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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:
Scotiabank Inverlat
Banamex/Citibank
Bancomer
HSBC
Banco Inbursa
Banco Regional de Monterrey
Banco Santander Mexicano
IXE
Banco Afirme
Bansi
Banorte
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)
Credit CardThe 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. Return to top |
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Financial Planning in Mexico
To enjoy the finer things in life in the years ahead, or simply to provide for a more secure future, you need to build a sizeable capital sum. For most people the only way to do this is to save for it on a regular basis. Financial planning for the future is a sensible idea to most people but, sadly, too many do too little too late. There could be many reasons for this or it could just be that people are put off by what they think is a boring and complex subject.
| | Using ATMs in Mexico
The use of Automatic Teller Machines - ATMs - is discouraged in open places. To date, city authorities have an ongoing argument with banks as to who should protect the ATMs and their clients. Partial consequence of this problem is the number of bank hold-ups Mexico has to date.
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