Opening a Bank Account in Mexico
Find out how to go about opening a Mexican bank account: the documents needed and the process to expect...
To open a bank account, it is necessary to be over 18 years old. The following documents are required:
- Proof of address (comprobante de domicilio), a utility bill for example
- Foreigners must have a valid Temporary or Permanent Resident permit (a permanent residency permit is required for credit card applications)
- A Clave Única de Registro de Población (CURP) – this is an identification number given to all Mexican residents, including foreigners
How to obtain a CURP
The CURP is issued by the National Registry of Population and Personal Identification (Registro Nacional de Población e Identificación Personal - RENAPO) and can be obtained from several institutions, including civil registry offices, the National Institute of Immigration (Instituto Nacional de Migración), or the Ministry of Interior (Secretaria de Gobernación).
Documents needed to obtain a CURP include identification and a valid visa or permit - FMM visa or Temporary Resident permit (Resident Temporal).
- CONDUSEF (the National Commission for the Protection and Defense of Financial Service Users - Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros) has more details about the CURP and alternate methods of acquiring one
- CONDUSEF Hotline: 01 800 911 11
It may be possible to open a bank account in Mexico from abroad through an international branch of a Mexican bank in the country of residence. Contact the relevant bank for information about the documents required and criteria for opening an account.
- Consult the Business Directory for a list of banks in Mexico City
Types of Bank Accounts
Checking accounts: Regular checking accounts are available as well as interest-bearing accounts, although interest levels are relatively low. This type of account is used for everyday banking days and includes debit and credit cards, check books and Internet and telephone banking services.
Savings accounts: There are different kinds of savings accounts, with monthly or annual interest. There may be restrictions on accessing money held on deposit in savings accounts; check with the individual bank to avoid penalties on interest if withdrawing funds.
Deposit accounts: Generally for long-term savings.
Accounts may be available in US dollars or other foreign currencies in some banks.