Where should I setup a bank account in Mexico?
We asked expats in Mexico what banks they use and there advice about banking. They advised...
"Contrary to the other posts, I found a very expat-focused bank in Bucerias, the neighboring town to La Cruz. Bancomer recently opened an office with a separate "prefered customer" area. I've learned that "Preferred Customer" means english speaking customer in the spanish language! This area, containing two desks and two employees, is manned by extremely professional english speaking employees. They are college educated and extremely well traveled. You do not need to wait in line for anything, and it took less than a 1/2 hour to setup a new account. It was ready immediatly online, and they even took the time to show me how to access it over the internet. I could not have been more pleased. However, this was after having attempted to open an account with Monex. On a previous trip, my husband and I went to the Monex office together to set up an account. We signed what we thought was all the paperwork. But two weeks later in the US, we received more paperwork to sign. So we signed it, sent it back, then they did not like the signatures. We have to redo it all. In the mean time, we closed on a house, had wired money to the new account, and could not access it. The process has been going on now for about 6 weeks and we still do not have access to our money. We asked to close the account, but cannot close it until they process the third round of signatures," said another expat in La Cruz de Huanacaxtle / Puerto Vallarta, Mexico.
"Mexican banks offer no special services for expats as far as I know. They are not service oriented. For example, no one at my bank could tell me how to transfer money from my account in the States to my account in Mexico in a timely way at reasonable cost. They were not at all interested in doing any extra research on this topic," wrote a member who made the move to Queretaro, Mexico.
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Welcome Home MexicoWelcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.
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Other Questions:
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Where should I setup a bank account in Mexico?
If you live in Mexico, newcomers to Mexico would love to hear your answer to this question.
About the Author
Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC
Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.