If you want to open a bank account in Mexico, you can obtain legal assistance from our consultants. Our company formation team, specialized in company formation in Mexico, can help you select an adequate type of account in accordance to your needs, and submit the application file with the selected commercial bank.
Table of Contents
How can you assist me in opening a bank account in Mexico in 2026?
- inform on the banks where you can set up the bank account, based on your situation (resident/non-resident, individual, business);
- help you select a suitable bank;
- ask you to provide certain documentation, which will then be added by our team to the application file;
- address the bank’s representatives in order to set up the account;
- inform you when the procedure is completed so that you can start using the account.
| Quick Facts | |
|---|---|
| Types of bank accounts | Checking accounts, savings accounts, deposit accounts, accounts for individuals or companies. |
| Who can open a bank account in Mexico | Individuals and companies, foreigners and residents. |
Bank accounts for businesses | Deposit accounts, investment accounts |
| Corporate documents required for setting up a bank account | • the company’s incorporation documents; |
| Possibility to open a bank account online (yes/no) | Yes |
| Local tax number required for foreigners (yes/no) | Yes |
| Basic requirements imposed to non-resident clients | One can open a bank account in Mexico as a foreigner after presenting the personal identity document, proof of a residential address, the Mexican tax identification number, the visa/residence permit. |
| Situations in which a foreigner may need a local bank account | For savings, receiving the monthly salary, for investments, etc. |
| Local currency | the Mexican Peso |
| The institution that regulates the banking system | the Mexican Central Bank and the National Banking and Securities Commission. |
| Law regulating card transactions | The Payment System Law |
| Documents required for individuals setting up a bank account | The same as the ones required for non-resident persons. |
| Opening a bank account in foreign currency (yes/no) | Yes, one can open a bank account in Mexico in a foreign currency (usually US dollars). |
| Institution issuing a local tax number | the Tax Administration Service |
| Opening a bank account by appointing a representative (yes/no) | Yes, one can open a bank account in Mexico by appointing a representative. | How long does it take to open a bank account? | A client can open a bank account in Mexico in approximately 1 week (it may vary based on the account, the bank selected, etc.). |
How to select a bank | It is recommended to work with a bank that has been present in Mexico for many years. In the selection process, future clients should analyze the types of accounts available, the fees charged, the variety of banking services provided, etc. |
Types of fees charged by the bank | ATM fees, transfer fees, point of sale fees, etc. |
| Minimum deposit requirements | Most banks require clients who open a bank account in Mexico to make a minimum initial deposit (the sum varies based on the type of account and bank selected). |
| Types of banks in Mexico | – the National Bank (overseeing the activity of all financial institutions), – commercial banks (Mexican and foreign owned), – development banks, – savings institutions, etc. |
| IBAN structure | Mexico does not use the IBAN (international Bank Account Number) system, but it has an equivalent of this, known as CLABE (Clave Bancaria Estandardizada), which is assigned as a unique code for each bank account. The Mexican CLABE is comprised of 18 digits, referring to the banking institution (the first 3 digits), the branch that issued the account (the next 3), the account number (11 digits) and a control digit (1 digit). |
| Number of ATMs | In 2024, there were more than 69,000 ATMs operating in Mexico. |
| Minimum age for opening an account | 18 years old |
| Requirements for bank accounts set up for minors | Individuals can open a bank account in Mexico for minors under the age of 18. The account must be set up by an adult (the parent or the legal guardian of a child) who must present his/her passport, immigration papers and the child’s birth certificate. |
| Digital services | – internet banking, – mobile banking, – payments, – card management, etc. |
| Ways to close a bank account | In person and online (the latter is available for just a few banking institutions) |
| Steps for closing a bank account | – contact the bank representatives, – complete any pending transactions, – withdraw the funds, – complete the documentation required by the bank |
| Know Your Customer (KYC) policies (yes/no) | Yes |
| Main KYC procedures | Banks in Mexico enforce a variety of mandatory KYC procedures, concerning the identity of the clients, their residency, immigration status, tax registration, etc. |
| Types of clients under KYC policies | All types of bank clients (locals and foreigners, individuals and companies). |
Who can open a bank account in Mexico?
The right of opening a bank account in Mexico is granted to:
- individuals;
- legal entities set for commercial purposes;
- entities set up for purposes other than commercial.
Can I open a bank account in Mexico as a foreigner?
Yes, the legislation in Mexico allows foreigners to open a bank account here. However, there are certain requirements that must be met by foreigners, in the sense that they need to present, besides their identity documentation, their documents issued by the Mexican immigration authorities, as follows:
- foreigners who are visitors must present their visa that allows them to stay in Mexico up to 180 days a year for purposes related to tourism or business;
- those who have relocated to Mexico as temporary residents must present their visa and temporary residence permit;
- foreigners who have obtained permanent residency status must add to the application file their permanent residency papers.
What are the papers necessary to open a bank account in Mexico in 2026?
One must provide a valid ID, driver’s license or passport, a proof that you reside in the country and the constitution and procuration documents of the company (in the case you want to open a corporate bank account).
What mandatory documents must I prepare if I want to open a corporate bank account in Mexico in 2026?
The bank account can be set up with a local commercial bank only after the legal entity is registered with the Mexican Taxpayers Registry. The bank representatives will need specific company documents, such as the incorporation documents, along with the statutory documents of the company, but also proof on the fact that the company has a registered address.
Below you can watch a video on how to open a bank account in Mexico:
Do I have any limitations concerning the banking institutions where I can set up the account?
While in general, foreigners are welcome to open a bank account in Mexico, it is important to know that certain commercial banks can apply stricter rules compared to other banks (some can allow non-residents to open a bank account, while others can work only with foreigners who have residency in Mexico – this is why it is advised to closely study the policies of local banks).
What types of bank accounts can I set up in Mexico?
These differ depending on your own needs and preferences and can be savings accounts, commercial bank accounts, current accounts, fixed deposit accounts, foreign currency accounts and so on.
Below, you can find out how to open a Mexican bank account in 2026:
What are the most common currencies in which I can set up the bank account?
The account will be set up in the national currency of Mexico, but there is also the possibility of setting a bank account in US dollars.
How long should I wait until the bank account is set up?
You can set up the bank account in a period of maximum a week since the documents were received.
How can I obtain legal representation in the process of opening a bank account?
Our team can help throughout the entire process of opening a company in Mexico through the power of attorney, a document which grants the right to an entity/person to act on behalf of another entity/person.
If you would like to know more about the benefits and requirements of a bank account in Mexico, we kindly invite you to contact our friendly Mexico company formation representatives.