If you’re looking to open a Mexican bank account online, you’ve come to the right place.
While we’ve discussed how to open a bank account in Mexico in the past, we haven’t broken down the options for opening online.
So, in this article, we’re taking a closer look at the options available and the challenges you’ll face when trying to open.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Mexico Bank Accounts 101
- Who Can Open Accounts Online in Mexico?
- How to Open an Account Online in Mexico
- Frequently Asked Questions
Mexico Bank Accounts 101
First, it’s important to note that Mexico is a surprisingly difficult place to open non-resident bank accounts.
In fact, almost all Mexican banks require foreign non-residents to have Mexican residency in order to open accounts.
Of course, certain Mexican banks also accept individuals who have started the process of obtaining Mexican residency as well.
And, our team is able to help our members open accounts as non-residents if they can visit a branch in person.
Unfortunately, this is a common issue that non-residents face, whether they’re trying to bank in parts of Europe or even in other Latin American countries such as Brazil.
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Who Can Open Accounts Online in Mexico?
In most cases, non-residents do need to have residency in order to open a bank account in Mexico. However, when it comes to digital banks there are actually more options to choose from.
That’s because not all digital or online banks require you to have Mexican residency. That said, there is a caveat…
While you can technically open a Mexican bank account online, if you are a non-resident it will not function like a traditional bank account. Instead, it will likely be restricted to payment card activities, operating like a debit or credit card.
In other words, you can open and fund an account but you will not be able to send transfers or manage funds like you would with a traditional account.
So, if you are looking for more traditional banking activities you should instead consider the non-resident banking option that we discuss in the article linked above.
On the other hand, if you are looking for a simple way to pay local expenses, use local services, and make online purchases locally, then one of the online banks in Mexico might be all you need.
How to Open an Account Online in Mexico
If you want to open a Mexican bank account online, the most important step is confirming that the bank you choose actually has the specific capabilities and services you require. This is because not all online banks in Mexico offer a full range of banking services. And, this is especially true for non-resident clients.
Frequently Asked Questions
Below are two of the most common questions that we receive from foreigners trying to open bank accounts in Mexico. If you have further questions, don’t hesitate to get in touch with us directly.
Can a Non-Resident Open a Bank Account Online in Mexico?
Yes, a non-resident can open a bank account online in Mexico if they choose the correct bank (or digital banking platform), have a local phone number, and can complete the onboarding process. That said, the account will not function like a regular bank account and will have restrictions if you do not have Mexican residency.
Is It Difficult for Non-Residents to Open Accounts in Mexico?
It can be difficult for non-residents to open accounts in Mexico if they do not have the right documentation or choose the wrong bank. In general, we suggest that our members consider one bank in particular, which allows non-residents to open accounts remotely (if you have a Mexican phone number). And, if you’re a non-resident who is able to visit a bank in person, there are other options available as well.
Ready to Open a Mexican Bank Account Online?
If you would like assistance navigating your banking options in Mexico 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 before deciding whether you would like to move forward, don’t hesitate to contact us directly!