If you’ve decided to purchase a condo or home in Puerto Vallarta, you will likely be opening a bank account in Mexico to be able to transfer, access or secure money. The process for foreigners to open a bank account in Mexico is quite simple if you are prepared.
The first thing to note is that there are several banks in Mexico that have relationships with American or Canadian institutions, which can be helpful for saving on service fees or other matters. You can ask your home bank which institutions they have affiliations with within Mexico. These are banks in Puerto Vallarta that have relationships with foreign banks:
- Banco De Mexico
- Banco Santander
- Bank of America México
- BBVA Bancomer
- ING Bank (ATM only)
Another thing to note is that you, as a foreigner, are not able to open a bank account online, you’ll need to go into the branch to open your account. Forms at most banks will be in Spanish so bring a translator and some banks will have English speaking account managers to assist you. Additionally, some banks, including Bank of America, HSBC, and Santander may be able to help you open certain accounts in Mexico prior to your arrival. Inquire with your bank branch for more information.
If you are opening a bank account in Puerto Vallarta, here are the documents that you will need:
- Your tourist card or residency visa
- Social security number, foreign tax ID, and/or RFC (your Mexican tax ID)
- Your passport
- A utility bill listing your address. Note, the bill must not have been issued more than two months prior to you bank application
- A minimum of $1,000 Mexican pesos (for most banks) and it must be in pesos, not a foreign currency
- Cell phone number
- Email address
There are different types of accounts and it’s important to read carefully to review fees and charges that bank accounts in Mexico may incur. It’s often a good idea to plan for two visits to the bank – one to get all the paperwork and requirements, and a second to submit your documents – so that you feel prepared in your decisions.
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