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.
If you need assistance in finding a place to stay for your vacation, contact us at Villa La Estancia. We are a reputable and award-winning resort with 2 locations in Cabo San Lucas and Nuevo Nayarit near Puerto Vallarta.
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.
Check out our Try & Buy program.