How to Open a Bank Account in Mexico (2025 Guide for Expats, Investors & New Residents)

Opening a bank account in Mexico is one of the smartest steps you can take if you’re planning to live here, invest in property, or spend extended time in the country. A local account makes paying bills easier, avoids foreign transaction fees, helps with residency paperwork, and—if you own rental property—allows you to receive rental income directly in pesos.

While the process used to be difficult for foreigners, it’s now much more streamlined. Here’s everything you need to know to open a bank account in Mexico in 2025.

Can Foreigners Open a Bank Account in Mexico?

Yes—foreigners can open accounts in Mexico, even without permanent residency. Requirements vary by bank, but most allow:

Temporary residents
Permanent residents
Tourists (in some banks) — though options are more limited

If you have a temporary or permanent resident card, the process is much easier.

Required Documents

While each bank has its own policy, you can expect to be asked for:

1. Valid Passport

Your passport is required for identity verification.

2. Resident Card (If You Have One)

Temporary or permanent residency simplifies everything.
Some banks require it; others allow accounts with a tourist visa.

3. Proof of Address in Mexico

Acceptable documents include:

CFE (electric) bill
Telmex or Telcel bill
Water bill
Internet bill
Property rental contract (sometimes accepted)

Important: The bill doesn’t always have to be in your name—it just needs to show the address.

4. Mexican Phone Number

Most banks require a local number for verification codes.

5. Minimum Deposit

Usually $500–$2,000 MXN, depending on the account type.

Best Banks in Mexico for Foreigners

1. BBVA Bancomer

The most foreigner-friendly and the largest branch network.

Easy app
Low fees
Good online banking
Often allows accounts with just a passport + proof of address

2. Santander

Good service and strong online banking.

Preferred by many expats
Often requires residency card

3. Banorte

A fully Mexican-owned bank.

Safe, solid, modern
Good for long-term residents

4. HSBC Mexico

International presence.

Good for people who already bank with HSBC abroad
Often allows non-residents to open accounts

5. Scotiabank Mexico

Useful if you bank with Scotiabank in Canada or elsewhere.

Easy transfers within the Scotiabank network
Requires residency at most branches

Step-by-Step: How to Open Your Mexican Bank Account

Step 1: Choose Your Bank

BBVA and Santander are the most expat-friendly.
If you own property or plan to, BBVA is a popular choice.

Step 2: Visit a Branch In Person

Mexico banking laws still require you to open personal accounts at the branch.
There is usually no appointment needed.

Step 3: Bring All Your Documents

Passport, proof of address, residency card (if applicable), Mexican phone number.

Step 4: Sign the Paperwork

Bank forms will be in Spanish. Staff can guide you through them.

Step 5: Make the Minimum Deposit

This activates the account immediately.

Step 6: Get Your Debit Card

Most banks give it to you on the spot.

Step 7: Set Up Online Banking & Mobile App

This allows you to:

Pay utilities
Transfer money
Receive rental income
Monitor your balance from abroad

Can You Open a Mexican Bank Account Online?

Not fully—you can start the process online, but you still need to finish it in person due to identification laws.

BBVA’s app allows “pre-registration,” which speeds up the branch visit.

How to Transfer Money to Your Mexican Account

Most foreigners use:

Wise (formerly TransferWise) — best exchange rates
Revolut
Your home bank’s international wire

Using your Mexican account dramatically reduces ATM fees and currency exchange losses.

Tips for Success

Go early in the morning to avoid lines.
If one branch refuses, try another. Different managers interpret rules differently.
Bring a printed utility bill—the digital version doesn’t always work.
Know a little Spanish, or ask if an English-speaking banker is available.
Keep your residency card current, as banks ask for updates.

Why You Should Open a Mexican Bank Account

Pay bills easily
Avoid currency conversion losses
Receive rental or Airbnb income
Prove local ties for future residency or loans
Make daily purchases without foreign fees
Manage property more easily if you own in Mexico

Final Thoughts

Opening a bank account in Mexico is much easier than it used to be—especially if you have temporary or permanent residency. With the right documents and a little patience, you can walk out of a branch with a working debit card in under an hour.

About the Author

Hi, I’m Matt from Nasplaya, your go-to guide for living, investing, and thriving in Playa del Carmen and the Riviera Maya. In 2008 my husband and I quit our jobs in Boston, Massachusetts, sold everything we owned and drove to Playa del Carmen, Mexico to start North American Standards (Nasplaya), our property management, vacation rental and real estate company. Now 17+ years later, I am sharing our experience helping expats and property owners navigate the local market. I share honest insights, practical tips, and insider knowledge to make your move—or your investment—a success.

From finding the best schools and maximizing rental income to understanding local regulations and uncovering hidden gems, my goal is to give you clear, actionable advice you can trust. When I’m not exploring the beaches or scouting the newest rental opportunities, I’m sharing stories, guides, and strategies that help you make the most of life in paradise.

Follow along for expert tips, local updates, and everything you need to live, invest, and enjoy the Riviera Maya to the fullest.

North American Standards (NAS Playa)
Property Management • Rentals • Real Estate
📍 Playa del Carmen, Mexico
🌐 www.nasplaya.com 🔑 Rentals: rentals@nasplaya.com
📊 Sales: buy@nasplaya.com 🏘 Property Management: bookings@nasplaya.com