The best bank in Mexico for non-residents might surprise you. And, that’s because it might not be in Mexico.
In fact, as we’ll discuss below, many non-residents decide that choosing to apply for accounts and open a foreign bank account online is often a better and more affordable option.
In this article, we’re going to explore some of the alternative options. Of course, we’ll also be discussing how to open with the best bank in Mexico if that’s your ultimate goal.
We will also answer some of the most common questions that we get about non-resident banking in Mexico below.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Banking in Mexico 101
- Alternatives to Banking in Mexico
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Banking in Mexico 101
Banking in Mexico as a non-resident is not as easy as some make it seem. In fact, if you’re looking to open accounts without proof of residency, you will likely have limited options available to you.
In some cases, you may be restricted to online or digital accounts that don’t even have basic banking functionality. Instead, they operate like a digital wallet or top-up card that you can use to complete online purchases.
If you are looking to open a specific type of account, such as an instant bank account with a virtual debit card, you can get started by accessing our free guide linked here.
Of course, there are non-resident banking options to consider in Mexico, if you know where to look, have the right information, and know how to navigate the account opening process. But, you’ll still need to show up in person. Whether or not visiting the bank in person will depend on your personal situation and where you’re currently located.
Alternatively, if you’re into forex trading and you want to open a forex broker bank account, you should understand the account opening challenges you’ll face, which you can learn about at the link here.
Why Open a Bank Account in Mexico as a Non-Resident?
Mexico is a popular destination for digital nomads, retirees, and freedom-loving folks from around the world. So, it’s no surprise that opening in Mexico as a non-resident is a common request we receive.
However, in most cases, we suggest considering alternative banking options instead. This might include opening an account with a bank with reasonable foreign exchange fees, offers credit cards with no (or low) foreign transaction fees, or opening with a bank that caters to foreigners and expats. We’ll share more on alternatives below.
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Alternatives to Banking in Mexico
In most cases, non-resident banking requirements involve international transfers, support for local expenses, low-cost international transfers, low-cost foreign transactions (via card), and minimal fees for opening and maintaining accounts.
If this sounds like you, you might want to start thinking about which banking hubs are accessible to you and best suited for your situation. Below are a few examples to get you started:
Isle of Man
In many ways, the Isle of Man is a purpose-built banking hub for expats and non-resident clients. It has 100% remote opening options with some of the largest UK banks, catering exclusively to foreigners. In certain instances, accounts can be opened in the Isle of Man with as little as $3,000. However, there are also premier and private banking options available here as well.
Jersey
Jersey is very similar to the Isle of Man from a banking perspective. However, the options available here tend to cater to more affluent non-residents and wealth management entities. As such, deposits start at GBP 50,000 and can go up to several million, depending on the bank and account type you choose.
Portugal
Yes, non-residents can open bank accounts 100% remotely in Portugal with as little as $300. It’s also possible to open accounts with some of the largest banks in the country. The major benefit here is that this provides foreigners with access to SEPA banking, a personalized IBAN, and banking in an EU country.
United States
If you are looking to open an account with the best bank in Mexico, you may want to consider opening with banks in the US instead. In fact, foreigners can open accounts in the USA 100% remotely with as little as $3,000 at certain banks.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to open a bank account in Mexico. If you have further questions, don’t hesitate to get in touch with us directly.
Is it Safe to Open Accounts in Mexico?
Mexican banks are generally safe when compared to other regional options. However, as always, it’s important to limit your exposure to a single jurisdiction and consider opening accounts in alternative jurisdictions as well.
Is It Possible to Open Accounts Online in Mexico?
There are digital and online banking options available in Mexico. However, they tend to have limited functionality if you do not have residency in Mexico already. As for opening traditional bank accounts online, this is not an option for non-residents. Instead, opening an account will require an in-person branch visit.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
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+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
You can learn more on the products page from the main menu above.
