If you plan to spend a decent amount of time in Mexico, it can be very useful to know how to open a bank account in Mexico as a non-resident.
As an increasing number of digital nomads and remote workers are choosing to spend their time in Mexico, this has become one of the most common questions we get asked.
An international bank account in Mexico can be essential for your everyday needs. Including paying your rent, health care insurance, local bills, and much more.
While nearly all banks in the country will require you to have residency in order to open an account, there are some ways to open an international bank account and access international banking services in Mexico without it.
KEY TAKEAWAYS
- Non-resident individuals, expats, and digital nomads can open bank accounts in Mexico
- Opening accounts in Mexico is not for everyone
- Not all banks in Mexico accept non-resident applicants
- Onboarding processes will vary depending on your client profile, needs, and the bank you choose to apply with
Read on for everything you need to know about opening bank accounts in Mexico as a non-resident and whether or not it’s the right decision for you.
Here’s a look at the specific topics we’ll cover in this article…
Table of Contents
- Can Non-Residents Open a Mexican Bank Account?
- What Are the Benefits of Opening Mexican Bank Accounts?
- What Are the Challenges of Opening Mexican Bank Accounts?
- What Types of Accounts Can You Open in Mexico?
- What Are the Requirements for Opening a Bank Account in Mexico?
- How to Open a Bank Account in Mexico as a Non-Resident?
- Ready to Open an Offshore Bank Account?
Can Non-Residents Open a Mexican Bank Account?
Opening a bank account in Mexico is possible for non-residents and expats. But, without a resident card, it can be challenging. Overall, you probably will only want to open an account if you plan on living here. In this article, we share everything you need to know about how to open a bank account in Mexico as a non-resident.
Before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Non-Resident Banking Starter Guide. It’s designed to help non-residents open an international bank account in top banking hubs around the world.
What Are the Benefits of Opening Mexican Bank Accounts?
While yes, a non-resident can open a bank account in Mexico. We can say with confidence that it’s not for everyone.
It’s especially not for those looking to enter the world of offshore banking. There are many other offshore jurisdictions where it is much easier and more worthwhile to open accounts than Mexico.
However, if you’re planning on moving to Mexico, temporarily or long term, then opening a bank account in the country makes sense and can be quite beneficial. Here’s why…
Benefits of Opening a Bank Account in Mexico:
- Is more convenient for making everyday purchases and paying local bills
- Helps in the process of acquiring residency in Mexico
- Reduces international withdrawal charges from banks in your home country
- Comes with accessible online platforms (varies by bank)
- Can be used to pay for local health insurance
- Makes it easier to receive income in Mexico
- Enables you to acquire a local debit card
As you can see, having a Mexican bank account is necessary for some key aspects of life in Mexico.
With this in mind, it’s important to note that each Mexican bank has its regulations, required documents, and guidelines non-resident individuals need to follow.
And unfortunately, this can significantly impact the benefits you can unlock.
This is why, before applying, it’s crucial to understand the benefits you’re after and the documents your specific client profile can meet.
Before we dive into uncovering the account opening requirements, let’s first look at the challenges non-resident individuals often face when opening an account in Mexico.
What Are the Challenges of Opening Mexican Bank Accounts?
The biggest challenge to opening an account in Mexico is that most banks will not open accounts for non-resident individuals or expats. But if you know where to go, it is possible to get around this.
From there, you will also face the standard challenges that come with opening an account outside of your home country, whether you’re opening a bank account in Canada as a foreigner, the United States, or even Mexico. To help you prepare, here’s a look at the challenges you could face during the account opening process.
Challenges of Opening Mexican Bank Accounts:
- Finding a bank that will accept your client profile
- Finding a bank that will meet your banking needs
- Lack of English-speaking customer service
- In-person account opening is often required (varies by bank)
- Being unable to meet bank-specific requirements
There are also some challenges that you may face when it comes to using your Mexican bank account.
Challenges of Using a Bank Account in Mexico as a Non-Resident:
- Higher fees can apply
- Withdrawal limits
- Limits on the number of monthly transactions
As you can see, there are challenges to opening and maintaining a non-resident bank account in Mexico.
These challenges can be avoided if you choose the right bank. In other words, if you choose a bank that accepts your client profile and requires documents that you can provide.
Additionally, you want to make sure you choose a bank that meets your banking needs and offers you the international personal banking services you’re after. This means, finding a bank that offers the type of account you need and the benefits you’re seeking.
If you’re not sure of the type of account you can open, you’re in luck. Read on as we uncover the different types of accounts available to non-resident individuals in Mexico.
What Types of Accounts Can You Open in Mexico?
There are a few different types of accounts non-resident individuals can choose from when opening a bank account in Mexico.
Of course, the account available to you will depend on your client profile and whether or not you can meet the account opening requirements.
But, generally speaking, non-resident individuals can open one or more of the following bank accounts:
- Deposit accounts
- Checking Accounts
- Savings Accounts
- Payroll Accounts
- Investment Accounts
Let’s look at the top three accounts in more detail…
Deposit Accounts
This type of account can be broken down into two different forms and functions.
The first is a sight deposit account, which allows non-resident individuals the ability to withdraw funds without any restrictions.
And second, is a notice deposit account, which requires non-resident individuals to hold a sum of money for a set period of time.
Checking Accounts
A checking account in Mexico can be used by non-resident individuals for everyday purchases, paying bills, and even international transfers.
Depending on the bank you choose to open with, a checking account can come with specific restrictions. For instance, some banks in Mexico require non-resident individuals to hold a minimum balance, make routine deposits, and not exceed the monthly withdrawal limit.
Savings Account
A savings account in Mexico operates similarly to other retail banks around the world. However, most Mexican banks do limit the number of monthly withdrawals you can make with this type of account.
Of course, to open any of these accounts, you will need to be able to meet all of the bank’s required documents. Read on for what those are.
What Are the Requirements for Opening a Bank Account in Mexico?
Knowing how to successfully open an account, whether you want to know how to open a Brazilian bank account, a US bank account, or a Mexican bank account, is an important step that requires careful consideration and preparation. Understanding the account opening requirements your specific client profile is required to meet is critical to know before you start the application process.
This is challenging as documents vary from bank to bank, branch to branch, and even banker to banker. Documents also vary depending on your client profile and the type of account that you are trying to open.
To help you get started, here are the general documents non-resident individuals need to meet when opening a bank account in Mexico.
Documents Needed to Open Accounts With a Mexican Bank:
- Proof of address in home country (e.g. bank statement)
- Bank-specific application forms
- Government-issued identification (e.g. passport)
- Account opening deposit (varies from 0 to 1,000 MXN)
If you don’t read or speak Spanish, it can be challenging to know which specific documents you need to meet. Especially, since certain banks require you to translate all account opening documents into Spanish. That said, not all banks in Mexico require this.
How To Open a Bank Account in Mexico as a Non-Resident?
To recap, it is 100% possible for foreign non-resident individuals to open bank accounts in Mexico.
If you’re not expecting to live in Mexico, you might want to consider opening a bank account elsewhere. This is because other banking jurisdictions can offer more benefits, products, and services to non-resident individuals specifically.
Not to mention, the process of opening a non-resident bank account is a lot simpler in other countries.
With this in mind, if you are planning on moving to Mexico, a Mexican bank account might be essential.
As mentioned above, though almost all banks will require you to be a Mexican resident in order to open a bank account, some select banks will open bank accounts for non-resident individuals.
Ready to Open an Offshore Bank Account?
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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+ 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.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
