Opening a bank account in Mexico

How do you open a business bank account?

Your Mexican company will probably need one or more bank accounts. In a world dominated by compliance rules and low interest rates, it is not always easy to open one. It helps if you know to whom do you turn.

We can help! Our process consists of a few simple steps:

  1. CompanyMEX will analyze the needs of your company and match it with the most fitting bank.
  2. Next, we arrange an introduction with the right bank.
  3. We assist with filling out paperwork. If needed, we can make a business plan to present to the bank.

We have a network of banks and banking professionals in the Mexico. For every
company there is tailor-made solution.

What do you need to open a bank account in Mexico?

Banks need to feel comfortable with your company as their client. This means the need to see a clear business plan and, if available, results from the past. Also, they will want to know where your suppliers and clients are. Most banks comply to US sanctions and boycots.

Which is the best Mexican bank?

The main international banks in Mexico are BBVA Bancomer, Santander, HSBC, Banorte and Banamex. It depends per business which bank is most suitable and most likely to accept your company as a client. Our specialist can guide you in this decision. Apart from the main banks, there are smaller banks, focusing on specific sectors, like Afirme, Banco del Baijo, Banco Inbursa, Banregio y Mifel . There are also private banks, and other payment services providers, which can serve as a bank to your company.

Do these banks also provide business loans?

Yes they do. As banks make more money on providing loans than on payment services – even with today’s interest rates – they would be happy to consider your request. Of course, a solid business plan and budget is required. Also note that your best option for payment solutions is not always you best option for business loans. Our banking specialists can guide you.

Can you open a Mexican personal bank account?

Not if you do not live in Mexico personally. If you do, we can arrange an appointment for you at your local bank.

Can you open a Mexican bank account online?

Most Mexican banks need to identify your company’s director(s) face-to-face in a meeting in Mexico. CitiBanamex, BBVA Bancomer, Banco Autofin México (Mi Banco), Banco Azteca, Banregio, Compartamos y Bankaool. do not require this.

Do you actually need a Mexican bank account?

Yes, it is a strict legal requirement for a Mexican company to have a Mexican bank account as it is the only way to do your tax payments via the portal of the Mexican Tax Authorities (SAT). 

But what if I can’t travel?

Feel free to get in touch for a tailor-made solution.

Why choose us?

Through years of experience, we know which bank is most likely to accept an application from which type of company. We also know how to deal with more complicated requests, or specific requirements.

Other banking services

The banks we work with can also provide loans and financing for your company. We can analyze which bank to approach and help you get the most beneficial deal.