If you’re moving to Mexico for work, study, or a long-term stay, opening a local Mexican bank account will make your daily life much easier. You’ll be able to receive payments in pesos, pay rent and utilities, and avoid the high fees and exchange rates that come with using foreign cards.

Mexico’s banking system is modern, reliable, and foreigner-friendly especially if you prepare the right documents in advance.

Currency in Mexico

Mexico’s official currency is the Mexican Peso (MXN or $).

While U.S. Dollars are accepted in some tourist areas, almost all local transactions are done in pesos. A local account lets you pay bills, transfer money, and withdraw cash without costly foreign exchange or international transaction fees.

Mexico’s banks are connected to SPEI, the national electronic transfer system, making instant online payments quick and secure.

Best Banks in Mexico for Newcomers

Mexico has a strong mix of traditional banks and modern digital options. Here are the top choices for expats, students, and remote workers in 2026:

BBVA México

The largest and most trusted bank in the country.

• Perk for newcomers: English-language app and customer service in major cities.

• Why choose it? Excellent online banking, widespread ATM access, and easy international transfers.

Banorte

A leading Mexican bank known for its reliability and customer service.

• Perk for newcomers: Offers foreigner-friendly accounts with minimal paperwork.

• Why choose it? Great for long-term residents and professionals receiving a local salary.
  Santander México

Part of the international Santander Group, with a strong local presence.

• Perk for newcomers: English-language mobile app and online banking.

• Why choose it? Ideal if you already bank with Santander in another country.

HSBC México

An international bank offering easy account setup for expats.

• Perk for newcomers: English-speaking staff at urban branches and worldwide access.

• Why choose it? Perfect for those who frequently transfer funds between countries.

Scotiabank México

Popular with Canadians and international customers.

• Perk for newcomers: Seamless global banking and English-friendly branches.

• Why choose it? Convenient for cross-border finances or if you already have a Scotiabank account abroad.

Digital Banks: Nu México, Klar, Hey Banco

New-generation, fully digital banks operating through apps.

• Perk for newcomers: Fast signup (sometimes with just your passport), no branch visits, and low fees.

• Why choose it? Ideal for students, freelancers, and digital nomads who prefer mobile banking.

Documentation Needed

To open a bank account in Mexico, you’ll need to provide a few key documents. Requirements vary depending on your residency status and the bank, but typically include:

1. Valid Passport – Proof of identity.

2. Mexican Residence Card (Temporary or Permanent) – Required for most full-service accounts.

3. Proof of Address in Mexico – Recent utility bill, rental contract, or official correspondence (dated within the last 3 months).

4. Tax Identification Number (RFC) – For residents or those working in Mexico; non-residents may not need this for basic accounts.

5. Visa or Work/Student Permit – For non-citizens staying long-term.

6. Minimum Deposit – Usually between MXN $1,000–$2,000 depending on the bank and account type.

 If you don’t yet have residency, some banks (like BBVA or Santander) allow you to open a non-resident account using your passport and proof of address. These accounts may have limited functionality.

Tips for Opening a Bank Account in Mexico as a Foreigner

• Visit a branch in person: While online applications are growing, many banks still require an in-branch appointment to verify documents.

• Choose a branch in a major city: Branches in Mexico City, Guadalajara, or Monterrey are more experienced in serving foreigners.

• Bring physical copies: Even for digital accounts, printed documents are often required for verification.

• Ask for English assistance: Large banks like BBVA, HSBC, and Santander have English-speaking staff.

• Check for account fees: Some banks charge small monthly maintenance fees (MXN $100–$200), which are often waived with regular deposits.

• Use SPEI for transfers: This free, instant transfer system is the easiest way to send money within Mexico.

• Try digital options: Apps like Nu México and Klar are easy to set up if you prefer fully online banking.

• Bank hours: Branches typically open Monday–Friday, 9 AM to 4 PM, and may close early on weekends.

Final Thoughts

Opening a bank account in Mexico is an important step in making your life easier, whether you’re working, studying, or living there long-term. The process is straightforward, especially with major banks used to helping international clients.

Traditional banks like BBVA, Banorte, and Santander offer full-service accounts and wide ATM access, while digital banks like Nu México and Klar provide low-cost, app-based convenience.

With your documents ready and a little patience, you’ll soon have your pesos safely managed, ready to explore everything from Mexico’s vibrant cities to its relaxed coastal life.