Money and Banking: Bank Account Requirements

Opening a local bank account can make residing abroad easier.

Banks have varying requirements to open an account.

In Mexico, banks are required to verify your identity before you can open an account. To do this, you must present documents to prove your identity, including primary photographic identification (e.g., passport, driver’s license), primary non-photographic identification (e.g., birth certificate, pension card, visa), as well as proof of address, such as a utility bill. In Mexico, banks typically have a minimum of Mex$500–1,000 to open an account. Contact your bank for its exact requirements.

You’ll need to decide what type of account(s) to open, which will depend on how you like to access your money and how frequently you’d like to do so.