Banking in Puerto Vallarta

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)

 

Happy Travels!

Written by: Dez of My Deztination