Discovering Mexico 2017-18

Page 15

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 $7,000 – $8,000.

Credit cards are available, but not approved immediately after opening an account. It may

take between 3 to 6 months to receive it once you are approved by your bank. 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)

TRC (residence card)

Minimum deposit, which will vary from bank to bank

Exchange

Mexico has a floating exchange rate ranging normally between $17 and $19 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: