Discovering Mexico

Money and Banking Banks

For long-term assignments, it is recommended to apply for a local credit card via your bank. There are also cards provided by the banks that can be used to pay in cash, and the debit from your account is made online. Banks typically charge administration fees for all bank services, which vary from bank to bank. Service packages are available. Primary banks in Mexico include HSBC, Banorte, Scotiabank, Banamex, Santander, and BBVA- Bancomer.

Helpful Hint: Please check with your employer to find out if they have a preferred bank for you to use.

Opening a Bank Account Mexican personal accounts often impose minimum balances for checking and savings accounts with stiff penalties for not conforming to the rules. In addition, banks in Mexico don't operate overdraft facilities, except for businesses. Charges for cashier’s checks and ATMs are made on certain types of personal accounts – so check with your bank to make sure you open an account that is right for your needs. Most ATM machines have a maximum withdrawal limit of $5,000 – $6,000. Credit cards are available, but expect interest rates to be higher than in the U.S., Canada, or Europe. There will also be restrictions based on a minimum balance in your account and you will have to show proof of income. In order to open a bank account in Mexico you will need the following: + Valid passport + Visa + Proof of address (i.e., telephone or utility bill) + Minimum deposit, which will vary from bank to bank Exchange Mexico has a floating exchange rate ranging normally between 12 and 15 Mexican pesos per U.S. dollar. Note: Avoid exchanging money while on the streets. For more information on currency exchange rates consult Banco de México, the central bank of Mexico at: www.banxico.org.mx/portal-mercado-cambiario/foreign-exchange-markets--exc.html

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Discovering Mexico