Banking Services in Mexico

If you’re living or working in Mexico, planning to retire here, or planning to invest in Mexican real estate, the likelihood is that you will need to open an account at a Mexican bank to facilitate your daily financial transactions in Mexico as well as manage money transfers between foreign accounts and your Mexican bank account.

Back in the ‘old days’ all banking in Mexico was conducted over-the-counter and banks opened limited hours: counter services began at 9:30am and shut by 1pm.  As a result, lines at banks were notoriously long; paying-in money to an account, paying bills, cashing checks, exchanging foreign currency: these services and more required patience and often the space of an entire morning to complete.

Mexican retail banking services have been transformed over the last few years.  All but one bank in Mexico is now foreign-owned; and the new owners (household names like Citibank, BBVA, and HSBC) brought-in new management, new technology and training programs in a bid to increase the range of products on offer and improve customer service.

Longer opening hours, Saturday opening, telephone banking and, in particular, internet banking have all played an important function in the improvement of retail banking services.  However, Mexico continues to be a strong ‘cash-based economy’, and many Mexicans still use banks only to cash checks handed to them; others feel distrustful of the new technologies; as a result, the lengths of lines at banks can still be quite long, especially around quinsenas (every fifteen days) when companies pay their employees.

Foreigners living in Mexico, whether resident full-time, part-time, or visitors who come to enjoy temporary use of homes they have purchased here, are becoming an important segment of the retail banking market in Mexico.

All banks provide international financial services, although one bank in particular – Bancomer – has identified the huge potential of this niche market of foreigners and is making a special effort to attract them to its fold, through a program entitled “Preferred Customer Unit” – a service designed for and offered exclusively to foreign nationals living in Mexico.

Bancomer, owned and operated by the Spanish banking giant BBVA, has been marketing this specialized service for some while now.  Its foreign clients enjoy a number of privileges, including having access to a specially-trained team of banking executives and advisors who are fluent in English, working in a team set-up to serve the unique needs of foreigners living, working, retiring, investing in, or frequently visiting Mexico.  Clients also enjoy privileged access to teller services at the banks: no need to stand in long lines, as there is a reserved lane at each branch set up especially to serve them.

In addition to checking accounts, Bancomer’s Preferred Customer Unit is a private banking service that also offers foreigners the opportunity to avail themselves of a range of extended banking products such as investment plans, insurance, car loans, credit cards and mortgages.   The bank can also manage a client’s Fideicomiso – the special land trust that foreigners must have in place to own real estate within 50km (35 miles) of the coast or 100km (60 miles) of a land border – an instrument that must be set-up and administered by one of Mexico’s banks.

For more information about banking in Mexico, connect to the Mexperience guide to Banks, Banking and Credit in Mexico