International banking in Mexico is attractive for a wide variety of reasons. Accounts in Mexico banks will be tax-free. This includes taxes on dividend, inheritance, income, interest, profits, and transfer of funds. Also, with the fluctuating value of the dollar, depositing funds in a Mexico banks could be a good investment. Funds in Mexican banks can be deposited in Mexican or American currency.
If you do business with companies in Mexico by importing or exporting products it may be a very good idea to find a Mexican bank. Many private individuals also keep money in foreign banks for investment purposes. When doing either of these practices it is important to keep several things in mind.
1. Familiarize yourself with business banking in Mexico and their practices;
2. Find a bank in Mexico that you can trust that offers the services you want; and
3. Keep track of the currency exchange rate.
Action Steps
The best contacts and resources to help you get it done
Choose an international bank in Mexico
There are many banks in Mexico to choose from when looking for an international bank in Mexico. It is also good idea to familiarize yourself with the customs and cultures of another country when you intend to do business with them and such is the case with Mexican banks.
I recommend: Mexonline.com for information regarding every aspect of Mexico. For more detailed information check their
guide to banking in Mexico.
Find a bank in Mexico that fits your needs
When doing business from another country it is a better idea to choose from one of the commercial banks in Mexico.
I recommend: HSBC and the global marketing services that offer investment banking and asset management. Banamex is affiliated with Citibank and offers both
corporate and
personal banking services.
Scotiabank also has a representative office for international banking in Mexico that offers banking, brokerage and online services.
Check the exchange rates regularly
The value of your money in banks of Mexico can change day to day. This change has a direct influence on the value of your money should you choose to withdraw and convert Mexican currency to American.
I recommend: A
currency converter can be found at GoCurrency.com. This converter shows the rate of exchange between all world currency types.
Tips & Tactics
Helpful advice for making the most of this Guide
- When banking in Mexico it is a very good idea to request an interpreter if you aren't fluent in Spanish. Also keep in mind that when using many of the online services, they will be in Spanish as well.
The official source of Banks in Mexico is the Banks in Mexico page at Business.com
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