Job Discussion Forums

[MO39]

I am still here on my tourist visa and won't be applying for an FM-3 till January. In the meantime, I need to open an account at a Mexican bank, so I can more easily get paid by the one school I'm working for and for some translation work I'll be doing soon. Does anyone have an account at a Mexican bank? What kind of ID do you need to open one?

�Mil gracias!

[Guy Courchesne]

You need the FM3 to open an account I'm afraid, though I've heard rumours it can be done without it.

[MO39]

Rumors, hmm. Any idea of where they came from?

Actually, the one school I'm working for told me that one branch of HSBC (not near me, unfortunately) has opened an account for someone in my situation in the not too distant past, though I'm not sure of the particulars. Think I'll wander over to my local HSBC tomorrow and see what they say.

[dixie]

I tried opening an account at Scotiabank the first few months when I moved here and they wouldn�t do it for me as I didn�t have my FM3 yet. And I have an account in Canada. I even got a letter from my Canadian branch to prove that I was a "valued" costumer, but to no avail.

If you have been told that the HSBC will do it, then I would go and check it out. But, overall, I think the banks have their regulations and it is one system that is hard to "cheat" on.

Good luck! Let us know how it goes.

[MELEE]

It depends on what type of account you want to open.
HSBC will open a Nomina account before you have your FM3 in hand IF the school is one of their big costumers with a lot of nomina accounts.
The great thing about Nomina accounts is you can open one with zero balance because it's an account for direct deposit.

I've also heard that you can get an "inversionista" account with HSBC without an FM3 but that requires a rather large intial deposit.

[Samantha]

The banks have really tightened up on their policies by order of law. It used to be that a foreigner who owned property could open a bank account without an FM3, but that's all changed.

[MO39]

Thanks for all the replies. It looks like the easiest thing for me to do right now is to take up the offer of an absolutely trustworthy friend here to have money owed me deposited in his account, and he'll then reimburse me. I'll wait till I have my FM-3 in hand before trying to open an account of my own.

[Samantha]

Another thought that could work better for both of you temporarily is that your trustworthy friend could open up a new account in his name and give you control of the ATM card. We've done this temporarily for a foreign friend in need of a bank account. It shouldn't be a permanent thing though because of the possible tax implications for the account holder.

[Allie]

When I was living in Mexico on a tourist visa I managed to open a bank account with Bancomer. It allowed the school I was working for to pay my salary in each month and I also had a card which let me get money out of any Bancomer ATM. My tourist visa was valid at the time of applying.

[Samantha]

As mentioned, the law has changed in the recent past on tourists opening bank accounts here. If it's done now, it's an exception not the rule.

[Mateja]

[notamiss]

I just saw this advertisement for the first time: http://www.terrabancomer.com/pcu/.

"Introducing Mexico�s first bank for Foreign Residents and visitors". That seems to imply that foreign residents and even visitors can open an account. The "sign up so we can contact you and give you more information" box doesn't even assume one is in Mexico.

[Prof.Gringo]

I wonder if there is some minumum balance? If this is for foreigners in Mexico with/out a FM-3/2 that would be a good deal indeed. I am going to send my info and see what they say.

[geaaronson]

Having opened up accounts with both Banamex and ScotiaBank I will drop my two pennies into this conversation.

ScotiaBank does not require an initial deposit. They do require both the passport and FM3 on hand as well as a CURRENT electrical, water, or telephone bill. A cablevision bill does not cut it. The process takes about 30 minutes and must, of course, be done in person. You will get all your papers immediately.
You arrange the initial paperwork with the gerencia de cuentas. There are several in each bank and each has his/her own office. After they enter all the info in the database, they will print out your contract (2 copies) and have you sign them. You get to keep one. You proceed on to the teller and that person gives you a packet with your pin number, tarjeta debito, if that`s all you request, and a folder with bank advertising material about their services.

Banamex was much more difficult as I did it through two different employers, on two different occasions. Each time, Banamex insisted that there were errors in the original application and had me reapply. I found out afterwards, that the bank itself made the errors, in one case smudging the ink and refusing on that account to accept the application.

Banamex also neglected to enter my change of address even though I notified the Inversiones and Cuentas in writing in person back in September. When I returned last week to open up a clabe account, they refused me as the old address of my previous employer was still listed in their documentation.

When I told my new employer of their resistance, he used several expletives regarding Banamex. There may be a general consensus that Banamex is the worst of the worst. It was newsworthy to note that in THE NEWS`s article of banks in Mexico a few days ago, it purposely left out any mention of Banamex, although it did review all the other financial players!

[cwc]

I am in Galveston and continue to use me inversionista account in Carmen. I started with 750 USD. I find it ridiculous that some people want the same banking system all over the world. If you want to live like you�re in New York, STAY in New York. Surf�s up!!!