Opening A Bank Account In Mexico

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Posted by Ernie

I hate to keep sounding negative, but I just closed my Mexican bank account after 3 years of frustration. The interest rate is not that great right now. Besides if the peso devalues you could lose everything. Checking is not really part of the Mexican culture. After 4 or 5 years I had some money in Mexico that is now worth 10 % less than when I invested. I should have put it in a shoe box. If you want more details e mail me : cartons@mb.sympatico.ca

In Reply to: Opening A Bank Account In Mexico posted by Ernie Gorrie on December 30, 1996

To open a bank account in Mexico, you are usually required to show your passport, tourist card or FM-3 book. A number of options are available ranging from fee-based checking accounts, a certain number of “free” checks per month, and the Cuenta Maestro (which is comparable to the Hi-Fi or NOW account in the U.S.). Generally, an average daily balance of about $2,500 USD is required to maintain the Cuenta Maestro, which generates interest at a higher rate and generally provides “free checking.”

The regular checking accounts interest rate often is somewhat less than the monthly service charge, so there’s a definite advantage to maintaining a Cuenta Maestra Ð if you can afford it. Maintaining a Mexican bank account means more than just the ability to write checks. It’s almost necessary if you want to easily cash a dollar or even peso check, transfer funds from your home country, or pay your utility bills at the bank. (Even though you may pay your utility bills in cash, most banks extend that privilege only to their customers.)

A number of brokerage houses such as Probursa also extend checking account privileges to customers who may not be making a huge investment. If you can manage to live at home without a bank account, then you could probably do likewise in Mexico. It all depends upon your personal comfort zone just as dealing with the phone company can be a doggone nuisance, it often beats using those tin cans connected together with string.

What interest rate should I expect to get and how does this compare to the rates of inflation and devaluation? Wow — you’re asking me to look into a crystal ball! Just don’t invest any more than you can afford to lose. In other words, be conservative about your investment.

Opening A Bank Account In Mexico Posted by Ernie Gorrie on December 30, 1996

I’m interested in having a bank account in Zihuatanejo as I expect to be having a house built nearby during 1997. What do I need to know about being a Canadian, opening a bank account in Mexico? What charges typically apply (e.g., checking fees, deposit/withdrawal fees, etc.) What interest rate should I expect to get and how does this compare to the rates of inflation and devaluation?

Published or Updated on: December 30, 1996 by Discussion Thread Forum © 2009
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