How to Open a Bank Account and Pay Bills in Mexico
This post about banks and bills in Mexico is to help people who have just moved to Mexico. Things are similar but can be somewhat different than what you expect. We will go over how to open a bank account, the benefits of a bank account, and how to pay bills in various ways. So let’s get started…
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BEFORE YOU OPEN A BANK ACCOUNT
There are a few steps you need to complete before opening a bank account.
- You need to have your temporary or permanent residency.
- You will need to register at the SAT office. This is similar to the social security office. The Mexican government requires everyone to register with SAT. You will not be able to buy/sell a car or home without this.
- You need an address (a rental qualifies).
OPENING A BANK ACCOUNT IN MEXICO
Our experience opening a bank account was vastly different from our friends. I’m sure it depends on who you open an account with. We opened our bank account with Santander, a large international bank. You have several choices when it comes to banks, but in our opinion, an international company seems safer.
Extra bonus: because Santander is a bank in Spain, we don’t pay foreign transaction fees at ATMs when we travel to Spain.
Not all bank branches will have a person who speaks English. It’s best to call around if you need an English-speaking person.
Opening an account takes 30 minutes or it can take half a day. It’s best not to plan anything else for the day, just in case.
Here is what you will need to open a bank account:
- Passport
- Temporary or permanent visa
- Mexican cell phone number (*must be a Mexican number)
- Something with your address on it (water, electric, or internet bill)
The bank will set up your account, and help you set up the app on your phone. If you have a good banker, they will show you all the features in your app including how to pay for services and using the Supertoken (NIP number).
ATMs
Your ATM debit card will be delivered to the bank in 7-10 days (usually 14 or more). You will have to come back to the bank to pick it up. The ATM is the same as any other country. You just need your 4-digit pin and most ATMs have a language button (English, Spanish, Portuguese, and French seem to be the common choices).
ACCOUNT ACTIVATION
Our Santander banker forgot to mention that our bank account isn’t active or “maintenance free” as they say for 4 business days, more or less (usually more) after you open the account. We found this out when we tried to transfer money from the United States using Wise.com, and they were not able to deposit the cash until a week later.
We also found out that during holidays, your limit to withdraw or transfer money is 8000 pesos at a time. I had to make two bank transfers to pay the rent. Again, it was just another surprise speed bump.
BENEFITS OF HAVING A BANK ACCOUNT IN MEXICO
If you have residency in Mexico, it only makes sense to have a bank account. Your ATM fees will be lower or non-existent, it’s easier to pay bills, and the interest rates on CDS are double the interest of what you can get in the United States and Europe.
As of January 2025, the interest rates are between 7.27-9.14% depending on the length of time and how much money you put into a CD or fund. You can invest for as little as 28 days, 3 months, 6months, or a year.
Also, getting a Mexican credit card with your bank will help limit many headaches. Some websites, such as Mercado Libre or Primera Plus, do not accept foreign credit cards.
PAYING BILLS
In Mexico, they don’t write checks. To pay for your rent, utilities, internet, or even a car, the preferred method is by bank transfer. You can do this on a computer or through your bank mobile phone app. I found it easier to do transactions through the mobile app.
In your bank app, you might have a section called “Servicios” or under Tranferencias “Pagos”. that you use for the electric company and other common utility bills. Under “Transferencias”, you can add people or businesses. Add your landlord if you are renting, your relocation expert, even your favorite furniture store.
CLABE
The CLABE is an 18 digit number is what people use to give you their account information, or what you can give to Wise.com to set up your money transfers from your home country.
- Go to transferencias (transfers)
- Click transferir (to transfer)
- Click Nueva transferencia (new account)
- It will ask you to enter a card, account, CLABE, or cellular number to transfer to a new contact. (Escribe el numero de Tarjeta, Cuneta, CLABE o Numero Celular para transferir a un nuevo contacto)
- It can take between 20 minutes to 2 hours for the bank to add the new account.
- If you do any transaction on your phone, you will need to use your 4-digit code to access the Supertoken. The good news is, the app will automatically apply the Supertoken.
- If you are using a computer to do any transactions, you will need to sign in to the Supertoken on your phone with your 4-digit code and then enter the 8-digit NIP number into the computer.
With less than 1% fee, and an easy-to-use app, you can transfer your money between countries in less than 2 minutes using Wise.com.
Other Ways to Pay Your Bills
Sometimes the bank app doesn’t cooperate, or the bank puts a hold on your account for no other reason than you are a foreigner. This happens to us periodically.
In 2023, the bank suspended our account 3 times. If your Spanish is good, you can call the hotline, give them a ton of info to prove it’s you, and then get your account open again. If your Spanish isn’t good, you can go to the bank, and have your banker help you with the phone call.
Pay Bills Through the Apps
Sometimes its easier to pay through the business app like Megacable for internet or Sky for cable.
OXXO IS WHAT A CONVENIENT STORE SHOULD BE
For a one-stop payment option, OXXO is perfect. OXXO is a convenient store where you can pay many of your bills. You can pay for your water, electric, cable, internet, property taxes, and monthly cell phone data recharge at OXXO.
Say you want to buy something from Mercado Libre, but they won’t accept your foreign credit card. No worries! Print out the payment receipt with a code on it, take it to OXXO, pay for it, and you will receive an email that states your transaction has been paid.
Pay Your Electric Bill at an ATM
Electric can also be paid through either the Bancomer ATMs (which we couldn’t figure out) or at the kiosks at the electric offices. (Search on google).
How Do I Pay for Gas For the House?
Gas for your house is paid in cash when they come to your house and fill up your tank on the roof.
Questions? Whatsapp
Everyone uses WhatsApp in Mexico. They do not use SMS texts because they tend to charge. Have your banker’s number on WhatsApp so you can contact them about any questions you may have. Also, its a good idea to have any of customer service numbers saved in your phone and WhatsApp.
This is Different: Companies Do Not Issue Checks
We had a situation where we had to cancel one of our furniture orders. We had ordered a closet, and the salesperson told us it would be 40 days until it was delivered. Just after 40 days, I contacted them. They said it would be delivered in 3 days. We needed to be home to accept it between the hours of 8am and 8pm. Yes, an entire day.
The day came, and nothing was delivered. We didn’t even get a phone call. I called them back and arranged for a delivery the following week. This time they called the day before to make sure we would be home between the hours of 8am-8pm. Again, they did not show up.
I went to the store, explained to the manager what had happened and cancelled the order. Two weeks later he was able to issue me a deposit slip (not a check) for the returned cash. I needed to go to the bank, give them this slip of paper and they would give me the money.
At the bank, I needed a copy of my visa with the deposit slip. The cashier could not figure out which was my last name on the visa, and I had to show her my passport. Some Spanish people have over 8 last names. I’m not sure why my first, middle and last were so difficult.
We hope this post helps you navigate banking and bill paying more easily. Check out our other posts to learn more about living in Mexico.
Thank You for sharing your story. It is funny how things differ so much from country to country. Each has their own set of concerns in regard to issues of security, fraud and a lack of confidence in (or should I say understand of) modern technology. The process is much quicker and easier here in Thailand although they are thorough in checking you out which does require a copy of your VISA certified within the last 30 days by your immigration officer. I have opened two bank accounts here in Thailand and completed each event within one hour as a walk in customer.
Sorry to hear about the problems with your furniture order. This is something that could easily happen here as well. They all seem to think you are just sitting at home all day every day happy to wait for your delivery…
After reading this story I am now encouraged to write one on the same subject as it might prove helpful to expats that are planning a move here or that have recently moved here…
I’m curious as to the process for getting a driver’s license there! I wrote an article on that topic for Thailand which was very well received and my most read article to date. It does feel good when you know you can help someone navigate what can be an intimidating process…
Best wishes to the both of you….
Thanks Kenneth! Yes, I’d be interested to hear about moving to Thailand and how things are slightly different than the States. We do plan on getting a Mexican drivers license at some point. It will be one more form of identification issued by the government that no one could argue with. Should be an interesting experience!