First, the most important question: is it possible to open a bank account for a foreigner who is in Mexico as a traveler?
Answer: no. As of January 1, 2022, Mexican banks will not open accounts unless you have a temporary or permanent residence in Mexico. Formally, to open an account, you must have an «immigration document confirming your legal presence» in Mexico. Of course, this document can be consideredFMM(forma migratoria múltiple), which every guest of the country virtually receives upon entering the country and which can be downloaded via the Internet. However, to open a bank account you mustCURP— Mexican Resident Identification Number. A tourist has no right to have CURP.
There is at least one exception. When you are in Mexico as a traveler and buy property in a limited coastal area, the bank will obtain a temporary CURP for you when opening a bank trust. The same bank will most likely open a separate account for you.
It all depends on the bank, or rather, even on a specific clerk in a specific branch. Now all banks consider only Residente Temporal and Residente Permanente cards as a document confirming «legal presence», and some — only permanent residence (Residente Permanente). Previously, in a number of cases, visitors to countries were able to open a bank account using FMM. Especially in small peripheral branches, where employees do not see tourists as often. Since the beginning of 2022, this has become impossible.
If such a compartment is located far enough away, it can cause inconvenience. Opening a bank account occurs only upon a personal visit to a banking institution. Your personal file and identification data will be stored at the specific branch where you open the account. Issuing a new bank card, installing an Internet banking application and activating it, re-activating it if you change your smartphone, and many other procedures — all this may require your personal visit to this branch and the signing of various documents. In addition, the employees of not all branches speak English.
In some banks, your identification can be performed at any branch, and in some — only in the branch where you opened the account. Since 2017, the Mexican government has required banks to identify customers using biometric methods. In the future, this can greatly simplify communication with banks, because it will be possible to identify you by fingerprint in any branch.
What papers are required to open a bank account? The set is quite simple:
- ID card — passport,
- temporary or permanent resident card,
- CURP,
- RFC — tax number (not necessary if the bank does not require it),
- proof of address in Mexico (utility bills, rental or purchase agreement, property tax receipt, etc.)
Some banks may ask for references from Mexican citizens/residents, but this old practice is no longer common. More often they may ask for a letter from your landlord stating that you are indeed renting from him. In this case, it may also be necessary to provide a copy of his passport.
When opening an account, you will be required to make a minimum deposit. It can be different in different banks, it may even not exist at all, but usually it is about 2000-4000 MXN. Individuals can only open accounts in Mexican pesos, except for residents of municipalities bordering the United States.
Replenishing your account, transferring money from account to account and withdrawing cash from any ATM or branch are free. Account servicing is also almost always free of charge if you have a certain amount left in your account at the end of the reporting period.
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Which bank to choose and which banking services to use — It’s up to you, or rather, your budget and your needs. Mexican banks are quite reliable, although it is generally accepted that they lag behind European and Asian banks in terms of technological convenience for customers. But besides this, it is generally accepted that Mexican banks have higher technological security than, say, American banks.
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