What you need to do it from the US

You can open a Mexican bank account without traveling to Mexico, but the process depends on which bank you choose and whether you already have a relationship with them. Most major Mexican banks—Banamex, BBVA México, Santander México, and Scotiabank México—offer accounts to US residents, though not all do it the same way. Some require you to visit a branch in person; others let you start online and finish by video call or mail.

The fastest route is usually through a Mexican bank that has US branches or partnerships. BBVA México and Santander México both have US operations, which means you may be able to open an account at a US location and have it linked to their Mexican system. Banamex (part of Citigroup) also works with US customers. If your bank is smaller or regional to Mexico, you will likely need to travel to Mexico or use a third-party service.

If you do not want to travel and your bank does not have a US presence, you have two other options: hire a Mexican accountant or notary to open the account on your behalf (costs $200 to $500), or use a fintech service like Wise or Remitly that lets you hold Mexican pesos without a traditional bank account. These are not full bank accounts but work for receiving money and paying bills.

Key Takeaways

  • Mexican banks with US branches—BBVA México, Santander México, and Banamex—let you start the process in the US, though some still require a video call or in-person visit to complete it.
  • You will need a valid passport, proof of US address (utility bill or lease), and a tax ID number (your US Social Security Number works).
  • Banks will ask for your source of funds and may require a minimum deposit, which ranges from zero to several hundred dollars depending on the account type.
  • The process takes one to four weeks from start to finish if done online; in-person visits at a Mexican branch take one to two hours.
  • If you cannot travel and your bank has no US presence, hiring a Mexican notary or using a fintech service are faster alternatives.

Documents you will need

Mexican banks require the same core documents from all applicants, whether you are in the US or Mexico. You need a valid passport (Mexican ID is not required if you are a US resident), proof of your current US address, and your tax identification number. A utility bill, lease agreement, or bank statement dated within the last three months counts as address proof. Your US Social Security Number serves as your tax ID; you do not need a Mexican RFC (Registro Federal de Contribuyentes) to open a basic account, though some banks ask for one if you plan to receive large transfers or run a business.

Banks will also ask about the source of your funds—where the money you are depositing comes from. This is standard anti-money-laundering compliance, not a judgment. You can say employment income, savings, inheritance, or investment returns. Have a brief explanation ready, and if you are transferring a large sum, be prepared to show a recent bank statement from your US account.

If you are opening the account by video call or mail, the bank will tell you how to submit these documents. Most accept scans or photos of your passport and address proof. Some require notarized copies; ask before you send anything.

Opening an account online or by video call

BBVA México and Santander México both let you start online through their US websites or apps. You fill out a form with your personal information, passport number, and US address. The bank then schedules a video call with you—usually within a few days—where a representative verifies your identity, asks about your source of funds, and confirms you understand the account terms. The call takes 10 to 20 minutes.

After the video call, the bank mails you a debit card and account details. You can begin using the account online (for transfers and bill pay) before the card arrives, though some banks hold new accounts for a few days while they complete their review. The entire process takes one to three weeks from start to finish.

Banamex (Citigroup) works differently: if you are already a Citibank customer in the US, you can often open a Mexican account through your existing relationship. Call your US branch or log into your Citibank account online to ask. If you are not a Citibank customer, Banamex requires an in-person visit to a Mexican branch or a US Citibank location, which limits your options.

Opening an account in person at a Mexican branch

If you travel to Mexico, you can open an account the same day at any branch of your chosen bank. Bring your passport, proof of address (a utility bill or lease), and your Social Security Number. The process takes 30 minutes to two hours depending on how busy the branch is and whether the bank needs to verify anything by phone with the US.

You will sign documents in Spanish, though many branches have English-speaking staff or can provide a translator. The bank will ask the same questions about your source of funds and may require a minimum deposit on the spot—usually $100 to $500 USD, though some accounts have no minimum. You will receive a debit card immediately or within a few days, and your account is active right away.

This route is fastest if you are already planning a trip to Mexico or have family there who can help. It also avoids the video call requirement and any delays in document verification.

Minimum deposits and account fees

Minimum deposits vary by bank and account type. Many Mexican banks offer a basic checking account with zero minimum deposit, especially if you set up direct deposit of your US paycheck. Savings accounts or premium accounts often require $100 to $500 USD to open. Ask the bank about this before you commit, because some will close your account if you fall below the minimum.

Monthly maintenance fees range from zero to about $5 USD, depending on the account. Banks waive fees if you maintain a minimum balance (often $500 to $1,000) or set up automatic transfers. International wire transfers into your Mexican account cost $10 to $30 per transfer; ACH transfers from the US are usually free or cost $1 to $5. Withdrawals at ATMs in Mexico are free at your bank's machines but cost $2 to $5 at other banks' ATMs.

Ask about fees before you open the account. Some banks advertise "free" accounts but charge for specific services; others are transparent about all costs upfront. The bank will provide a fee schedule in writing or online.

Using a notary or third-party service if you cannot travel

If your bank requires an in-person visit and you cannot travel to Mexico, you can hire a Mexican notary (notario público) to open the account on your behalf. This costs $200 to $500 and takes two to four weeks. You send your documents to the notary, they visit the bank with a power of attorney you sign, and the account opens in your name. You then receive the debit card by mail.

Fintech services like Wise and Remitly offer another path: they let you hold Mexican pesos and receive transfers without a traditional bank account. You open the account entirely online, and the process takes a few days. These services charge lower fees for international transfers than banks do, but they do not offer credit, loans, or the full range of banking services. They work well if you mainly need to receive money from the US or pay bills in Mexico.

Transferring money from your US account to Mexico

Once your Mexican account is open, you can move money from the US in several ways. A wire transfer from your US bank to your Mexican account takes one to three business days and costs $15 to $30. You will need your Mexican account number and the bank's routing code (código de banco), which the bank provides when you open the account.

ACH transfers (automated clearing house) are slower but cheaper: they take five to seven business days and cost $1 to $5. Not all Mexican banks accept ACH, so ask yours before you try. International apps like Wise, OFX, and Remitly often offer better exchange rates and lower fees than banks, especially for amounts under $5,000. They take one to three business days and charge $1 to $10 per transfer.

Avoid wire transfers for small amounts (under $500) because the fees eat into what you send. Use an app or ACH instead. For large amounts or regular transfers, compare the exchange rate and fees across your bank, Wise, and Remitly to see which saves you the most money.

Frequently Asked Questions

Do I need a Mexican tax ID (RFC) to open a bank account?

No. A basic checking or savings account requires only your US Social Security Number. You only need an RFC if you plan to receive business income, claim deductions, or hold certain investment products. If the bank asks for one during the application, you can get a temporary RFC online through the Mexican tax authority (SAT) in about 15 minutes, or ask the bank if they can help you obtain one.

Can I open a Mexican bank account if I do not have a US address?

Most banks require proof of a current address, and they prefer a US address if you are a US resident. If you are living abroad or do not have a permanent address, some banks will accept a mailing address (like a PO box or a friend's address) or a letter from your employer. Call the bank directly to ask what they will accept; policies vary.

What happens if I do not use the account for a long time?

Mexican banks may close accounts that show no activity for six months to a year, though they usually send a warning first. If your account is closed, you can reopen it by visiting a branch or calling the bank. To keep an account active, make at least one transaction every few months—a small transfer, bill payment, or ATM withdrawal counts.

Can I open a Mexican business account from the US?

Business accounts require more documentation: a business registration (RFC), proof of business address in Mexico, and sometimes a visit to the bank in person. Most banks do not open business accounts remotely for non-residents. You will likely need to travel to Mexico or hire a Mexican accountant to set this up. Costs run $300 to $800 depending on the bank and complexity.

What is the exchange rate when I transfer money to Mexico?

Banks use their own exchange rates, which are usually 1 to 3 percent worse than the mid-market rate you see online. Fintech services like Wise use the real mid-market rate and charge a flat fee instead, so you know exactly what you are paying. For a $1,000 transfer, the difference can be $10 to $30. Check both before you send money.