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 whether you are a Mexican citizen, a permanent resident, or a US citizen with no Mexican status. Most major Mexican banks—Banamex, BBVA México, Santander México, and Scotiabank—offer accounts to non-residents, but they require different paperwork and have different restrictions on what you can do with the account.

The fastest route is usually a Mexican bank with a US branch or partnership, because they can verify your identity without requiring you to visit a Mexican branch in person. If you use a bank with no US presence, you will need to either travel to Mexico to open the account or use a third-party service that specializes in remote account opening for expats.

All Mexican banks require a valid passport (yours must be current), proof of address in the US, and a tax ID number. If you are a US citizen, you will also need to provide your Social Security number or ITIN. Mexican banks are required by law to collect this information under anti-money-laundering rules, and they will not open an account without it.

Key Takeaways

  • Mexican banks with US branches or partnerships—like BBVA and Santander—can open accounts remotely using your US address and passport.
  • You will need a valid passport, proof of US address, and your Social Security number or ITIN; Mexican banks are legally required to collect this.
  • Remote account opening typically takes one to three weeks once you submit documents, but some banks require a video call to verify your identity.
  • 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.
  • Wire transfers from US to Mexican accounts usually cost $15 to $50 and take one to three business days; ACH transfers are not available for cross-border payments.

Banks that accept remote applications from the US

BBVA México operates through BBVA USA and can open accounts for US residents without requiring a trip to Mexico. You start the process on the BBVA USA website, provide your US address and passport information, and BBVA handles the rest with their Mexican subsidiary. The account opens in your name at BBVA México, and you can access it online or through the BBVA app.

Santander México has a similar arrangement through Santander Bank in the US. If you already have a Santander account in the US, opening a Mexican account is faster because they already have your identity verified. If you do not, you will need to provide the same documents as a new customer: passport, proof of address, and tax ID.

Scotiabank México also accepts remote applications from the US through their online portal. The process is similar to BBVA and Santander, but Scotiabank often requires a video call with a representative to confirm your identity before the account is activated.

Banamex (Citibanamex) is the largest bank in Mexico but does not have a streamlined remote process for US residents. If you want to open a Banamex account from the US, you will likely need to either travel to Mexico or use a third-party service.

What documents to gather before you start

Your passport must be current and valid for at least six months. Mexican banks will not accept an expired passport, even if you have a renewal application pending. If your passport expires within the next six months, renew it before applying.

Proof of your US address is required. A recent utility bill (electric, gas, water, or internet), a lease agreement, or a mortgage statement all work. The document must show your name and current address and be dated within the last 60 to 90 days—banks vary on how recent they require it to be. If you have recently moved, a lease or utility bill in your new name is stronger than an old bill.

Your Social Security number or ITIN (Individual Taxpayer Identification Number) is mandatory. Mexican banks report to the IRS, and they cannot open an account without this number. If you do not have a Social Security number and are not may be able to access for one, you can obtain an ITIN from the IRS by filing Form W-7.

Some banks also ask for a reference from another bank where you hold an account. This is optional at most institutions but can speed up approval if you provide it. A letter from your US bank stating that you have held an account in good standing for at least one year is usually sufficient.

The remote application process and timeline

Start by visiting the US-facing website of the bank you choose—BBVA USA, Santander Bank, or Scotiabank's US site. Look for a link to open a Mexican account or an international banking section. You will fill out an online form with your personal information, passport details, and US address.

Upload scans or photos of your documents: passport (both sides), proof of address, and any other documents the bank requests. The image quality matters—the bank's system needs to read the text clearly. Use a scanner if you have one; phone photos work if the lighting is good and the entire document is visible.

Some banks will approve your application within 24 to 48 hours based on the documents alone. Others require a video call with a representative to verify your identity and confirm that you are applying of your own will (not under duress). If a video call is required, the bank will email you a link and available time slots. The call usually takes 10 to 15 minutes.

Once approved, the bank will send you login credentials and instructions for accessing your account online. You can usually start using the account within one to three weeks of submitting your application. Some banks allow you to set up online transfers immediately; others require you to visit a Mexican branch or wait for a debit card to arrive before you can move money.

Moving money from your US account to Mexico

Wire transfers are the most common way to send money from a US bank to a Mexican account. You initiate the transfer at your US bank and provide your Mexican bank account number, the bank's routing information (called a CLABE code in Mexico), and your name as it appears on the Mexican account. Wire transfers typically cost $15 to $50 depending on your US bank and take one to three business days.

International ACH transfers are not available for payments from the US to Mexico. ACH is limited to transfers within the US banking system. If your US bank mentions ACH for international transfers, they are actually processing it as a wire transfer behind the scenes and charging you accordingly.

Some US banks offer lower-cost international transfer services through partnerships with money transfer companies. Ask your US bank whether they offer services like OFX, Wise, or Remitly at a lower cost than a standard wire. These services may take slightly longer (three to five business days) but often charge $5 to $15 instead of $25 to $50.

Your Mexican bank will provide you with your CLABE code (a 18-digit number unique to your account) once the account is open. You will need this number to receive wire transfers from the US. Do not share your CLABE code with anyone except people you trust to send you money.

Tax reporting and IRS requirements for US citizens

If you are a US citizen or resident alien, you must report your Mexican bank account to the IRS if the combined balance of all your foreign financial accounts exceeds $10,000 at any point during the calendar year. This report is filed using Form FinCEN 114 (formerly called the FBAR), which is submitted to the Financial Crimes Enforcement Network, not the IRS directly.

Form FinCEN 114 is due by April 15 of the following year (the same deadline as your tax return), but you can request an automatic extension to October 15. You file it online through the FinCEN website; it is not filed with your 1040 tax return. The form asks for the account number, the name of the bank, the type of account, and the highest balance during the year.

You must also report any interest or other income earned in the Mexican account on your US tax return. Interest income is reported on Schedule B (Interest and Ordinary Dividends) of your 1040. Mexico and the US have a tax treaty that prevents double taxation, so you may be able to claim a foreign tax credit if Mexico taxes the same income, but you should consult a tax professional to confirm.

Failure to file Form FinCEN 114 can result in penalties of $10,000 or more per violation, even if the failure was unintentional. If you are unsure whether you need to file, it is safer to file than to skip it.

Restrictions and limitations on remote accounts

Some Mexican banks limit what you can do with an account opened remotely from the US. You may not be able to apply for a credit card, take out a loan, or access certain investment products until you visit a branch in Mexico in person. Check with the bank before you open the account to understand what services are available to remote customers.

Debit card delivery can take two to four weeks if the card is mailed to your US address. Some banks will mail the card to Mexico instead, which is faster but requires you to arrange for someone to receive it or to pick it up yourself. Ask the bank about card delivery options when you open the account.

Daily transfer limits may be lower for remote accounts than for accounts opened in person. A typical limit is $5,000 to $10,000 per day for wire transfers, but this varies by bank. You can usually request a higher limit by visiting a branch or calling the bank's customer service line in Mexico.

Frequently Asked Questions

Do I need to be a Mexican citizen to open an account?

No. Mexican banks accept applications from US citizens and permanent residents with no Mexican citizenship. You will need a valid passport, proof of US address, and your Social Security number or ITIN. Some banks may ask additional questions about your reason for opening the account, but citizenship is not a requirement.

What if my application is denied?

Banks rarely deny applications outright, but they may ask for additional documentation or clarification. Common reasons for delays include unclear passport photos, proof of address that is too old, or a mismatch between the name on your documents. Contact the bank's customer service line and ask what information they need. If one bank denies you, try another—different banks have different underwriting standards.

Can I open a joint account with someone in Mexico?

Yes, but the process is more complicated. Both account holders must provide their own documents and identity verification. If one person is in the US and one is in Mexico, you will likely need to visit a Mexican branch together or have the person in Mexico open the account and add you as an authorized user afterward. Ask the bank about their specific process for joint accounts.

How long does it take to receive my debit card?

If the card is mailed to your US address, expect two to four weeks. If you request it to be mailed to Mexico, it may arrive faster (one to two weeks), but you will need to arrange for pickup or have someone receive it. Some banks allow you to request a card pickup at a Mexican branch instead of mailing.

What happens if I do not report my Mexican account to the IRS?

The IRS and Mexican tax authorities share information, so unreported accounts are often discovered during routine audits. Penalties for not filing Form FinCEN 114 start at $10,000 per violation and can be much higher if the IRS determines the failure was intentional. Filing the form is straightforward and free, so it is worth doing correctly.