What to Know about Mexican ATMs

Are you wondering how banks operate in Mexico? Will you be traveling or moving to Mexico, and do you need additional information on the requirements and process of how to open an account at a bank in Mexico?

We cover the information below about the top banks in Mexico along with important bank information that you may want to know.

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Right now, we have special deals on all-inclusive vacation packages. In addition, we also have a limited number of beachfront residences for sale if you want to buy a vacation home at the beach in Mexico.

Meanwhile, read below for more information on what to know about Mexican ATMs and banks. 

What to Know About Mexican ATMs & Banks

To begin with, are you wondering what banks are reputable to use during a getaway to Mexico? The best and lowest fees currently at ATMs where you can withdraw pesos in Mexico are from reputable national banks such as Santander, BBVA Bancomer, and Scotiabank, which is a division of Bank of America.

Also, if you plan on opening an account, it’s best to choose a bank that has an ATM or location near your home. That way, it will be easier for you to withdraw money or do other bank transactions. Some of the most popular banks in Mexico that expats prefer doing business with include Barnorte, BBVA Bancomer, and Citibanamex. 

This article may interest you: All About Mexican Property Taxes.

Mexico’s Top Banks

The largest and most popular Mexican bank is BBVA Bancomer. BBVA Bancomer has an excellent reputation, and they offer many great financial services such as savings and checking accounts, credit cards, loans, insurance, and investments.

Next, Barnorte is the second largest Mexican bank, then the third largest bank is Citibanamex, which is operated by Citigroup, a US-based bank. The fourth largest bank in Mexico is Banco Santander.

What banks in the US are affiliated with Mexican banks?  Bank of America in the US is affiliated with Scotiabank in Mexico, then HSBC is affiliated with HSBC US and Mexico. Lastly, the Santander Bank in the US is affiliated with Santander in Mexico. 

Read some Tips on Buying Real Estate in Mexico.

Credit or Debit Cards in Mexico

Are you planning a trip to Mexico or do you happen to have a vacation home here? When you are traveling to Mexico, make sure you prepare your money options beforehand.

Credit cards and debit cards along with cash are accepted in Mexico. While some small local shops and some businesses only accept cash, most of them will accept credit and debit cards.

For the safest option in Mexico when it comes to purchases, a credit card is recommended. Also, it’s best to only use ATMs from reputable banks and avoid ATMs at convenience stores or other random locations as those machines are more likely to have been tampered with.

This is how you can Invest in Cabo San Lucas Real Estate.

Opening a Bank Account in Mexico

Do you want to open a bank account in Mexico? If so, you will need to have the proper documents to open a bank account in Mexico. You will need to bring your Residency card or your tourist card/FMM, your RFC number, or the foreign tax ID/Social Security number.

You will also need to bring your passport, and proof of your Mexico address if you are a resident. If you are using a utility bill, it must be less than 2 months old. Expats that want to open a Mexico bank account will need to show proof along with making an initial deposit. Expats can open a basic checking account in Mexico. 

Are you thinking Is Mexico A Good Place to Retire?

What to Know About Mexican ATMs

The ATMs in Mexico have a withdrawal limit daily. Currently, most of the banks in Mexico have a limit of $5,000 and 9,000 pesos, which is equivalent to around $300 to $500 US dollars with today’s current exchange rate.

Most of the ATMs in Mexico will only dispense pesos, but some will offer US dollar withdrawals. The transaction fee is around $5 or less each. Also, if you want to go into a bank, you can withdraw a higher amount as opposed to just stopping at the ATM.

Did you enjoy reading the information about Mexican banks and Mexican ATMs? Remember, if you need assistance in booking your Mexico accommodations, call us at Villa La Estancia.

We are a reputable luxury resort that also has a limited number of beachfront residences for sale in  Cabo San Lucas and Nuevo Nayarit just 15 minutes north of the Puerto Vallarta airport. We have full and fractional ownership options available for qualified homebuyers, too.

Our homeowners love our solidly constructed residences that are spacious, comfortable, and elegantly furnished. Also, homeowners have access to our world-class resort amenities and services too which include multiple pools, jacuzzis, a spa, a fitness center, room service, onsite restaurants, and a front desk concierge. 

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Tips on Buying Real Estate in Mexico

Would you like to purchase real estate in Mexico? These days, many foreigners are purchasing beachfront real estate property in Mexico’s top tourist destinations. The country has a great climate, stunning beaches, and a rich heritage, too.

Also, purchasing beachfront real estate in Mexico is very affordable when you compare it to similar homes in other countries. Foreigners are able to purchase real estate properties near the coast or borders with a Fideicomiso or a Bank Trust, which is the process that grants non-nationals to own real estate in Mexico legally.

You want to make sure you are selective when you are buying real estate. An older home comes with repairs and maintenance.

If you are purchasing new construction real estate, you want to make sure the developer is reputable, or you may face many issues later on. Read below to learn top tips about buying real estate in Mexico. 

Be Cautious When You Invest

Firstly, you want to be selective when you are thinking about where you want to invest your money. In Mexico, there are many different real estate properties for sale in different types of cities and towns.

Some of the most popular places that foreigners like to invest in real estate include top tourist destinations such as Cabo San Lucas, Cancun, and Puerto Vallarta. In each location, you will find a variety of properties including older homes, brand-new homes, and condominiums.

If you purchase an older home, you will want to have it inspected thoroughly. If you are thinking about purchasing a new home, make sure the developer is reputable and has a great reputation. At Villa La Estancia, we offer a unique hotel-condo concept that homebuyers love.

Right now, we have spacious beachfront residences for sale in Cabo San Lucas and Nuevo Nayarit that are solidly constructed and elegantly furnished. 

This article may interest you: Top Beachfront Destinations to Buy a Vacation Home.

Fideicomiso/Bank Trust

Next, Mexican citizens are able to purchase real estate that is near the coast or the border, but foreigners can only purchase coastal real estate in Mexico through a Fideicomiso or a Bank Trust.

In case you aren’t familiar with the concept, a bank trust is a legal way for non-citizens of Mexico to purchase real estate near the coast or border. The property deed or title will be held through the Fideicomiso or Bank Trust.

You will have the same legal rights as citizen homeowners, and you can designate a beneficiary in the event that you pass away. That way, they will legally inherit your real estate property in Mexico. 

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Fideicomiso/Bank Trust – How It Works

Are you curious how the Fideicomiso/Bank Trust works? A Fideicomiso is done with the assistance of a “Notario” or notary public in English. A bank trust has a term of fifty years, then it will be renewed automatically for an additional fifty years when the first term is over.

Renewing the Fideicomiso term is easy and affordable. The Fideicomiso gives the homeowner the ability to designate a beneficiary if the homeowner passes away. The heirs will not need to go through probate because the real estate property is held in the bank trust legally. 

Read our latest blog post, How to Move to Mexico.

How to Purchase Real Estate Property in Mexico

If you are wanting to make an offer on a real estate property in Mexico, you need to have a reputable broker. The broker will work with the notary public and escrow offices to make sure your transaction is done smoothly.

Oftentimes, real estate brokers in Mexico use dual-column bilingual documents that are in English and Spanish. When an offer is accepted, then you will need to have an escrow account opened with the earnest money deposited in it. The title company will pay the escrow funds and then the exchange of property will be completed. 

Did you enjoy reading the above tips about buying real estate in Mexico? Are you wanting to purchase beachfront real estate property in Mexico? If so, you can do it legally through a Fideicomiso or bank trust. Make sure you choose a quality property such as our luxury beachfront residences at Villa La Estancia.

We have in-house brokers that can assist you in the purchase process and make the transition to buying your home in Mexico seamless.

Our luxury beachfront residences also come with access to world-class amenities and services including multiple pools, a spa, a fitness center, onsite restaurants, room service, and a front desk concierge.

Contact us today to schedule a property tour as we have a limited number of residences available for purchase in Cabo San Lucas and Nuevo Nayarit near Puerto Vallarta.

It won’t be too long before you will be enjoying your beachfront property… If you think you should take a vacation first and get to know Villa La Estancia Los Cabos and Riviera Nayarit, visit our special offers.