How to Get a Bank Account in Mexico

How to Get a Bank Account in Mexico
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Tip

Bring reading material to keep you occupied while opening your Mexican bank account. Banks in third world countries aren’t so efficient. Many still use outdated analog equipment and old computer software programs. You could be waiting for a long time depending on customer traffic.

Warning

Have many trusted friends with you when you open your account. Kidnappings and robberies are frequent. Make security arrangements if you can afford it and if you trust the security company.

Follow U.S. State department related warnings for Mexico.

Opening a Mexican bank account makes living in Mexico more convenient. You could still access your home country's bank account with your bank's card. But, if you have problems, you'd have to fix them using email or the phone. If you have a Mexican bank account, you could do your transactions in person at the bank.

Step 1

Make sure that you apply at the Mexican bank to open your account. Have your passport or drivers license ready. Present evidence listing you at your address. You have to have proof that you're a U.S. or Canadian Citizen if you want an account in dollars. Have your incorporation paperwork and powers of attorney if you're a corporation.

Step 2

Fill out any paperwork that they give you. Fill them out in Spanish if you're required to fill them out in Spanish. Have a Spanish speaker with you if you're not familiar with the language. Fill the forms out in English if the bank allows it. Answer the straightforward questions they ask you, then hand them your documentation.

Step 3

Let the clerk helping you open your Mexican bank account know what type of account you want. Have $1,000.00 in cash handy to open your account. Open a peso based checking account if you intend to use that bank solely for Mexico related transactions. Use a U.S. dollar based account if you want to reduce currency loss resulting from dollar rises and falls. If you're looking for more security and better returns, choose the certificate option.

Step 4

Receive your booklets and other Mexican bank account related paperwork. Make sure that you get a list of contact numbers. Follow the clerk's directions as far as ATM use and on basic account maintenance.