How to Open a Bank Account in Mexico

We had been delaying to open a bank account in Mexico because we thought it would be a day-long ordeal better spent watching paint dry. At least, that’s what our neighbours told us. They had been to the bank and spent hours setting up an account. Disclaimer: Take everything you hear about Mexico with a grain of salt. Everyone has a dissimilar experience in all facets of life, from getting a driver’s license, to taxes, to setting up electricity, to entering and leaving the country as a resident. I’ve come to understand TIM (This Is Mexico). Things change constantly yet things don’t change at all. It’s like living in Happy Days with a pinch of The Truman Show thrown in.

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What was the catalyst driving us from procrastination for almost three years to finally stepping foot in a bank? A dramatic rise in ATM fees. Mexico is still a cash society and most people prefer to deal with the peso. I do, too, but it’s a hit to the solar plexus when you are charged USD$12 to withdraw cash with a foreign bank card.

We asked our expat friends which banks they chose and what their experiences were like. Of course, the reports varied, so we decided to patronize the bank where we had a personal recommendation to ensure good customer service.

After further research online on how to open a bank account in Mexico, we emailed to make an appointment with recommendation number one. He was on vacation, so we took recommendation number two. Some banks in Mexico prefer it if you make an appointment, and others do not mind if you walk in. We opted for an appointment.

We also did online research as to what this bank wanted for documentation to open a bank account in Mexico. According to their website, the following was necessary for foreigners opening a bank account:

• A valid passport
• A utility bill with your current address
• Your valid temporary or permanent Mexican residency card (temporal or permanente)
• SEGOB (Documento Migratorio)

With all the documentation handy, we were ready to open a bank account in Mexico.

After checking in at the front desk to open a bank account in Mexico, we were escorted into an office where we were assisted by a pleasant Mexican woman who spoke good English. We briefly discussed options and then told her what account we would like to open—a general checking account for easier transactions within Mexico. I asked if there would be a minimum amount to deposit into the account for activation.

“Si. 50,000 pesos.” A large, welcoming smile spread across her face as she delivered this whopper of a dollar amount to open a simple checking account.

There is no way we are putting 50,000 pesos into this bank just to open a simple checking account.

I fully intended to ignore her statement because I was not going to abide her request.

“Okay. What do you need us to do next?”

“I will take you to Alejandro, and he will help you with all the details.”

Off to Alejandro’s desk for the next steps.

Alejandro also spoke clear English, was helpful and professional.

“I need your passport, residency card, utility bill, copy of our lease, and social insurance number.” Good thing I had brought the lease along as backup for proof of address because our utility bill is not in our name; it is in our landlord’s name, which is quite common in Mexico. He did not ask for the SEGOB, as required on the bank’s website.

After an hour, we were all set up. We would need to go back to finalize the account and pick up our debit card. Alejandro even helped set up the banking app on my phone.

Side note: Mexican banks do not report to the Canadian government. Some banks insist on having the social insurance number. Some do not. TIM.

Oh, and we did not deposit 50,000 pesos to activate the account either. 500 pesos would suffice, being transferred by Wise.

The Speed and Efficiency of the Mexican Banking System

The Mexican banking system is impressively fast and efficient. For example, when we use Wise to transfer from our US account to Canada, it can take up to two or three days. A transfer from our US bank account to Mexico? Six to 13 seconds. Makes you wonder who is watching… The banking app is also superior to the Canadian and US banking apps I have used, or tried to use. I couldn’t set up the US banking app on my phone. With my Mexican bank, I can pay the utility bill by scanning a bar code. To top up my cell phone, I only need to select the Mexican carrier and then enter my phone number and select how much I want to pay. No need to set up accounts or deal with any other finicky numbers. On the one hand, I am super impressed. On the other, how close is Mexico to setting up a digital system superior to the Western World?

The new Mexican president, Claudia Scheinbaum, issued this target in her 100 Points as she outlined her new administration:

17. The largest digital paperwork procedures program in history will be created.

Something to be aware of…

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The information provided in the Liberty Travel Coach blog does not constitute legal, tax or financial advice. It does not consider your circumstances, objectives, legal and financial situation or needs. Before acting on any information in the Liberty Travel Coach blog you should consider the appropriateness of the information for your situation in consultation with a professional advisor of your choosing. 

Charlotte Tweed is an expat travel coach with a goal to take you on a journey where you don’t just visit—you live it. Graduating with a Travel and Tourism Honours diploma, Charlotte is channeling all her passion and skills into Liberty Travel Coach to help people relocate to unique liberty destinations. Charlotte resides in Mexico and will help you find a home where you can have freedom and live in a community of like-minded people.

Liberty Travel Coach promotes a lifestyle of personal responsibility and liberty, potentially within self-sufficient communities. A change to your environment, community, and lifestyle through Charlotte’s expat travel coaching services will make you feel renewed, happier, healthier, safer, and free to live the self-sustaining life offered by liberty-loving communities.