Can Foreigners Open Bank Accounts?
Yes, but requirements vary. Banks have different policies for tourists vs. residents. Most require a CURP (Mexican ID number), which typically requires residency status.
| Status | Can Open Account? | Account Type |
|---|---|---|
| Tourist (FMM) | Difficult - Limited options | Basic accounts at some banks |
| Residente Temporal | Yes | Full accounts with CURP |
| Residente Permanente | Yes | Full accounts, same as citizens |
What is CURP?
The Clave Única de Registro de Población (CURP) is Mexico's unique population registry key - an 18-character alphanumeric code that identifies every person in Mexico's databases.
How to Get CURP as a Foreigner
- Issued automatically when you complete your residency card (INM)
- Can also be obtained at RENAPO (National Population Registry) offices
- Required documents: Passport, residency card, proof of address
- Free of charge
💡 Tip: Once you have your residency card, your CURP is printed on the back. You can also look it up online at gob.mx/curp.
Major Banks for Expats
BBVA México
Largest bank by assets. Good app, English support available at major branches. Generally expat-friendly.
Santander México
Large branch network. Spanish parent company. Some branches experienced with foreign clients.
Banorte
Major domestic bank. Good rates, less English support but widespread presence.
HSBC México
International bank with English support. May be easier if you have existing HSBC relationship.
Citibanamex
Citi-affiliated. Common in expat areas. Recent ownership changes may affect services.
Intercam
Smaller bank popular with expats. USD accounts available. More personalized service.
Account Opening Requirements
Typical Documents Needed
- Valid passport
- Residency card (Residente Temporal or Permanente)
- CURP
- Proof of address (utility bill, bank statement, rental contract - within 3 months)
- RFC (tax ID) - Some banks require, others don't
- Initial deposit (varies by bank and account type)
⚠️ Address Requirement: The proof of address must be in YOUR name. If utilities are in your landlord's name, you may need them to accompany you or provide a notarized letter. This is often the biggest hurdle for new arrivals.
USD vs. MXN Accounts
Some banks offer accounts that can hold both US dollars and Mexican pesos:
Benefits of USD Account
- Avoid conversion fees on incoming USD transfers
- Hold savings in USD during peso volatility
- Easier for US-based income or pension deposits
Considerations
- May have higher minimum balance requirements
- Not all banks offer USD accounts to foreigners
- Exchange rates for conversions may not be favorable
💡 Tip: Intercam and BBVA are known for USD account options. Compare their terms and fees before deciding.
Transferring Money to Mexico
Common Methods
- Wise (TransferWise): Good rates, fast, popular with expats
- XE: Competitive rates for larger transfers
- International wire: From your home bank, often higher fees
- Remitly: Good for smaller amounts
- PayPal: Possible but poor exchange rates
⚠️ Large Transfers: Deposits over $15,000 USD equivalent (or $4,000 USD cash) trigger automatic SAT (tax authority) reporting. This doesn't mean you'll be taxed, but expect questions if you can't document the source.
Important Considerations
- FATCA reporting: US citizens must report foreign accounts over $10,000 (FBAR) and may have FATCA obligations
- Account fees: Monthly maintenance fees are common; ask about fee-free options
- ATM limits: Daily withdrawal limits may be lower than you're used to
- Online banking: Most banks have apps but interfaces are in Spanish
- Credit cards: Building Mexican credit history takes time; start with secured cards