Top 5 Things US Expats Should Know When Looking to Open a Bank Account in Mexico
Have you moved to Mexico from the US for study or business purpose? Well, for that you definitely need to open a bank account in Mexico. Banking is Mexico for expats is not as difficult as it sounds. If you are still confused, then know the things that are discussed below to open a bank account in Mexico –
1 - About the banking system in Mexico
The banks in Mexico offer accounts in US dollars or Mexican Pesos. As there are significant differences between the fees and the account services, what you need to do is shop around before you come to a decision.
2 - Necessary documents to open a bank account in Mexico
In order to open a bank account in Mexico, you will need to provide the bank with the following documents:
- A residential proof which is not more than 2 months old
- A valid photo ID or passport from your country of origin
- In case you are a business traveler, you may need to provide the bank with a credential apart from your visa
- Your FMM, FM3 or FM 2 visa (non-immigrant, immigrant or multiple purpose form)
3 - Look for the specialized banking institution option
As you are from US, check if any bank in US has partners or subsidiaries abroad. Also, check if there are any offices or branches in Mexico. If you succeed in finding one, it could facilitate the whole process. Most of the banks provide services as well as solutions that are specially made to meet the needs of expat customers.
4 - Deposit accounts
There are two types of deposit accounts that the banks in Mexico offer. A sight deposit account is the first. This type of account allows you to withdraw money from your bank account without any prior notice. For the second deposit account, you need to keep your savings for a certain period of time depending on the bank before you make any withdrawal.
5 - Checking accounts
For a foreign resident, all the institutes that have retail banking, can open a basic checking account. You need to maintain a minimum balance with this kind of account. You will be required to pay a monetary penalty if your account balance becomes less than this deposit amount. Depending on the facilities that you choose, the charges of the bank may vary.