Yes, you can open a Mexican bank account from the US, but the process depends on which bank you choose and your immigration status

Most major Mexican banks allow US residents to open accounts remotely using their online platforms or by visiting a branch in person during a trip to Mexico. The main banks that accept remote applications from the US are BBVA México, Santander México, Scotiabank México, and Banorte. Some require you to be a Mexican citizen or permanent resident; others accept US citizens with a valid passport and tax ID. The timeline ranges from same-day approval for basic accounts to two weeks for accounts with higher transaction limits.

The catch: you will need a Mexican tax ID number (RFC — Registro Federal de Contribuyentes) to open most accounts, and obtaining one requires either a trip to Mexico or hiring a representative there. Some banks waive this requirement for initial deposits under a certain threshold, but you will hit that limit quickly. If you plan to move money regularly between the US and Mexico or receive income there, opening an account is usually simpler than relying on wire transfers or remittance services.

Key Takeaways

  • BBVA México, Santander México, Scotiabank México, and Banorte accept applications from US residents online, but most require a Mexican tax ID (RFC) to complete the account setup.
  • You can obtain an RFC remotely through a Mexican tax representative (gestor) or in person at a local SAT office if you travel to Mexico.
  • Basic accounts can open within days, but full functionality and higher limits typically require proof of identity, address, and tax registration.
  • US citizens must report Mexican bank accounts to the IRS if the combined balance exceeds $10,000 at any point during the year, using Form FinCEN 114 (FBAR).

Which Mexican banks accept applications from the US

BBVA México has the most straightforward online process for US residents. You can start an application on their website using your passport number and email address. They will ask for your US address and phone number. The account opens within 24 to 48 hours for a basic savings account, though you will need an RFC to deposit money or access full features.

Santander México accepts US residents but requires you to visit a branch in Mexico or use their app if you already have a Santander account elsewhere. Scotiabank México follows a similar model — remote applications are possible but limited without an RFC. Banorte requires an in-person visit or an RFC before opening.

Smaller regional banks and neobanks like Nu México (the Mexican version of Nubank) and Allianz Bank México have lower barriers for remote account opening but offer fewer services and branch locations. If you need to deposit cash regularly or speak to someone in person, stick with the major four.

Getting a Mexican tax ID (RFC) from the US

An RFC is a 13-character alphanumeric code issued by the Mexican tax authority (SAT — Servicio de Administración Tributaria). You need one to open a full account, receive income, or make large deposits. You have two options: obtain it in person during a trip to Mexico, or hire a Mexican tax representative (gestor) to do it remotely.

If you travel to Mexico, visit a local SAT office with your passport, proof of address (a utility bill or rental agreement), and a completed RFC application form (Forma 40). The process takes about 30 minutes, and you receive your RFC immediately. SAT offices are located in most cities and towns; find the nearest one on the SAT website.

If you cannot travel, hire a gestor (tax representative) in Mexico. They charge between 500 and 1,500 Mexican pesos (roughly $30 to $90 USD) to obtain your RFC remotely. They will need a copy of your passport, proof of a Mexican address (which can be your bank's address or a friend's address in Mexico), and a power of attorney form. The process takes one to two weeks. Search for "gestor RFC" on Google or ask your bank for a referral.

Documents and information you will need

Prepare these items before starting an application:

  • Valid passport (US or dual citizenship)
  • US address and phone number
  • Mexican tax ID (RFC) — or be ready to obtain one
  • Proof of US address (utility bill, lease, or bank statement dated within the last 90 days)
  • Initial deposit amount (usually $100 to $500 USD minimum, depending on the bank)
  • Email address you check regularly

Some banks ask for a Mexican address. If you do not have one, use your bank's branch address, a friend's address, or a mail forwarding service in Mexico. Banks verify this address by mail, so make sure someone can receive correspondence there.

How to fund your account from the US

Once your account is open, you can transfer money from a US bank account using international wire transfer, ACH transfer (if the Mexican bank participates), or a remittance service. Wire transfers are the fastest — usually one to three business days — but carry fees of $15 to $50 from your US bank plus a receiving fee from the Mexican bank (typically $5 to $15). ACH transfers are cheaper (often free or $5) but take five to seven business days and are not available from all US banks to all Mexican banks.

Remittance services like Wise (formerly TransferWise), OFX, or MoneyGram offer lower exchange rates than banks and faster delivery for smaller amounts ($100 to $5,000). Wise typically charges 1 to 2 percent of the transfer amount and delivers within one business day. If you are sending money regularly, Wise is usually the cheapest option.

Your Mexican bank will provide you with its SWIFT code and account number once the account is active. You will need these to initiate transfers from the US.

Tax and reporting requirements for US citizens

If you are a US citizen or resident, you must report your Mexican bank account to the IRS if the combined balance of all foreign accounts exceeds $10,000 at any point during the calendar year. This is done using Form FinCEN 114 (formerly called the FBAR — Foreign Bank Account Report), filed by April 15 of the following year.

You must also report the account on your annual tax return if you earned interest or had other income from it. The interest rate on Mexican savings accounts is typically 4 to 6 percent annually, so even a modest balance will generate reportable income. Failure to file the FBAR can result in penalties of $10,000 or more, so do not skip this step.

If you are a Mexican citizen living in the US, you may also owe Mexican taxes on the account. Consult a tax professional familiar with US-Mexico tax treaties to understand your obligations in both countries.

What happens if you cannot get an RFC

If you cannot obtain an RFC and a bank will not open a full account without one, you have a few alternatives. Some banks offer limited accounts with lower transaction limits and no RFC requirement — these are sometimes called "basic" or "starter" accounts. You can deposit up to a certain amount (often $5,000 to $10,000) without an RFC, but you cannot exceed that threshold.

Another option is to use a remittance service or money transfer app instead of a bank account. Services like Wise, PayPal, or Revolut allow you to hold Mexican pesos and send money to Mexico without a Mexican bank account, though fees and exchange rates are higher than a direct bank transfer.

If you plan to move to Mexico or stay for an extended period, obtaining an RFC is worth the effort — it takes a few hours in person or one to two weeks through a gestor, and it unlocks full banking access.

Frequently Asked Questions

Do I need to be a Mexican citizen to open a Mexican bank account from the US?

No. US citizens can open accounts at major Mexican banks using a valid passport. You do not need Mexican citizenship, but you will need a Mexican tax ID (RFC) for most accounts. Dual citizens have an easier time because they can use either passport.

Can I open a Mexican bank account without traveling to Mexico?

Yes, most major banks allow remote applications online. However, you will still need an RFC, which requires either a trip to Mexico or hiring a tax representative there. The bank account itself can open remotely, but the RFC step usually cannot be skipped.

How much does it cost to open a Mexican bank account?

Opening a basic account is free at most banks. You may pay a small fee to obtain an RFC through a gestor ($30 to $90 USD). Monthly maintenance fees vary by bank and account type — typically $0 to $10 USD for basic accounts, higher for premium accounts with more services.

What is the minimum deposit to open a Mexican bank account?

Most banks require an initial deposit of $100 to $500 USD. Some accounts have no minimum. Check the specific bank's requirements before applying, as they vary.

Will my US bank charge me to send money to my Mexican account?

Yes. Wire transfers typically cost $15 to $50 from your US bank, plus a receiving fee of $5 to $15 from the Mexican bank. ACH transfers are cheaper or free but take longer. Remittance services like Wise charge a percentage of the transfer (usually 1 to 2 percent) and are often the cheapest option for regular transfers.