit — confirm with the bank directly | High | Mexican banks restrict online opening to citizens/residents; non-residents must apply in person at a branch. |
| Banorte | May require an in-person visit — confirm with the bank directly | High | Online opening requires valid CURP and residence in Mexico; non-residents cannot open remotely. |
| BBVA México | May require an in-person visit — confirm with the bank directly | High | Online opening limited to Mexican citizens/naturalized; foreigners need resident visa and in-person visit. |
| HSBC México | May require an in-person visit — confirm with the bank directly | Low | Requires proof of legal entry and Mexican address; HSBC global may let expats pre-apply but not true non-resident remote. |
| Santander México | May require an in-person visit — confirm with the bank directly | Medium | Non-residents typically need CURP/RFC and a branch visit; no credible evidence of remote non-resident onboarding. |
Last checked 2026-06-21 · Source: official bank websites, gathered via automated research that has not been reviewed by our founder — treat every row as a lead, not a verified fact, and confirm directly with the bank before you rely on it. Research confidence: High = clear supporting evidence found · Medium = partial or indirect evidence · Low = weak or conflicting evidence · Unrated = no confidence assessment recorded (unreviewed automated research).
Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Mexico. While you may be able to send money to Mexico, full local account features may not be available. Check their website for the latest on Mexico-specific services.
N26
We have no record of N26 operating in Mexico — check N26's own country list, as their coverage changes. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Mexico, consider these factors:
- Exchange rate: The currency is MXN. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Mexico is approximately €880 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Additional Data Points
Recent reports and expat sources provide these additional figures for Mexico:
- 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.
- The following documents must be submitted in order to create a bank account in Mexico:
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
How long does it take to open a bank account in Mexico?
Opening a bank account in Mexico typically takes 1-3 weeks depending on documentation readiness and the bank chosen. Digital banks may be faster.
What are the best banks for expats in Mexico?
For expats in Mexico, options depend on your needs. RFC needed. Banco Inbursa and BBVA accessible. We recommend comparing traditional banks with digital alternatives based on your transaction patterns and whether you need international transfers.
How do international money transfers work from Mexico?
You can transfer money from Mexico via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
Does Wise (TransferWise) work in Mexico?
Wise has limited functionality in Mexico. You may need to rely on traditional banks for transfers.
Are there any fees for maintaining a bank account in Mexico?
Many banks in Mexico charge monthly maintenance fees ranging from $2 to $15. Some offer free accounts if you maintain a minimum balance or receive a regular salary.
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About the author
António Mira is the founder of whereTOemigrate. For over a decade he has worked at the intersection of Portuguese real estate and overseas business, helping international clients navigate the cross-border decisions that come with relocating. He sits on the board of CCIAP (Portuguese-Arab Chamber of Commerce), the Portuguese-Saudi Business Council, and the Portugal-Hong Kong Business Association — always with one focus: enabling overseas business and human mobility into and out of Portugal.
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