If you’re a foreigner looking to establish banking ties in Mexico, there’s a good chance that you’re specifically considering Cancun banks.
In this article, we’re going to dig into your options and discuss why you might want to open an offshore bank account remotely elsewhere instead.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- Banking in Cancun 101
- Alternative to Cancun Banks
- Frequently Asked Questions
- Ready to Explore Your Options?
Banking in Cancun 101
Like banking elsewhere in Mexico, banking in Cancun is not necessarily an easy task for non-residents to navigate. In fact, there are very few non-resident banking options in Mexico to begin with.
So, if opening an account as a non-resident is a priority for you, you’ll need to make sure you increase your chances of success with the limited options that exist.
That said, Mexico is not as easy as banking in a wide range of other foreign jurisdictions with banks that are more strict in terms of onboarding. But, you will still need to meet onboarding requirements and carefully plan your application.
With this in mind, most non-residents can consider two options when looking to bank in Mexico, or more specifically, Cancun…
The first option is a traditional bank that will open a brick-and-mortar account domestically. This will require you to show up in person to submit the necessary documents.
The second option is a digital account, or more accurately a digital wallet. In short, this digital account does not operate like a bank, instead, it’s more like a prepaid virtual debit card that can be topped up through the mobile application.
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Alternative to Cancun Banks
Many foreign non-residents live in Cancun on a semi-permanent basis, and while it can certainly make sense to navigate the account opening options locally, there might be a better alternative…
International banks that cater to foreign expats allow for 100% remote opening, offer expat-centric services, and issue credit and debit cards in multiple currencies in order to support your international lifestyle.
These banks are much more understanding of residency status, are typically located in favorable banking jurisdictions, and can accept clients from a wide range of countries.
So, if you are looking to open accounts with Cancun banks, you may want to consider whether a Mexican bank account is really necessary. Instead, you may find that opening accounts remotely with an international bank that offers the services and products you need is a better choice.
Frequently Asked Questions
Below are some of the most common questions that we receive from people looking to open non-resident bank accounts in Mexico. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Who Can Open Accounts With Banks in Cancun?
In general, residents of Mexico can open accounts with banks in Cancun. However, there are several exceptions for non-resident applicants. That said, we typically suggest that non-residents consider an alternative option instead, which can be accessed 100% remotely.
Can I Open Bank Accounts In Cancun Remotely?
If you are a resident of Mexico, you can open a bank account in Cancun remotely. If you are a non-resident, there may be one option available to you, however, this option has restrictions and is not a traditional bank account.
Ready to Explore Your Options?
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
+ Direct introductions to your desired banks
+ 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.
