Best Bank in Mexico [Non-Resident Banking Guide]

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 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

  1. Banking in Mexico 101
  2. Alternatives to Banking in Mexico
  3. Frequently Asked Questions
  4. Ready to Open an Account in Mexico?

Banking in Mexico 101

As we’ve shared in the past, 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.

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. And whether or not visiting the bank in person will depend on your personal situation and where you’re currently located.

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.

Ready to Open an Account in Mexico?

If you would like assistance navigating your banking options at home or abroad, we can help.

You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.

But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.

Of course, if you have any questions, please contact us directly.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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