American banks in Mexico: branches and more

Many Americans travel to Mexico for vacation or business. When they do, they often look for familiar US banks in Mexico to handle their money. So, are there any American banks in Mexico?

You might spot some big names like Citibank and American Express, but these banks usually operate as separate companies from their US parents. This means your US account won't work at these Mexican locations, and the services they offer will look different from what you get in the US.

If you can't find a US bank that works for you, many Mexican banks offer good services for foreigners. Here's what you need to know about your banking options in Mexico.

Which US banks have branches in Mexico

Finding true US bank branches in Mexico is difficult. What you'll usually find instead are subsidiary banks or affiliates.

A subsidiary or affiliate is a separate company that's owned by or connected to the main US bank but operates under Mexican banking laws and regulations. These subsidiaries often focus on corporate clients or investment banking.

These are the American banks that you can find in Mexico:

💡 As of December 1st, 2024, Citi's Institutional and Citi Private Bank businesses operate as Banco Citi Mexico. Consumer, small business, and middle market banking operations continue under the Banco Nacional de México (Banamex) brand.⁴

Overall, your options for American banks in Mexico are limited. If you're looking for the same service that you'd get at your local branch in the US, you likely won't find it in Mexico.

This means that Americans in Mexico will likely lose money on foreign transaction fees and international wire transfers.

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Can a US citizen open a bank account in Mexico?

Yes, Americans can open bank accounts at most Mexican banks. You don't need to be a Mexican citizen, but you might need to show that you're a temporary or permanent resident.

To open a bank account in Mexico as a US citizen, you'll typically need:

• Valid passport
• Proof of residency, such as your FM2 Immigration credential or Temporary Resident Card
• Proof of address, such as a utility bill from the last 3 months
• Minimum initial deposit (amount varies by bank)

Most banks require you to visit in person to open an account. Some may ask for a Mexican tax ID number, but many will help foreigners who don't have these documents - especially bigger and more international banks.

That said, sometimes opening an account might be challenging if you don't speak Spanish. Not all Mexican banks have English-speaking staff, and most websites and forms are in Spanish only.

Which bank is best in Mexico for foreigners?

Mexico has both Mexican and international banks, so there are plenty of options for you to choose from. Some banks are more foreigner-friendly than others - typically international banks like HSBC México.

Here are some of the best banks in Mexico for foreigners:

If you spend a lot of time in Mexico or travel there for business, opening a local bank account can help you avoid foreign transaction fees on daily purchases. You will also be able to pay your bills and receive payments from Mexican sources more easily.

Tips on banking in Mexico

Opening and using your Mexican bank account won't be that much different from the US, but there are important things to keep in mind:

• Spanish language: While some banks in Mexico have English-speaking staff, not all of them do, and the documents that you'll need to fill out to open an account will most likely be in Spanish. It's helpful to learn a few Spanish banking terms, such as cuenta (account) and tarjeta de crédito (credit card)

• Fees: Make sure that you understand what fees apply to your Mexican bank account, including monthly account maintenance, ATM fees, and international transfers

• ATMs: Use ATMs inside bank branches when possible and try to avoid standalone ATMs in tourist areas. They often have much higher fees and security risks

• Currency exchange: Banks typically make money on currency exchanges (such as converting from USD to MXN). The exchange rate at banks is usually better than at currency exchange booths but still includes a steep markup

• Online banking: Most Mexican banks have mobile apps, but they're primarily in Spanish and can be less functional than what you're used to in the US

Keep in mind that you'll have to report all of your foreign bank accounts with balances over 10,000 USD to the IRS.⁵ If you earn any interest on your Mexican accounts, you'll have to report it as well, and it may be taxable.

It's difficult to find US bank branches in Mexico, but you'll find a few subsidiary banks and affiliates, including Bank of America and American Express. That said, keep in mind that these branches will likely be able to provide limited support, if any.

If you spend a lot of time in Mexico, opening a local bank account can help you save on daily transactions. However, Mexican banks also come with fees, and the majority of your banking experience will likely be in Spanish.

Wise makes it easy to pay and get paid globally. You can send high-speed, low-fee transfers to 140 countries, including Mexico, and spend like a local.

Sources

1. American Express Mexico City - Location
2. Bank of America - Connect with our offices around the world
3. J.P. Morgan - J.P. Morgan in Mexico
4. Citigroup - Mexico
5. Financial Crimes Enforcement Network - Report Foreign Bank and Financial Accounts