Home Changes Preferences New Edit 24 Revisions Printer Friendly Page Stats Attachments rss

Banking Information

Mexico is still very much a cash society. Many smaller stores and restaurants do not take credit or debit cards. Some businesses still offer discounts for using cash. The large companies like Sams or Gigante all take credit cards, BUT make sure you have told your credit company that you are visiting Mexico or you may be embarrassed when your charges are denied. Some credit card companies even require you to call every 30 days if you are on an extended trip to Mexico.

How to open a local account

You can open a local account much in the same way as you would in the US. Each bank has different requirements that change from time to time. However, all require an FM2 or FM3 for non-nationals (May 1, 2005: some folks report recently opening accounts without an FM3, so the banks may not be requiring an FM3). You will also likely need proof of your place of residence (electric bill), a copy of your passport, local references, and possibly a Mexican tax ID – either a RFC or CURP, if you open an account earning interest.

Banks offer many different types of accounts – just like in the US – so check out the various options. Small minimum balances can provide interest income and lower fees.

Many banks have someone in the branch that speaks English.

How to get local currency

I think the best way to get money while you are here on vacation is to use an ATM. Your bank sets the daily limits for withdrawing cash. Just like in the US there are fees for withdrawing cash, but the exchange rates are usually more favorable than in the exchange houses.

Some banks have relationships with each other that may eliminate the fees (check with your bank as these fee agreements can change):

  • Wells Fargo & Bancomer
  • Bank of America & Santander Serfin
  • Citibank & Banamex
  • California Commerce & Banamex

The large banks that have US affiliates have branches in both the GZ and Centro.

Banamex (Citibank) has the branch locations online (and the site is in English): http://www.banamex.com/eng/

Santander Serfin (Bank of America) also has the locations online (Spanish, but easy to use): http://santander.mapasactivos.com/

Bancomer (Wells Fargo) has the locations too (in Spanish). Click on the link Sucursales (lower right hand corner). http://www.bancomer.com/

Some other online banks, like Etrade or Fidelity, charge no ATM fees and will reimburse for the ATM fees charged by the bank where the funds were withdrawn.

IMO, the ATM fees are usually the less important part of an ATM withdrawal. I find the exchange rate to be much more important if you will be withdrawing money over along period of time.

If you plan to use an ATM card for a long period of time, consider getting two accounts with different banks. If a card is stolen or eaten by an ATM machine you'll want to close that account. You are better off using an ATM during the banks normal hours of operation. That way if there is a problem, you can get help from the staff at the bank.

If you have cash or travelers checks, you can use an exchange house. Just like the ATM’s, different exchange houses offer different rates. The rates will almost never be as good as the ATM’s and usually you will get more for cash than travelers checks. Don’t be fooled by the signs “No Commission”. Even if there is no separate charge for a commission, you are still paying a fee through the exchange rate itself. The combination of exchange rate and any additional fee is what you should consider in determining your actual exchange rate.

How to transfer money to Mexico

There are a number of ways to transfer money to Mexico:

  1. Simply to open a local account and write a check on your account back home. Depending on the bank's policies, it will take approximately 10 days for the check to clear.
  2. Open an account with InterCam. This is a large company with a small office here in Mazatlan. They specialize in moving money internationally through Bank of America in the US. Here are directions to their office:
    1. Boca del Mar #8 in the Golden Zone. Take Playa Gaviotas North to the first intersection past Hotel Las Flores. Turn right on Boca del Mar. Their office is on the left. Phone 916-7515. Miguel Ochoa, is the office manager and speaks English.
    2. InterCam will require pretty much the same paperwork that is required by a bank to open an account. They have fair exchange rates and either give you a check that can be cashed locally, or transfer the money you give them to a local account or accounts. This is an ideal way to transfer a large sum of money all at once, but InterCam's exchange rate is not as good as many banks will give you at an ATM.
  3. Use a service with Wells Fargo called Intercuenta Express. This service allows you to transfer up to $3,000 a day for a very small fee ($8) into a local bank account. Wells Fargo works with many of the local banks. Here is more detailed information
    1. The last time I checked Wells Fargo's exchange rate, I found it to be less competitive than InterCam, but rates can certainly change.
  4. An international wire transfer to a Mexican bank account. The money is available in 24 hours or less, but the fees are usually pretty high ($30-$50). The exchange rate is usually pretty good.
  5. A last option is, of course, to use Western Union. They have dozens of transfer agents here in Mazatlan and agents everywhere in the US. You can even send the money to Mexico on the web using a debit or credit card. Western Union is great for emergencies as there is no account to set up and the transfer is done in a few hours or less. However, the fees are 5% of the amount sent and exchange rate is about what you would find at an exchange house. Still, in a pinch, this is a reliable way to get money.
  6. A new option is available with HSBC

Easy international transfers and NO ATM fees make this an attractive possibility.

Safe Deposit Boxes

You can get a box at the large Bancomer branch in the GZ. Requirements are as follows:

  • A minimum deposit of $200,000 pesos.
  • Bank client for 6 months or more.
  • Passport. No FM3 needed.
  • Proof of where you live (utility bill).
  • 3 personal local references.

Prices are as follows:

  • Small $800 pesos
  • Medium $1000
  • Large $2000

A Word Of Caution

Please read this article. Banking in Mexico is not like it is in the US. Banks are under no obligation to reimburse a client for funds stolen from an account. I suggest keeping your account balances in Mexico to a minimum if possible.

Here is another story - A dentist in Nogales Son., had all of his money taken from his Mexican bank acct. The authorities finally determined that it was taken by a bank computer person in Mexico City, and he was convicted of that crime. The interesting part of the story is that the bank was not held responsible for this, so our neighbor never got his money back. He was told by the authorities that it wasn't the banks fault and he should look to the “criminal” for civil relief.

DavidShafer June ,2006