Opening a Bank Account in Mexico as a Foreigner

Yes, if you are a legal resident. Mexican banks must identify every customer under anti-money-laundering rules, and a residence card is the document they trust most for foreigners.

If you are still planning your move, see temporary residency. Some people keep a foreign account and use international transfer services until their card arrives.

Requirements vary by bank and even by branch, but expect to bring:

• Residence card (temporary or permanent), valid for at least the next few months.
• Passport.
• Proof of address in Mexico (comprobante de domicilio): a recent electricity, water, landline, internet or gas bill. Some banks accept a bill in your landlord's name with a lease.
• CURP. See how to get a CURP.
• RFC tax ID and constancia de situación fiscal. Many banks ask for it, and it is required for some products. See how to get an RFC.
• A Mexican mobile number for app security codes. Mobile lines must now be registered to their holder. See phone and internet.
• Foreign tax information. Banks ask where you are a tax resident and for your foreign tax number. US citizens are usually asked to fill out a US tax form (W-9).

Large Mexican banks include BBVA México, Banorte, Santander, Banamex, HSBC and Scotiabank. There are also digital banks and financial apps that are regulated in Mexico. When you compare them, look at:

• Monthly fees and minimum balances. Many accounts charge a fee if your balance falls below a set amount.
• ATM network. Using another bank's ATM usually costs a fee.
• English support. Some banks offer English service in cities with many foreign residents.
• Transfers from abroad. Ask about fees and exchange rates for incoming international wires.
• App quality. Most daily banking in Mexico happens in the app.

The financial consumer protection agency, CONDUSEF, publishes comparisons of bank fees and takes complaints.

Every Mexican account has an 18-digit CLABE (Clave Bancaria Estandarizada). To receive a transfer from another Mexican bank, you give the sender your CLABE. Transfers go through SPEI, Banco de México's payment system, and usually arrive within seconds, at any time of day.

Landlords, utilities, schools and many businesses expect payment by SPEI. You will often pay rent this way. See renting in Mexico.

• International wires into a Mexican account work, but fees and the exchange rate vary by bank. Compare the total cost, not just the fee.
• Money transfer services can send pesos to your CLABE, often at lower cost.
• Foreign debit cards work at Mexican ATMs, but both banks may charge fees. When an ATM or shop offers to charge you in your home currency, choosing pesos usually gives a better rate.
• US dollar cash and dollar accounts are restricted by Banco de México rules for individuals. Ask the bank before you plan to deposit dollars.
• Large cash deposits are reported by banks to the SAT, Mexico's tax authority. Keep records of where your money comes from, especially if you use it to prove financial solvency or buy property.

Opening a Mexican account can create reporting duties in your home country:

• US citizens and green card holders may need to file an FBAR with FinCEN if their foreign accounts together exceed US$10,000 at any time in the year, and may need to report foreign assets to the IRS under FATCA. Mexican banks report US account holders' information under the FATCA agreement.
• Residents of other countries, including Canada and the UK, are covered by the Common Reporting Standard (CRS). Mexican banks share account information with the tax authority of the country where you tell them you are tax resident.

These rules do not stop you from opening an account. They mean you should keep your records in order. See taxes for residents.

• Update your residence card at the bank when you renew your residency. Banks can limit or block accounts when the ID on file expires. See residency renewal.
• Deposit insurance. The Institute for the Protection of Bank Savings (IPAB) insures deposits at Mexican banks up to 400,000 UDIs per person per bank. The UDI is an inflation-linked unit; its peso value changes daily and is published by Banco de México.
• Watch for fraud. Banks never ask for your full password or security codes by phone or text.