Opening a bank account in Mexico

It is not difficult to open a bank account at a Mexican bank. Generally, you will need your passport, your FM3/No Inmigrate or FM2/Inmigrate card, some proof of address such as an electric bill, and an initial deposit. Some banks will open an account with a tourist visa (FMM). It took me about 20 minutes to open the account. Loans may require you to have a FM2 type visa, especially for mortgages. It's best to visit the bank and ask about the requirements.

Hi joaquinx!

Thanks a lot fot your help

Armand

I was able to sign up for my checking account with a fake address.. I was with a friend (as my translator) and I didn't have any bills with me with my address, but he did.. and the lady asked for his information instead.

I learned you cannot open a credit card, however if you have a mexican friend who would like to add you to their account, they can do that!

It took me about 30 minutes with Banamex. Online banking is a pain in the butt in Mexico, and they make you register like 100 different passwords.

Goodluck!

Thanks for reminding me of the on-line access. Getting the account at HSBC was easy, but the passwords. I swear that I had to have passwords for passwords. They finally sent me one of those "one time password" doggles and with the list of passwords, I got on-line access to my account.

At one time, I needed to withdraw 16,000 pesos for a car payment and had to fill out 2 or 3 forms, take them to the cashier who wrote a check for the amount which I then endorsed. Only then was I given the cash. The twist came when I got my statement where they charged me 100 pesos for the check!!!

Passwords for Passwords, for sure.. It's crazy.

I also just thought of something, check with your local bank at home to see if they have any partnerships with any banks here.

For example HSBC has international locations, CitiBank is connected with Banamex and I THINK Santandar is with Bank of America (or something like that).. Im sure its the same with banks all around the world.. this could save you some trouble for juggling different currencies and accounts.

Io
I am very interested in banking Mexico

We hear that bank accounts in Mexico are taxed. Some rumors say anything over $10,000 pesos is taxed and others that over $1,500 is taxed. Is there any truth the these stories?

Large cash deposits are taxed. Bank transfers and checks are not.

Out of curiosity how large are the deposits that are taxed and at what rate?