© 2015 Dwellworks
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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