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General Banking Tips in MexicoAll listings are the responsiblity of the posters; keep in mind, anyone can post anything! |
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General Banking Tips in MexicoAll listings are the responsiblity of the posters; keep in mind, anyone can post anything! |
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MexicoGeneral Banking Tips in Mexico
Banking in Mexico is not that different from banking anywhere else. Foreigners are generally allowed to open bank accounts dominated in Mexican pesos and US dollars. These bank accounts differ widely, from ordinary savings accounts to checking accounts, even to certificates of deposit.
For the checking accounts, minimum deposits typically start at US$1000, although some banks even allow minimum deposits as low as US$500. It really depends on the kind of bank you are working with. Then for the dollar-dominated accounts, in general, you should be either a US or Canadian citizen with a valid identification such as your passport or driver's license. You will also have to show your proof of address for individuals and, for corporations, a proof of incorporation. Alternatively, you may also choose to open a Mexican bank account through the offshore bank branches of Mexican banks, the largest of which are Bancomer and Banamex. They have offices in both US and Canada, but the accounts that they offer are typically open only for high net-worth individuals because of the high minimum deposit. Income derived from the accounts with these offshore accounts are not taxable in Mexico, but they are subject to tax in the country where you open the account. Similar to the onshore accounts, there's also a wide variety of accounts that you can open, such as savings, checking, certificates of deposit, and money market accounts. Money market accounts usually have a minimum deposit of $5,000, while for certificates of deposit usually have a minimum deposit of around $25,000 and is subject to an interest commensurate to the certificates' term and to the market conditions and/or the Libor rate. The requirements for these offshore accounts are also similar to the requirements for their onshore equivalents, though there may be additional requirements depending on the policies set by your home country. Do visit any of these offshore bank branches for more information. You can talk about... General Banking Tips in Mexico Tags: • incorporation • corporations • passport • identification • pesos • foreigners • tips • banking • market conditions • money market • bank account • drivers license • checking accounts • savings accounts • us dollars • bank accounts • banking tips • banking in mexico • Related articles:
General Banking Tips in Mexico Mexico |
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