Banks & Banking Services Offered in Mexico

If you’re living or working in Mexico, planning to retire here, or planning to invest in Mexican real estate, the likelihood is that you will need to open an account at a Mexican bank to facilitate your daily financial transactions in Mexico as well as manage money transfers between foreign accounts and your Mexican bank account.

Back in the ‘old days’ all banking in Mexico was conducted over-the-counter and banks opened limited hours: counter services began at 9:30am and shut by 1pm.  As a result, lines at banks were notoriously long; paying-in money to an account, paying bills, cashing checks, exchanging foreign currency: these services and more required patience and often the space of an entire morning to complete.

Mexican retail banking services have been transformed over the last decade.  Longer opening hours, Saturday opening, telephone banking and, in particular, internet banking have all played an important function in the improvement of retail banking services here.

However, Mexico continues to be a strong ‘cash-based economy’, and many Mexicans still use banks only to cash checks handed to them (or ATM cards to withdraw cash); some older Mexicans continue to feel distrustful of the new technologies like internet banking; and as a result, the lengths of lines at banks can still get quite long on occasions, especially around quinsenas (every fifteen days) when companies pay their employees.

Learn more about managing your money and finances in Mexico

Mexperience offers you a wealth of information about Mexico’s money, banking services, and banknotes.

• Opening and managing a bank account in Mexico
• Learn more about managing your money in Mexico
• Articles about Mexico’s banknotes
• Latest articles about the Mexican peso
• Latest articles about money and finance in Mexico

The information published in this article is provided for general information in good faith and is not intended as personal, legal, financial or investment advice.