While using a credit card or withdrawing cash from an ATM are simple solutions for visitors, if you have purchased a vacation home in Puerto Vallarta, you’ll likely want to open a bank account.
Generally, foreigners can open a bank account in Mexico: however, the requirements and process may vary depending on the bank and your immigration status. Speaking in broad terms, foreigners living in Mexico will need to provide their passport, proof of address in Puerto Vallarta, and sometimes proof of income or employment to be able to open an account here. We have a quick review of the steps needed to open a bank account in Puerto Vallarta to get you started.
Choose a bank: There is a wide range of banks including Citibank, HSBC, Banamex, Intercam and many more, and several offer special English speaking services or programs designed for foreigners.
Make an appointment: While you can often just walk in, making an appointment in advance means less waiting and you can inquire as to what specific documents you will need.
Get your documents: Bring a valid passport, a residency permit or tourist visa, and a proof of address, as well as any other specifics noted by the bank when you made your appointment.
Submit your application: You’ll be asked to fill out an application form and you may be asked to confirm your identity or provide references, so it’s a good plan to have some local phone numbers handy.
Deposit funds: Some banks require an initial deposit to open a new account, so be prepared with appropriate funds. Also, be sure to research what kind of account you are opening and any minimum balance requirements.
Get your approval: The bank will review your application and documents, and once approved, they will provide you with the necessary account details and access to your new account, including a bank card and mobile banking information.
It's important to note that each bank may have specific requirements and procedures for opening a bank account as a foreigner in Mexico, so be certain to contact the bank directly or check their website for detailed information. And do your research to make sure your bank is right for your needs and ask questions about foreign transfers and fee structures.
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