November 13 - 19, 2013
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Opening a bank account in Mexico
BY CARLOS UNDERWOOD
C
urrently over 5,614 foreigners have valid work visas and 7,378 companies, public institutions and non-governmental organization are permitted to hire foreign workers here in Mexico, so thousands of foreign people, active or retired, will require a national bank account in order to make bank transactions and use national bank services. Besides these foreigners working in Mexico, there are thousands of visitors coming from abroad that need to use the financial system in order to save, mobilize and invest their money. However, only those who have a ‘resident visa’ are able to gain access to Mexican bank services. The delegate of the National Commission for the Defense of Financial Institutions Users (Condusef) in Quintana Roo, Rafael del Moral González, explained that foreigners who have a temporary or working visa, as well as a valid passport and a document that proves they live in Mexico will be able to open an account in a bank of their choice having the same rights of any rightful claimant. Anyone coming from abroad interested in opening a bank account must have, without exception, the official document issued by the National Institute of Migration (INM) that legally confirms their right to stay in the country. “It is easy to open an account as a foreigner. All they need is a passport, a visa and a valid document with their address on it. Generally banks ask for a deposit of one thousand pesos. People who have a job or a residence in Mexico have the right to open a bank account and have the rights of any rightful claimant, which are respected”.
He said that occasionally Condusef Quintana Roo receive complaints from resident foreign people who disagree with some bank services, but most of them, explained Del Moral, are resolved. “If they have a Mexican bank account, their complaints can be solved. We have very few complaints. They usually ask for a consultancy with us, but very few of them become a formal complaint”, underlined Del Moral. He said that although the owner of any account may be a foreigner, national banks only work with Mexican pesos since only legal entities (companies) can make transactions in dollars, which means that if a Mexican company is managed by a foreign resident investor its bank transactions can be made with dollars. “Only companies are allowed to deposit dollars, a foreign resident will not be able to do that”, he underlined.
Del Moral said that those interested in opening a bank account must go to the bank of their choice and complete the requested application documents. Main types of bank accounts available in Mexico are: checking, savings,
investment, payroll and offshore accounts, among others. For further information, contact 998 884 47 62, free line 01 800 999 8080 or email qrcond@condusef.gob. mx
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