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This section is sponsored by Bancomer's Preferred Customer Unit which specializes in the banking needs for expatriates living in Mexico.
There are many banks to choose from in Mexico. The largest are Scotiabank Inverlat, Banamex/Citibank, BBVA-Bancomer, and HSBC. Take a look at the links we have listed for you:
Banco Regional de Monterrey
Banco Santander Mexicano
American Express Bank (México), S.A
Banco del Bajio
Export Import Bank, financial assistance.
Mexican Stock Exchange
Foreign Exchange Rates: Mexican Peso
Opening an Account in Mexico
Mexican banks offer foreign individuals bank accounts both in Mexican pesos or dollars. These accounts range from regular checking and money market accounts to certificates of deposit. The peso checking and money market accounts are called cuentas ejes or "central accounts," whereby the account holder is able to transfer to other accounts in Mexico or worldwide, transact business in the country, or have access to investment packages or invest in the Mexican Stock Market (Bolsa).
In order to open a bank account in Mexico you will need the following:
- A valid passport
- FM2 or FM3
- Bank and/or credit reference (Mexican or foreign)
- Proof of address (i.e. bill from the telephone or utilities)
The Mexican institution that holds your account can also issue your credit card in Mexico. The requirements are the same as above plus proof of income. Some banks will require you to have your account with them for at least 6 months and a balance of $50,000 pesos before issuing you a credit card if you do not have credit references.
Business hours are normally 9 am to 4 pm.
Many expatriates begin to start planning for their financial future and the financial future of their families once overseas. For information on financial planning just click here.
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