What you need to open a bank account in Mexico
To open a bank account in Mexico, you need a valid passport, proof of address, and a Tax ID number (RFC). The RFC is the single biggest barrier for foreigners—you cannot open most accounts without one, and getting an RFC takes a separate trip to the tax office or an appointment with a notary. Most banks will not accept a US driver's license or state ID; your passport is the standard document they will recognize.
Proof of address can be a utility bill, rental agreement, or official letter from your employer or landlord. It must show your name and a Mexican address. If you do not yet have a Mexican address, some banks will accept a letter from your hotel or a temporary accommodation provider, though this varies by branch and bank.
You will also need a minimum deposit, which ranges from roughly 500 to 2,000 pesos depending on the bank and account type. Some banks waive this for certain account tiers or if you set up direct deposit from an employer.
Key Takeaways
- You must obtain an RFC (Tax ID number) before most banks will open an account, which requires a visit to a SAT office or a notary appointment.
- Bring your passport, proof of Mexican address, and your RFC to the bank; a US driver's license alone will not work.
- Minimum deposits typically range from 500 to 2,000 pesos, though some banks waive this for direct deposit accounts.
- The entire process—RFC plus bank account—usually takes one to two weeks if you do it in person at both locations.
Getting your RFC before you go to the bank
The RFC (Registro Federal de Contribuyentes) is Mexico's tax identification number. You cannot skip this step. Most banks will ask for it before they open your account, and you cannot obtain it at the bank itself.
You have two routes: go to a SAT (Servicio de Administración Tributaria) office in person, or hire a notary (notario público) to file it for you. The SAT office is free but requires an appointment and a trip to a government building during business hours. A notary charges between 300 and 800 pesos but can often do it faster and with less paperwork hassle. Search for "notario público" in your city and call ahead to confirm they handle RFC filings for foreigners.
At either location, bring your passport and proof of address. The SAT will issue your RFC on the spot or within a few days. A notary will file it and give you a receipt; the actual RFC number arrives by email or mail within one to two weeks. Do not wait for the physical card—the number itself is what the bank needs.
Which banks accept foreign customers
The largest banks in Mexico—Banamex, BBVA, Santander, Scotiabank, and HSBC—all open accounts for foreigners, though their processes and fees vary. Banamex and BBVA have the most branches and are generally the easiest for first-time account holders. Scotiabank and HSBC cater more to expats and business owners and may have higher minimum deposits or require proof of income.
Smaller regional banks and fintech banks (like Nu México or Allianz) also open accounts for foreigners but may have stricter requirements or longer processing times. If you are opening an account to receive a salary from a Mexican employer, ask your HR department which banks they work with—some employers have partnerships that speed up the process.
Online-only banks like Allianz and Inbursa allow you to start an application online, but you will still need to visit a branch or authorized location in person to verify your identity and sign documents. No Mexican bank currently allows a fully remote account opening for foreigners.
The step-by-step process at the bank
Walk into any branch of your chosen bank during business hours. Bring your passport, RFC number (or the receipt from the notary if the number has not arrived yet), proof of address, and your minimum deposit in cash or a check. Tell the teller you want to open a new account (cuenta nueva).
The bank will ask you to fill out an account application form. This form asks for your name, address, occupation, and source of funds. Be honest about your income and employment status; banks are required to report this information to Mexican tax authorities. The teller will make copies of your passport and proof of address.
You will then sign the account agreement and deposit your minimum amount. The bank will issue you a debit card on the spot or mail it to your address within five to ten business days. You will receive online banking credentials (username and password) immediately or by email. Some banks charge a monthly maintenance fee (between 50 and 200 pesos); others waive it if you maintain a minimum balance or set up direct deposit.
What to expect with fees and account types
Mexican banks charge maintenance fees, ATM fees, and transfer fees. A basic checking account (cuenta de cheques) typically costs 75 to 150 pesos per month. A savings account (cuenta de ahorros) is often cheaper or free. Many banks waive the monthly fee if you maintain a minimum balance (usually 5,000 to 10,000 pesos) or receive a direct deposit from an employer.
ATM withdrawals at your bank's ATMs are free. Withdrawals at other banks' ATMs cost 10 to 30 pesos per transaction. Transfers to other accounts within the same bank are free; transfers to other banks cost 15 to 50 pesos depending on the amount and the bank. International wire transfers (to the US or elsewhere) cost 200 to 500 pesos plus the receiving bank's fee.
Ask the bank which account type suits your needs. If you are staying short-term, a savings account with no monthly fee is simpler. If you need to write checks or receive regular deposits, a checking account is necessary despite the higher fee.
Opening an account if you do not yet have an RFC
If you arrive in Mexico without an RFC and cannot get one immediately, a few banks will open a temporary account while you obtain it. Banamex and BBVA sometimes offer this, but it is not may provide and depends on the branch manager's discretion. Call ahead to ask.
Your other option is to use a money transfer service like Wise or Remitly to receive funds from abroad while you sort out the RFC. These services do not require an RFC to set up and can deposit money into a Mexican bank account once you have one. This is slower than a direct bank transfer but avoids the wait.
Do not try to open an account without an RFC by lying about your status or using someone else's documents. Banks verify this information with the tax authority, and discrepancies will freeze your account or result in closure.
Frequently Asked Questions
Can I open a bank account in Mexico if I do not live there?
Yes, but you must visit in person at least once to verify your identity and sign documents. You cannot open a Mexican bank account entirely remotely. Some banks allow you to start the application online, but you will need to complete it at a branch.
How long does it take to open a bank account in Mexico?
If you already have an RFC, the bank account itself takes 30 minutes to an hour. If you need to get an RFC first, add one to two weeks for the tax office or notary process. Plan for two to three weeks total if you are starting from scratch.
Do I need a Mexican address to open a bank account?
Yes, most banks require proof of a Mexican address. If you are staying in a hotel or short-term rental, some banks will accept a letter from the property owner or manager confirming your stay. Call the bank branch before you go to confirm what they will accept.
Can I use a US credit card to fund my Mexican bank account?
No. You must deposit cash or a check in person at the bank. Some banks accept checks drawn on Mexican banks; US checks are not accepted. Wire transfers from a US bank account are possible but cost 200 to 500 pesos and take three to five business days.
What happens if I close my Mexican bank account and leave the country?
You can close the account in person at any branch by withdrawing your balance and signing a closure form. If you cannot return to Mexico, contact the bank by phone or email to request a closure by mail. Any remaining balance will be mailed to your address or transferred to another account you designate.