Bank account in Mexican pesos: how to open and use an MXN account in Mexico

There are about 50 banks operating in Mexico that allow both residents and non-residents to open accounts in Mexican pesos (MXN). Popular banks in Mexico include Santander México, Citibanamex (a subsidiary of Citigroup), Banorte, Banregio, Inbursa, and others. These banks allow opening MXN accounts, including those linked to payment systems such as Visa and Mastercard.

Despite the fact that about 30% of Mexico's population still does not have access to bank accounts, the financial services sector in Mexico continues to develop. For example, in February 2026, a record amount of funds was registered in bank balances — over 13 trillion Mexican pesos (MXN). At the same time, the number of peso bank accounts has increased by more than 30% over the past few years.

In addition, Mexico has a developed network of mobile or neobanks*, which allow accounts to be opened remotely and through a simplified process. There are more than twenty such banks in Mexico.

* A neobank is a digital bank or financial service without a traditional branch network, where accounts are typically opened and managed via an app or website.

How to open a bank account in Mexican pesos (MXN)

In large banks, non-residents cannot open an MXN account without special documents. Since 2022, this has only been possible in two cases:

• By providing a Temporary Resident Visa*;
• By having permanent residency (RFC*/CURP*).

* Temporary Resident Visa — a visa or status confirming the right to legally reside in Mexico for a limited period.

* RFC (Registro Federal de Contribuyentes) — a Mexican tax identification number used for tax registration of individuals and legal entities.

* CURP (Clave Única de Registro de Población) — a unique personal identification number for residents of Mexico used in government and administrative systems.

In other cases, opening an account is only possible through digital payment systems such as Wise or Payoneer. For example, Wise allows opening a multi-currency account that can be used for transfers and payments in Mexican pesos (MXN).

Residents can open an account in Mexican banks online or by visiting a branch in person, providing the required documents:

• Passport or Mexican ID (INE)*;
• Tax number (RFC) and resident identification number (CURP);
• Proof of address, such as utility bills or a rental agreement.

* INE (Instituto Nacional Electoral / INE ID) — a national voter identification card in Mexico, often used as the main identity document.

Non-residents, including tourists, can open a bank account in Mexico only if they have a document confirming temporary legal presence in the country, which is the FMM (Forma Migratoria Múltiple)*.

* FMM (Forma Migratoria Múltiple) — a migration form issued to foreigners upon entry into Mexico; it confirms legal stay as a tourist or temporary visitor.

To start the process of opening a bank account in Mexican pesos (MXN), you must either visit a bank office in person or fill out an application on the bank's website. If the bank is international, a preliminary application can be submitted while abroad.

Types of bank accounts in Mexico

There are several types of bank accounts in Mexico:

• Savings account (Cuenta de ahorros): The most common type, used for storing funds;
• Checking account (Cuenta de cheques): Has minimal deposit requirements and allows a limited number of free cash withdrawals;
• Deposit account (Cuenta de depósitos): An interest-bearing account, which may offer either quick access or withdrawals with prior notice.

To open a bank account, a minimum deposit is required, which may range from 1,000 ($58) to 4,000 ($230) Mexican pesos (MXN). After making the deposit, the client receives an 18-digit account number (CLABE*), which can be used for transfers.

* CLABE (Clave Bancaria Estandarizada) — a standardized 18-digit bank account number in Mexico used for interbank transfers.

It should also be noted that by law, both residents and foreign citizens can only open accounts in Mexican pesos (MXN). Therefore, any other currency must be converted into pesos before funding the account.

Ways to fund a bank account in Mexican pesos (MXN)

• Cash deposits via ATMs or bank branches;
• SEPI transfers (instant transfers using the 18-digit CLABE number);
• Transfers from cards or accounts in MXN from other banks;
• Electronic wallets and money transfer systems (Wise, Payoneer, Western Union, Ria, etc.);
• Exchange services with conversion (online exchangers and physical offices).

The same methods are available for withdrawing Mexican pesos (MXN) from a bank account. Standard transfers may be free of charge, but fees will definitely apply in case of currency conversion.