The short version
- Yes, a foreigner who lives in Mexico can open a Mexican bank account. BBVA and Banamex ask foreigners for a passport and a migration document.
- BBVA México has an app account for foreigners. It asks for a passport, a migration document, a CURP, a Mexican mobile number and proof of address.
- Some app-only accounts, like Santander's Débito LikeU and Banamex's Switch, are for Mexicans only. Banamex sends foreigners to a branch.
- The banks say IPAB, a public body, protects deposits up to 400,000 UDIs per person, per bank.
Can a foreigner open a bank account in Mexico?
Yes, if you live there. The bank pages we read on 18 October 2026 offer accounts to foreigners who can show a passport and a migration document.
Two of them also say you must live in Mexico. BBVA México lists living in Mexico as its first requirement for foreigners. Banamex's Cuenta Base is for a Mexican, or a foreigner living in Mexico, aged 18 or over.
We did not find a route for visitors on these pages. If you are only visiting, ask the bank before you count on an account.
What do Mexican banks ask foreigners for?
A passport and a migration document, at both banks we read that have a route for foreigners. Most also want your CURP and proof of address.
| Bank and account | What a foreigner brings | Where to open |
|---|---|---|
| BBVA, Libretón Básico Cuenta Digital | Passport, migration document, CURP, Mexican mobile number, proof of address | In the BBVA app |
| Banamex, MiCuenta | Passport, migration document, CURP | At a branch |
| Banamex, Cuenta Base | Official ID, proof of address, passport and migration document, CURP | At a branch |
Three words worth knowing:
- Migration document. In Spanish, the forma migratoria. BBVA notes it was once called the FM2 or FM3. Banamex's page treats it as your resident card.
- CURP. Mexico's personal registration code. Banamex asks for it only if your resident card does not already show it.
- Proof of address. BBVA takes an electricity, water, property tax or landline bill no more than 3 months old.
BBVA also asks that you are 18 or over and do not already have a BBVA account.
Can you open a Mexican bank account online?
At BBVA, yes. Its digital account for foreigners opens in the BBVA app: you pick the option for foreign nationality and use your passport. You can then collect a physical debit card free at any BBVA branch.
Other app accounts are only for Mexicans:
- Santander Débito LikeU. Santander lists Mexican nationality as a requirement.
- Banamex Switch. Banamex says this account is only for Mexicans, and that a foreigner can open MiCuenta or Cuenta Priority at any branch.
So outside BBVA's app, plan on a visit to a branch with your papers.
What does a Mexican bank account cost?
It depends on the account and how you use it. Two examples from the banks' own pages:
- BBVA digital account. No minimum balance. A monthly fee of up to MXN 62 plus VAT, which drops to MXN 0 if you make 4 or fewer card withdrawals. Cash taken out with the app, without the card, does not count.
- Banamex MiCuenta. A first deposit of at least MXN 1,000. Banamex lists MXN 0 for running the account if you meet its conditions.
Fees change, so read the bank's own fee page the week you open the account.
Can you open a US dollar account in Mexico?
Only in some places. The dollar accounts we read are for people who live near the US border or in Baja California.
- Santander. For its dollar account, you must live within the northern border strip, 20 km from the border, or in Baja California or Baja California Sur.
- Banamex. Its dollar cheque account has the same area rule, with an exception for accredited staff of foreign governments and international bodies. The minimum first deposit is USD 70.
If you live elsewhere in Mexico and get paid in dollars, a multi-currency account is the other tool. See Wise vs Revolut, side by side.
Is your money protected in a Mexican bank?
Yes, up to a limit. BBVA, Banamex and Santander all say IPAB, Mexico's bank savings protection institute, covers their deposits up to 400,000 UDIs per person, per bank.
UDI stands for unidad de inversión, a unit of investment. The limit is set in UDIs, not in pesos.
How do you get the resident card the bank asks for?
You apply for a resident visa at a Mexican consulate, then swap it for a resident card in Mexico. We cover each route, the money each consulate asks for and the fees in how to move to Mexico from the US. For the retirement route, see the Mexico retirement visa page.
If one of your parents is Mexican, you may be Mexican yourself. See how to get dual citizenship with Mexico.
A Mexican account works best as one part of a wider setup. One simple setup is three accounts with three jobs, which we explain in the bank accounts that work abroad.