Job Discussion Forums

loveacrossborders · Joined: 20 Jun 2006 Posts: 3

Hey everyone,

I tried a search for info about opening a bank account in Mexico, but I didn't find anything recent on the subject.

I'm going to Mexico for the first time in the near future. I'm arriving to Ensenada. Actually, I'm concerned about everything I hear about robbery and whatnot. So, I'm trying to decide if I could open a bank account immediately after arriving to Mexico.

A) How easy is it to open a bank account in Mexico?

B) Which bank is best? I'm looking for one with a free checking/savings account, free ATM withdraws (from the company's ATMs), ease-of-use, etc.

C) This is not meant to sound stupid (I've been living in Asia for many years - so I honestly know nothing about Mexico), but how risky/dangerous would you estimate it to be to travel overland from Ensenada to Mexico City with a couple thousand dollars? Should I open a bank account as soon as I arrive in Ensenada?

D) What about withdrawing money from a U.S bank cheque card? Are the fees expensive from the Mexican side?

Cheers for any help on this!

notamiss · Posted: Fri May 23, 2008 2:09 am Post subject:

Here are some threads about opening bank accounts, recent enough that the information will still be current:
http://forums.eslcafe.com/job/viewtopic.php?t=57727
http://forums.eslcafe.com/job/viewtopic.php?t=61875

dixie · Joined: 23 Apr 2006 Posts: 644 Location: D.F

CharlieBaloney · Joined: 17 Nov 2007 Posts: 52 Location: Ciudad de Mexico

I should have posted this information awhile ago.
When I started working here in Mexico City, and got my first paycheck, I was able to open an account at HBSC (Insurgentes Sur 299) without an FM-3. I think they just used my passport and tourist visa.
I don't know if that was their standard practice, or an exception was made, but it's worth a try in my opinion.

Charlie M.

notamiss · Posted: Sat May 24, 2008 10:42 pm Post subject:

Charlie, how long ago was that? There was some stuff mentioned in the previous bank threads that suggested that the requirement of residency status to open a bank account is currently tighter than it used to be.

TheLongWayHome · Joined: 07 Jun 2006 Posts: 1016 Location: San Luis Piojosi

CharlieBaloney · Joined: 17 Nov 2007 Posts: 52 Location: Ciudad de Mexico

Charlie, how long ago was that?

This would have been last August or September.

Gringo Greg · Posted: Wed Jun 04, 2008 7:46 pm Post subject:

the opening of a bank account is really up to the person behind the counter. The general rule is that you need an FM-3, but like many things in Mexico, it depends on the person.

MELEE · Posted: Wed Jun 04, 2008 9:10 pm Post subject:

Last month I saw a Bancomer advert for a special account for Mexico's visitors--it seemed to be aimed at snow birds. It didn't mention if you had to have an FM3 or 2 or could be a tourist who comes every winter...
I'm not motivated enough to go ask at Bancomer, since I have two Mexican bank accounts already, but someone might want to try there.

Samantha · Joined: 25 Oct 2003 Posts: 2038 Location: Mexican Riviera

From first glance it looks like they are targeting foreigners who have or are intending to retire here and have money to invest in Mexico, but I didn't spend time reading the entire thing. This PDF document explains, in English, their "Preferred Customer Unit" and banking functions. It covers all sorts of things besides accounts, including taxes and investments, credit cards, online banking, bill paying, etc. It's a 40 page document and this link starts the download.

http://www.terrabancomer.com/pcu/download/ManualOnline.pdf

geaaronson · Joined: 19 Apr 2005 Posts: 948 Location: Mexico City

One word of advice-stay away from Banamex. They are the worse bank I have ever dealt with in my entire life, and I dealt with them both in Merida, Yucatan, and in Mexico City. They will make your life a living hell.

MO39 · Posted: Thu Jun 05, 2008 4:31 pm Post subject: Re: warning

Samantha · Joined: 25 Oct 2003 Posts: 2038 Location: Mexican Riviera

Banamex is the only bank in my area that has a number system AND provides chairs (rows and rows of chairs) for customers to sit on while waiting for their number to be displayed about a teller. The other banks all require that people stand in line for as long as they physically can!

MO39 · Posted: Thu Jun 05, 2008 4:39 pm Post subject:

When I went to Banamex last week to pay for my FM3, I too was impressed with the numbered waiting system and rows of chairs, not to mention the impressive number of tellers available to help bank patrons. And I only had to wait about 5 minutes to be taken care of!

MELEE · Posted: Thu Jun 05, 2008 4:56 pm Post subject:

I have an account with HSBC and another with Banamex. Of the two Banamex gives better service. (I'm not saying it's good service, just better than HSBC.) But HSBC has much better hours, but maybe the explains the worse service, their employees are tired? One of my nieghbors workes there he leaves the house around 7, comes home for lunch at 2-3, and gets home from work at 8:30-9:00.