How to transfer money to Mexican account

How to open a Mexican bank account and transfer money

Opening a Mexican bank account as a foreigner

As foreigners spend more and more time in La Paz, whether retiring there full time or enjoying long-term vacations there, opening up a Mexican bank account makes sense and can save you time, hassle and money.

To open a bank account, a foreigner must now first and foremost be in possession of temporary or permanent residential status. Either ID card can be obtained by following the steps set out by Mexican immigration.

Most Mexican banks offer foreigners the opportunity to open a US Dollar account, a Mexican pesos account, or both. The most common banks found in Mexico include Banamex, BBVA Bancomer, HSBC Mexico, Santander, Banorte, Banco de Bajío and Scotiabank Mexico. Usually there is a minimum amount to open an account of $4,000 pesos.

In La Paz, you can find most bank branches in El Centro area. I personally use Scotiabank, as I find the online banking is easy, user-friendly and well protected. Moreover, the staff in the local branch are helpful, understanding and importantly English spoken for those who haven’t yet dominated the Spanish language.

Moving on from the ‘how to open a Mexican bank account’ to the why... The main reason being it will save you money. With a Mexican debit card, it’s free to withdraw money from your designated bank’s cash machine. However, while using a foreign debit or credit card, you are subject to bank service fees and poor exchange rates.

Other benefits include quick and free online banking when transferring money to another Mexican bank account, while interest rates are high in Mexico, meaning a savings account can generate upwards of 5%

Get the best rate when transferring your money to Mexico

How to transfer money from a foreign account to a Mexican bank account

After opening a Mexican bank account as a foreigner, the next step is to transfer funds from abroad.

The easiest and most convenient way to transfer funds from a foreign account to your Mexican bank account is via a wire transfer. There are specific companies which offer this service, and at far better rates than a standard bank wire.

I have been in La Paz since 2010. During that time, I have made several transfers from abroad and each time I have used the company Wise (formerly Transfer Wise) with great success. They are a renowned company with accounts all over the world, meaning they can offer the very best exchange rates without changing currency.

So if you are sending US Dollars, they receive a transfer into their US Dollar account, and they transfer Mexican pesos from their own Mexican bank account to yours at that day’s exchange rate. Funds generally arrive within hours, and they just charge a fee for the service. The bigger the transfer, the more you potentially save.

Here is a link to their transfer page where you can simulate the figures. https://wise.com/gb/send-money/

On a $5,000 US Dollar transfer, you can save up to $40usd compared to standard wire bank transfers. If you were to withdraw a similar amount in multiple cash machine transactions, that figure could be nearer the $400usd region.

For bigger purchases, such as a car or house remodel, Wise can play a huge importance in budget management.