How to Set Up a Mexican Bank Account Without a Residency
Warning: I’m writing this to the best of my knowledge at this moment based on both my experiences and other people’s experiences. At the end of the day.. This is Mexico, and rules change on a whim. You may get a bank employee that doesn’t know the process or doesn’t want to help, so sometimes you may have to find another person to help you or figure out that there is a slightly different process. Either way, living abroad comes with a lot of perks, but when it comes to finances, things can get a little tricky.
For a lot of expats or digital nomads, setting up a local bank account in your destination country makes life a little smoother. If you’re planning on staying in Mexico long-term, you’re probably thinking that opening a local account would require a Mexican residency. But that’s not always true.
The truth is, you don’t necessarily need to have a residency card to open a bank account in Mexico. You often just a few key document.
But..why should you bother opening a Mexican bank account? Beyond the obvious convenience of handling local transactions in pesos, there are several a couple hacks that most people don’t know about. These might help you save money, and even avoid some of the common issues that that some people have when moving money around.
I’ll try to outline this article as follows
Which banks allow foreigners to open accounts without residency
The exact documents you need to get started
How to manage money across borders with ease
General tips to avoid common banking headaches and inefficiency