PV Experience

Banks in Mexico

When it comes to taking care of your banking needs, Solutions Abroad brings to you the services of Scotiabank Inverlat. Scotiabank Inverlat is the bank for foreigners in Mexico. They have agreed to assign an English speaking executive to help you with your banking needs. Scotiabank Inverlat makes banking easy with their extensive network of branches and ATMs, their innovative means of accessing all your banking needs electronically, their competitive rates, flexible accounts and credit card services. Solutions Abroad has chosen Scotiabank Inverlat because it is sensitive to the needs of expatriates in particular with their fully bilingual service and years of experience in dealing with the unique needs of foreigners living in Mexico.

Banks

There are many banks to choose from in Mexico. The largest are Scotiabank Inverlat, Banamex/Citibank, BBVA-Bancomer, and HSBC. Take a look at the links we have listed for you:

• Scotiabank Inverlat
• Banamex/Citibank
• Bancomer
• HSBC
• Banco Central de Mexico
• Banco Inbursa
• Banco Regional de Monterrey, S.A.
• Banco Santander Mexicano Mexicano
• IXE
• Banca Afirme
• Bansi
• Banorte
• American Express Bank (México), S.A
• Banco del Bajio
• Export Import Bank, financial assistance.
• The Mexican stock exchange.
• Foreign Exchange Rates: Mexican Peso

Accounts

Mexican banks offer foreign individuals accounts both in Mexican pesos or dollars. These accounts range from regular checking and money market accounts to certificates of deposit. The peso checking and money market accounts are called "cuentas ejes" or "central accounts," whereby the account holder is able to transfer to other accounts in Mexico or worldwide, transact business in the country, or have access to investment packages or invest in the Mexican Stock Market (Bolsa).

In order to open a bank account in Mexico you will need the following:

• A valid passport
• FM2 or FM3
• Bank and/or credit reference (Mexican or foreign)
• Proof of address (i.e.: Bill from the telephone or utilities)

Credit Cards

The Mexican institution that holds your account can also issue your credit card in Mexico. The requirements are the same as above plus proof of income. Some banks will require you to have your account with them for at least 6 months and a balance of $50,000 pesos before issuing you a credit card if you do not have credit references.

Business hours are normally between 9 am to 4 pm. Many expatriates begin to start planning for their financial future and the financial future of their families once overseas.