Phil J. Says:
Do I need to set up a bank account if I move to Mexico?
IL Contributor Jason Holland Writes:
Some expats never bother opening a bank account in Mexico—they just use credit cards or ATM cards from their home country account to make purchases and get cash. A local account can be handy, however, especially if you need to write checks or want to wire money to yourself.
Major banks with branches all over the country include Banamex, BBVA, Banco Santander, HSBC, and Scotiabank.
You’ll be asked to show your passport (and residence visa if you have one) to open a bank account. You’ll likely also have to show proof that you have a permanent address in Mexico, such as a telephone or electricity bill in your name.
Note that, if you want to wire money to your Mexican bank account from your US bank, you may need to set up the original authorization in person at your US or Canadian bank.
Ask your bank back home what you’ll need to do to be able to authorize transactions online.
Read more about life in Mexico on our website.
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