If you live in the United States and want to send money home to your relatives, open a business, or buy property in Mexico, having a bank account can be a crucial component. With technological advances opening a bank account in Mexico from the U.S. is an easy and secure process. You’ll find information and instructions below so that you can select the Mexican bank that best suits your needs.
Opening an Account Remotely
The Mexican Government official website states that Mexican citizens residing in the U.S. don’t need to leave the country or residence to open a bank account in Mexico. This process can be done online. You can also open an account by phone, although you’ll probably have to provide the necessary documents electronically.
Keep in mind: Once the account is opened, the bank will send your debit card to an address in Mexico. We recommend that you use a family member's address and have them send you your card.
Opening an Account In person
If you have a family member in Mexico who can go to the physical bank branch, this person can open an account and put you as co-owner by using a copy of your I.D. In this case, your relative would be the primary account holder, and you would be the co-owner.
Keep in mind: When opening an account with a co-owner, the bank will issue two debit cards. One will be sent to your family member in Mexico, while the other should be sent to your U.S. address. Usually, banks ship them through courier services.
Requirements for opening a Mexican bank account from the U.S.
Each bank has its own requirements to open an account. In general, these are the documents you’ll need:
- Name of the account holder and/or co-owner
- Date of birth
- Birth certificate
- Proof of address
Keep in mind: Personal accounts don’t have a deposit limit. Most remote accounts have a maximum monthly deposit limit of 3 thousand Investment Units. To calculate the equivalent of these Investment Units in Mexican pesos, check out the Bank of Mexico’s Economic Information System.
Which banks will allow me to open an account from the US?
Personal accounts are accessible at any Mexican bank. To open an account, a family member will need to go to a branch in person, present the necessary documents, and fill out an application.
If you want to open an account remotely, here’s a list of financial institutions with this option:
Some of the benefits of this account include:
- Direct deposit
- No sign-up fee
- No commission fees
With the BBVA app or website, you can open a Mexican bank account from the United States using your phone or tablet.
Some of the advantages of a BBVA remote account are:
- Cash withdrawals using the app
- Easy online transfers
- Payments for basic services
By opening an Express Account with Autofin, you can make deposits and financial transactions online. This bank offers the following services and advantages:
- International debit card
- Customer service at Mi Banco teller windows
- ATM withdrawals
Banco Azteca's Guardadito Digital account is a remote banking solution for Mexicans abroad. Since everything is processed online, this you can open your account from anywhere.
The benefits of a Banco Azteca digital account include:
- Cash withdrawals at supermarkets
- Account management without commissions
- Minimum opening amount of $1 peso
BanRegio offers the Naranja Lite+ account as a digital banking option for Mexicans living in the United States. Unlike other remote accounts, you can deposit up to $66,000 pesos per month into this account.
Other features include:
- Apple Pay compatibility
- No account fees
- No minimum balance
Compartamos is a digital bank that allows you to open a savings account in Mexico from the United States. With the Mis Ahorros (savings) account, you’ll have the following benefits:
- Ability to make purchases with your debit card
- Transfers between accounts and to other banks
- Immediate access to your funds
Bankaool's Vista Básica account offers the ease of opening a bank account in Mexico from the United States. Although there is no minimum needed to open an account, this account requires an average minimum balance of $500 pesos.
Some of its benefits include:
- Access to online banking
- No set-up fee
- Access to additional debit cards at no cost
How much money can I have in the bank without declaring it in Mexico?
According to article 3.5.13 of the Miscelánea Fiscal 2021 (Spanish only), the maximum amount of cash that a person can deposit in a Mexican bank account is $15,000 pesos per month. Any higher amount must be reported by the bank to the Servicio de Administración Tributaria (SAT) and is subject to tax.
Banking solutions for your needs
If you want to send money to your relatives in Mexico and complete other banking transactions from the United States, a remote or personal bank account can make it easier for you.For financial transactions within the United States, PODERcard offers a secure and convenient solution. PODERcard allows you to manage your money and receive personalized attention in your native language, and it’s easy to open an account online.