Open a Business Bank Account in Mexico | Common Questions

Apart from its relaxing all-inclusives, rich heritage, incredible cuisine, and colorful traditions, Mexico has become an attractive destination for business because of its tax incentives and stable economic environment.

With the decision to start doing business in the country also comes the responsibility of opening up a business bank account, which means brushing up on the rules and requirements when it comes to banking in Mexico.

In this article, we'll discuss how to open a business bank account in Mexico: what's required, your business banking options, as well as Wise Business, which may save your US or international business money and help you avoid some challenges when working in Mexico.

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How do I open a business account in Mexico?

Opening a business account in Mexico involves a process similar to that of anywhere else in the world. It requires you to do your own due diligence and find a compatible financial institution, then bring in the correct documents that the bank will need to process your application.

Common Documents Required:⁹

1. Articles of Incorporation
2. Shareholder and partner information
3. Company Tax Information
4. Copy of the Articles of Incorporation
5. Official ID, Passport, visa details (The bank may require this information for all shareholders and partners.)

Wise Business

Wise Business is a money service provider (MSP). Known for its simplicity and low fees, Wise is an excellent choice for international businesses who want an international account with clear and transparent exchange rates and global money transfer services.

Features

The Cost of Sending to Mexico with Wise Business

Can I open a corporate bank account in Mexico with a foreign corporate entity?

The short answer is: it’s possible. However, the process will be a lot more nuanced and take more time than opening an account for local businesses. The key tip here is to work with a bank that accommodates foreign entities, as these places tend to have more experience dealing with international businesses, as well as a legal representative who is a permanent resident or Mexican citizen to sign documents on your behalf.¹

What types of corporate entities are there in Mexico?

Mexico has three corporate entity types, including²:

• Limited liability company: A company formed between partners who pay their agreed upon share and contributions to the company.
• Stock corporations: A company that operates under a single name and has shareholders who are responsible for paying for the shares they own.
• Simplified stock company: A business formed by one or more people, where each person is responsible for paying their share and holding a specific role in the company.

Can a foreigner open a business bank account in Mexico?

Yes, but this still depends on the bank, as some may require a residency card and proof of address or a representative. For example, to open a regular bank account at Scotiabank Mexico, foreigners need a current passport, proof of income, proof of legal stay in the country, and proof of residence that isn’t older than three months.³

Can I open a Mexican business bank account from abroad?

It depends on the bank. However, opening business bank accounts at traditional institutions may require an in-person visit. That’s because they need to see important company documents that wouldn’t be required for personal banking. In some cases, some banks may allow you to submit them online and permit a legal representative to sign the paperwork.⁴

Can I open a Mexican business bank account online?

Even if you’re already living and located in Mexico, some banks still require you to complete your business account application or provide documents in person for security and verification reasons. Online applications made by residents of Mexico can often be smoother because you’ll already have the documents ready to go, such as proof of local address and your tax information.

Which Mexican business bank account should I choose?

Mexico has a variety of business bank account options to choose from, including traditional banks, online-focused accounts, and more. This variety can accommodate a range of businesses and their needs, especially if they operate internationally.

BBVA

Banco Bilbao Vizcaya Argentaria (BBVA) has a strong presence in the continent of South America and several other countries, including Mexico. The México franchise has around 30.4% of the market, making it the largest financial institution in the country.⁵ Its Business Banking runs on a cross-border model in the countries where it operates, so the banking process is more streamlined and global. Non-residents can open an account with less paperwork and the bank is committed to internationalization, which is useful for those who want to expand into foreign markets.⁶

Santander

Santander México has been around since 1991, a subsidiary of Spanish bank Banco Santander. It has solutions for several types of businesses at different stages of growth, including merchant services, cash management, lending, and business banking from all devices. Non-residents can open an account in local currency and manage it through electronic banking.

Business banking fees and charges in Mexico

Just like in the US, business banking fees and charges in Mexico include monthly maintenance fees, ATM and transaction fees, fees on international payments, markups on currency conversions, and plenty more. That’s why it’s important to compare banks and consider alternatives, like an international money account with platforms like Wise. These platforms can help you avoid high fees and help you manage your global finances more easily.