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.

Open Bank Account Mexico

How to Open a Bank Account in Mexico?

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.

Legal Notice of the Company

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

Open Bank Account Mexico

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

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.

If you would like more information about the process of opening a bank account in Mexico, do not hesitate to contact Biz Latin Hub – Mexico, whose experts can also support you in setting up your business and with visa processes. Make contact with Alex at here.

Receive the latest news and advice about expanding your business globally.

Subscribe to our newsletter to receive the latest business news and advice about entity formation, legal entity compliance, accounting, back office and fiscal requirements.

  • This field is for validation purposes and should be left unchanged.

Marketing permission: By submitting this form, I give my consent for Biz Latin Hub to be in contact with me via email using the information that I have provided in this form and for the purpose of providing me updates about doing business, entity formation, legal entity compliance, accounting, back office services, PEO and/or for marketing purposes.

What to expect: If you wish to withdraw your consent and stop hearing from us, please simply click the unsubscribe link at the bottom of any email that we send or contact us at [email protected]. We value and respect your personal data and will do the utmost to protect it. By submitting this form, you agree that we may process and use your information in accordance with the stated terms and conditions in our privacy policy.

Pin It on Pinterest

Share This

Share This

Share this post with a friend or colleague!