Barclays

Your guide to expatriate banking services in Mexico

Introduction

Mexico is located on the southern border of the United States, bordered by the North Pacific and the Gulf of Mexico.

The official language of Mexico is Spanish, with around 5% of the population speaking both Spanish and a range of indigenous dialects.

The currency in circulation in Mexico is the peso (MXN), which is divided into 100 centavos.

Banks in Mexico

Central bank

• Banco de México (BANXICO)

Commercial banks in Mexico

• Banamex
• Bancomer
• Banco del Bajío
• Banorte

Bank opening times

Mexican banks are typically open from 8.30 am to 4pm, Monday to Friday, with some larger branches offering limited Saturday opening hours.

Banking services in Mexico

Retail banking customers are provided with a comprehensive range of financial services by the Mexican banks, including checking, savings and deposit accounts, investment products, insurance, mortgages and credit cards.

Many banks provide online banking services, telephone banking and an extensive network of ATMs nationwide, with many banks also offering 24hr customer care telephony services.

The main types of bank account in Mexico

The broad account types available to retail banking customers are:

• Checking accounts are similar to a current account, and offer services including internet, branch and telephone banking, easy access to finances on deposit and Visa Electron debit cards that can be used in ATM machines. Interest rates are generally low for checking accounts, with these accounts primarily being used for everyday banking needs.
• Savings accounts offered include accounts paying monthly or annual interest on savings held on deposit, in addition to savings accounts offering free entry into monthly prize draws whilst giving customers unlimited access to savings. Savings accounts in general may have restrictions regarding access to funds held on deposit, but often pay higher rates of interest than checking accounts.
• Deposit accounts are predominantly for long-term savings, and range from lump sum investments into fixed term, fixed interest accounts, to deposit accounts offering higher rates of interest for regular account deposits.

Opening a bank account when you arrive in Mexico

Expatriates will need to provide the following forms of identification when opening a bank account in Mexico:

• FM2 Migration form
• Proof of address (such as a fixed line telephone bill or utility bill, issued in the last two months)
• Official photo ID document (e.g. passport)
• Personal ID number (CURP)

Opening a bank account before you arrive in Mexico

You can visit any international branch of a Mexican bank to submit your account application, if you wish to open a Mexican bank account before you arrive in Mexico, and subject to meeting the banks account opening criteria and providing the required documentation, the process is relatively straightforward.

Another option is to open an international bank account, which will give you access to a wide range of secure international banking services. These services can be used by clients who will be living in Mexico, and also when travelling between international locations, which is particularly beneficial for expats working in Mexico.

International account facilities include online savings account and offshore banking options, as well as money transfer facilities and international online banking.

ATM facilities in Mexico

Mexico operates a network of over 32,000 ATMs, which allow customers to access a range of services, including cash deposits and balance enquiries. Many of the debit cards are affiliated with Visa Electron, and these cards, in addition to cash withdrawals, can be used for making purchases in participating retail outlets.

Credit cards

Major credit cards including Visa and MasterCard are accepted across Mexico, by participating retail outlets, hotels and shops. The Bajionet ATM network allows customers to view statements, and a number of available credit card accounts provide travel insurance and emergency card replacement services to card holders. Some accounts also provide rewards programs and loyalty bonuses for using the cards, providing customers with additional benefits. When making transactions or cash withdrawals with a credit card, be aware that a surcharge may be applied for using the service.

Cash withdrawals
Using debit cards issued by Mexican banks are generally free if the ATMs are within the banks network, whilst using credit cards for cash withdrawals may incur fees. When making cash withdrawals, particularly if late at night or the ATM is away from a main pedestrian area, exercise a degree of caution for your personal safety and security. If your card is lost or stolen, many banks operate 24 hour customer care centres, so report the loss immediately.

Money transfers to and from Mexico

Research the market rates before arranging to make transfers to ensure that you get the most competitive rate. Banks will be able to provide a structure of charges, and the specialist money transfer services that operate in Mexico should also provide a transparent charge and rate structure to you.

Currently, there are no restrictions on the amount of foreign currency which may be taken into the country, but currency exceeding $10,000 US dollars in value (or equivalent currency) must be declared to the Customs Department. Currency regulations are subject to change, so check with the Mexican national bank or Customs Department before travelling.

Bank charges in Mexico

Some banks offer accounts which are largely 'fee-free' for daily banking services, whilst other accounts will incur additional charges, depending on the service requested. Bank charges can vary between banks and depending on the account, and banks will provide detailed fee structures on request.

Banking in Mexico - other information

Mexican Ombudsman
If you have a complaint regarding a bank in Mexico, contact the Central Bank for further information and assistance: http://www.banxico.org.mx.

More information on banking with Barclays International

For further information about the benefits of opening an International Account before you move to Mexico, you can speak to a specialist adviser at Barclays International by calling +44 (0)1624 684316†.

Alternatively, find out more about the wide range of specialist expat services that are available, including online banking facilities and international investment help and advice, by visiting Barclays International online.