How to Open a Bank Account in Mexico?

In Mexico, to set up a company or begin business operations, it is necessary to open a Mexican bank account. The process is distinguished by a somewhat tedious process which needs to be completed before a service contract is signed. Therefore, it is recommended to seek advice from a professional company in order to facilitate this important step in the process of setting up a company in Mexico.

Steps to open a corporate Bank Account in Mexico by biz latin hub
How to Open a Corporate Bank Account in Mexico? Important documents and steps.

Requirements to Open a Bank Account in Mexico

Once the company is registered in the Federal Taxpayers Registry, part of the Mexican Tax Authority (SAT), it is possible to begin the bank account opening process. You will need to have the companies documents of incorporation and a current proof of domicile.

The legal representative of the company must present his/her official identification, which can be the Elector’s Credential (INE), temporary/permanent residency visa or Mexican passport. If you are the legal representative of the company, you will need to have a valid immigration document in order to to open the bank account. However, this process can be facilitated by a profession legal services provider.

Likewise, it is required that the company has it’s commercial registration number registered with the Public Registry of Commerce. In the case of a newly formed company, the public notary will issue a document which indicates that the company is in the process of registration.

It is very important to take into consideration that the registration at the Public Registry of Commerce should be obtained as soon as possible, otherwise the bank may close the account.

Once the required documents have been submitted, the banks will review and validate them. The document validation process takes approximately one week.

Bank Account Opening Process

Some companies choose to open, in addition to their account in pesos, a dollar account to facilitate their operations with customers and suppliers abroad. Open a corporate bank account in Mexico.

The legal division of the bank is responsible for making the decision of whether or not the application is approved. Once approved, you can proceed to the formal opening of the bank account which will take approximately a week and a half.

During the bank account opening process, the bank will ask for a questionnaire to be submitted by the applicant in order to know the activities and the general history of the company. This can include the origin of the capital with which the company was founded and the general information of it’s partners.

Some companies choose to open, in addition to their account in pesos, a US dollar account. The main reason for this is to facilitate their operations with customers and suppliers abroad. The dollar account can be opened one week after the peso account is activated.

The minimum amount required to open a bank account varies according to each bank; it can range from MX$10000 to MX$ 20000. This is also applicable to the minimum monthly average balance required by banks to keep the account active. In the case of US dollar accounts, the minimum opening amount and the minimum balance vary depending on the bank. The opening of the bank account is normally free, however, it must be noted that each bank has different policies in relation to what service and commission fees apply.

Common Questions when opening a corporate bank account in Mexico

Based on our extensive experience these are the common questions and doubts from our clients when looking to open a company bank account in Mexico.

1. Can I open a corporate bank account online?

No, although the application process can be initiated online there will need to be physical attendance by the named legal representative in the bylaws of the entity at the bank branch. 

2. What documents do I need to open a company bank account in Mexico?

Typically to open a company bank account you will require the following:

a) The bank account application form,
b) Company: Articles of Incorporation, Bylaws, Public Deeds where a substantial change to the company has been made, Tax ID / Certificate (CSF) and E-signature, and
c) Shareholders & legal representatives: Formal Identification issued from a Government Authority, Tax ID / CURP (And for Mexican nationals, proof of address)

3. Who can have access to a company bank account in Mexico? 

Only the legal representatives registered before the bank, although through the online banking platform, people can be assigned to operate the account (tokens), without the need of granting a Power of Attorney.

4. What is the best bank in Mexico for foreign companies?

The choice of a bank would depend on various factors including the specific needs of the client, the range of services required, the locations of the company’s operations, and more. Some of the most popular banks in Mexico are BBVA Bancomer, Santander, HSBC, CitiBanamex, and Scotiabank.

5. Why do companies open bank accounts in Mexico?

Foreign companies that have business operations, subsidiaries, or branches in Mexico may need local bank accounts to manage their financial transactions within the country. Having a local bank account makes it easier to process payments from local customers, and partners in Mexican pesos, which can streamline business operations and improve customer convenience. If a company has employees in Mexico, it’s necessary to have a local bank account to process the payroll and disburse employees’ salaries.

Biz Latin Hub can help you with opening a corporate bank account in Mexico

At Biz Latin Hub, we provide integrated market entry and back-office services throughout Latin America and the Caribbean, with offices in Bogota and Cartagena, as well as over a dozen other major cities in the region. We also have trusted partners in many other markets.

Our unrivaled reach means we are ideally placed to support multi-jurisdiction market entries and cross border operations.

As well as knowledge about how to open a corporate bank account in Mexico, our portfolio of services includes hiring & PEO, accounting & taxation, company formation, bank account opening, and corporate legal services.

Contact us today to find out more about how we can assist you in finding top talent, or otherwise do business in Latin America and the Caribbean.

If this article about how to open a corporate bank account in Mexico was of interest to you, check out the rest of our coverage of the region. Or read about our team and expert authors.

how can we help you opening a corporate bank account in latin america? a biz latin hub infographic.
How can we help you to open a corporate bank account in Mexico?

The information provided here within should not be construed as formal guidance or advice. Please consult a professional for your specific situation. Information provided is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes. The interpretations presented are not official. Some sections are based on the interpretations or views of relevant authorities, but we cannot ensure that these perspectives will be supported in all professional settings.

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