BANKING IN THE ROSARITO BEACH AREA
Opening A Bank Account In Mexico
Account types
There are many types of accounts held by Mexican banks, for example, Peso checking account, U.S. Dollar checking account and Certificates of deposit.
Peso Checking Account: This account allows you to manage your money in Mexican pesos and earn an interest income. The minimum balance to open a peso account ranges from $500 to $1000 pesos depending on the type of account (regular checking or interest-bearing).
*Amounts charged and vary depending on each bank, the numbers shown here are just averages of the amounts required from all banks
What you need to open a Mexican Bank account: » You must be a citizen of the United States or Canada for dollar-denominated accounts. » Bring a valid ID such as Passport, driver’s license, and FM3. » Proof of address. » If you have a corporation you must bring the articles of incorporation and powers of attorney for the legal representative. What to do Fill out all the paperwork given by the bank in Spanish, have a Spanish speaker with you if you are not familiar with the language. Have cash ready to open your account. If you intend to use the account for Mexico transactions open a Peso account. If you want to reduce currency loss resulting from exchange rate differences, open a United States Dollar account. If you are looking for more security and better returns, choose the certificate option. Let the clerk help you through the process, they can guide you on what type of account is better for your needs and help you in filling out the forms. Keep all your paperwork in a safe place. Follow the clerk’s directions on how to use the ATM and the maintenance of your account.
Withdrawing Money in Mexico
ATMs are the most convenient way of withdrawing Pesos in Mexico. If you have a card from a foreign bank you will usually get a favorable exchange rate on your cash withdrawal.
Most banks charge about 1% of the transaction value for cash withdrawals with debit cards, while fees for cash withdrawals with credit cards can be significantly higher. For foreign cards, some banks charge an additional ‘foreign exchange fee’. If you are staying in Mexico for a while, you will probably save yourself from fees by withdrawing cash with a Mexican card.
You can withdraw Mexican Pesos with any card that is connected to one of the global networks like MasterCard, American Express or Visa.
Using an ATM in Mexico
Using an Automated Teller Machine (ATM) in Mexico is the same as in most countries throughout the world. In order to access ATM services, you will need a banking card that is linked to your savings or checking account at a bank that participates in this system.
Every bank in Mexico has an ATM machine operating 24 hours a day. The amount of cash you are allowed to withdraw each day from an ATM in Mexico is determined by your bank’s policies. If you need to withdraw more than your normal limit you will have to contact your bank’s customer service department at the telephone number printed on your card to have your limit raised.
Most of the ATMs are in English and Spanish so you can choose which language you would like to see displayed. The amount of money will always be shown in Mexican pesos except when using a machine that will dispense either Pesos or Dollars.
Not all machines offer this choice so you will have to plan ahead and locate those machines if you want dollars. In most tourist areas you can find ATMs that will give you an option between Pesos and United States dollars.
There is a fee to use the ATM system so we suggest that before going to an ATM in Mexico you have as much information as possible, both from your bank and the bank in Mexico. This way you will know exactly how much you’ll be charged for withdrawing money from an ATM in Mexico. Some United States banks have agreements with certain Mexican Banks to waive the ATM fee.
Currency Exchange in Mexico
The currency of Mexico is the Peso. It is easily exchanged in most major cities and all resort destinations. When traveling to Mexico you will want to be aware of the current exchange rate between your money and the Mexican Peso.
You can exchange United States Dollars and Canadian Dollars for Mexican Pesos at most banks if you have an account with them. If you don’t have an account you will have to find a bank that will allow non-customers to exchange money. There is a daily exchange rate that will be posted to tell you how much the bank will pay for Mexican Pesos if you want to sell what you have. Also, you will see another number which is how much the bank will charge you if you want to buy Mexican Pesos with your currency.
There are also money exchange houses that will buy and sell Mexican Pesos in competition with the banks but if you go to a money exchange house it will cost you more than at a bank.
Stores, supermarkets, local businesses, and restaurants usually will post the exchange rate that they are offering, which varies from business to business. This is why we recommend having some information about the currency exchange rate in Mexico.
Credit Cards & Bank Loans in Mexico
In order to be able to apply for a Credit Card or a Bank Loan in Mexico, you will need to be a legal resident (showing an FM3 or FM2) and be able to prove your income. You will also need to show a bank account or credit card from your home country.
Credit cards and bank loans in Mexico can be obtained by foreigners if you have a history with the bank and a good credit record at the Buro De Credito.
Requirements vary from bank to bank and are subject to change at the bank’s option. Just make to have all your questions answered when applying for a Loan in Mexico.
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