Banks are a necessity in todays world, whether you’re a permanent resident of Puerto Vallarta, or you’re investing in a business or property in this beautiful beach city.
Why consider banking with a local bank in Mexico:
- Avoid traveling with a large amount of cash
- Bilingual services are available at every bank
- Save money by avoiding currency exchange fees
- Convenient local and ATM locations
- Most business now have credit card terminals
There are two types of banking institutions:
- Banks – Debit accounts:
- Similar to a checking account in the USA.
- Tell the bank rep if you do not need checks to avoid check fee.
- Debit accounts carry no interest
- Brokerage houses – Complex financial transactions.
- Transfer money from the US into Mexico
- Offer the best rates and less expensive transfers
- Interest bearing accounts are offered at investment banks
- Gain access to the Mexican bond & capital markets
IMPORTANT NOTE: If you in Mexico on a tourist visa, be sure you check the box for purpose of trip as a business traveler. Checking tourist you will be unable to open a real bank account. Some banks allow you to open an account only to send and receive wire transfers as a tourist.
Things to keep in mind with Checking and Investment accounts in Mexico:
- Minimum balance required in your account at all times to avoid additional fees.
- Limited free ATM withdrawals from a checking account, subsequent withdrawals are subject to a service fee.
- Interest rates differ depending on the type of account – Shop around!
- An Investment account require a higher minimum balance which allow account holders investment options on the international stock markets.
What you will need to open a bank account in Mexico:
- Valid photo identification (your passport is preferred)
- Proof of address (current utility bill)
To see a list of local banks near you, click here.
(Photo: Pesos Photo Credit: blog.vivanuncios.com)
Written by: Dez of My Deztination