BANKING AND YOUR PERSONAL FINANCIAL ACCOUNTS
If you’re considering a visit or move to Mexico, there’s a lot to think about besides finding the best place to live. Lets face it: money is important, and you need good advice to make sure you can easily access your funds when you need them. Some of the questions you may have include:
- How do I open a bank account in Mexico?
- What documents do I need?
- Should I open an account in my currency, Mexican pesos, or both?
- Can I open an account remotely or online?
- Which bank is best for my needs?
- How can I use ATMs in Mexico?
- What are the hidden costs, and how can I avoid them?
- What international transfer fees and restrictions will I have to deal with?
- How can I move large amounts of money to Mexico?
While the answers to some of these questions are straightforward, there is no single approach that is best for everyone. For example, if your Spanish is very limited, you may be best served by a bank that offers representatives who speak your preferred language.
Tell us your financial needs and we’ll recommend the best solution for you. Let us deal with the stress so you don’t have to – after all, you’re coming to Mexico to enjoy life!
A FEW GENERAL TIPS
If you want to open a local bank account, you’ll find a wide range of institutions, services and fees. There will be options no matter your needs, from checking and savings to money market accounts and certificates of deposit.
The banking industry in Mexico is primarily dominated by foreign banks. As such, several international banks including Bank of America, Citibank, HSBC and Santander among others have a presence or partner in Mexico. If you already bank with one of these institutions, they may be able to help you with the specifics of setting up an account in Mexico before you arrive.
The procedures and availability of services may vary from bank to bank, so it’s best to speak to a customer representative at your local branch.
All principal Mexican banks offer online banking; however, you may be required to open an account at your local retail branch before you can access your account’s online services. Most major bills can be paid online, and queues in banks are notoriously long, so be sure to register
for online banking as soon as possible.