BajaNomad - Need to open a Mexican Bank Account

Need to open a Mexican Bank Account

Mudder - 2-20-2018 at 11:11 AM

ISO information. We just bought some property in Todos Santos. We haven't closed yet, so, we don't have the title papers. I want to open a Mexican bank account, to facilitate transfer of funds related to construction. I've read on a number web sites that all I need is ID and a "Proof of Address" to open an account. These websites don't say if the Proof of Address has to be a Mexican or my Canadian address. Can someone chime in with their experiences?

4x4abc - 2-20-2018 at 11:47 AM

has to be a Mexican address on a water bill or CFE bill. Telmex will do as well.
The bank does not care if your name is not on it but some Mexican guy. If you say you are renting from him, it will be fine.
They will want to see ID and your passport will be just fine.
I recommend opening a US $ account and a peso account - makes the transfer of funds much easier. Open a Mexican paypal account, link it to your peso account and you wll have another easy avenue for money transfers.

[Edited on 2-20-2018 by 4x4abc]

Bob and Susan - 2-20-2018 at 12:36 PM

I wouldn't open a dollar account...

you ONLY need a peso account

4x4abc - 2-20-2018 at 01:27 PM

Quote: Originally posted by Bob and Susan

I wouldn't open a dollar account...

you ONLY need a peso account

with only a peso account, all transfers will automatically turned into pesos
with dollars in a dollar account, you can wait until the rates are good

Bob and Susan - 2-20-2018 at 01:34 PM

good point

but you only need a peso account...

you can only change $2000usa to pesos a month

pacsur - 2-20-2018 at 01:47 PM

Best to have a dollar and peso account so you can transfer dollars into your peso account when exchange rates are better, usually $1,000usd and $4,000peso minimum balances.
I've never heard about a limit to exchange pesos in your account, I can exchange whatever amount I want.
There are limits to making usd cash deposits, but if it's by check or wire transfer there should not be any issues.

mtnpop - 2-20-2018 at 02:29 PM

Bancomer has a 12,000 minimum or they start dinging you every month while you are below it.
You can only exchange $2000 usd to peso at the window per month
if you have an account.. They will not exchange unless you have an account...
Have been told now you need Permanent resident to open an account not sure if you can get one on Temp Resident. but not on tourist visa.
We only have peso account and use Wells Fargo Express send money is in the bank immediately just watch to move money when the rate is good if possible..
The above is not hearsay it is actual experience this year...

Bob and Susan - 2-20-2018 at 03:47 PM

i went in and checked...the min is 8000 pesos before fees

pacsur - 2-20-2018 at 05:12 PM

Quote: Originally posted by pacsur

Best to have a dollar and peso account so you can transfer dollars into your peso account when exchange rates are better, usually $1,000usd and $4,000peso minimum balances.
I've never heard about a limit to exchange pesos in your account, I can exchange whatever amount I want.
There are limits to making usd cash deposits, but if it's by check or wire transfer there should not be any issues.

Some banks suck more than others, currently I use Scotia and Santander, I have used almost all of them in Los Cabos over 20+ years, Santander is pick of the litter for the last 7-8 years...Scotia sucks on exchange rates, where I only exchange when I go to the mananger and have her call DF for a current rate...

surabi - 2-20-2018 at 09:20 PM

My Bancomer "Libreton" account only has a 4000 pesos minimum balance/month not to incur service charges.

tecatero - 2-21-2018 at 06:00 AM

Is being a residente permamente also a requirement to open an account ?

4x4abc - 2-21-2018 at 08:32 AM

Quote: Originally posted by tecatero

Is being a residente permamente also a requirement to open an account ?

weebray - 2-21-2018 at 09:07 AM

Twenty five years, no Mexican bank account, no problems - ever.

AKgringo - 2-21-2018 at 09:17 AM

Quote: Originally posted by weebray

Twenty five years, no Mexican bank account, no problems - ever.

And I will bet that you don't use bit-pesos either!

weebray - 2-21-2018 at 05:58 PM

Quote: Originally posted by AKgringo

Quote: Originally posted by weebray

Twenty five years, no Mexican bank account, no problems - ever.

And I will bet that you don't use bit-pesos either!

Bit pesos? My brother had some once.