Banks and other Financial Considerations

Puerto Vallarta has a highly developed banking system with a large number of Mexican banks,
as well as branches of US banks (Banamex, a Citibank branch) and a Canadians banks
(Scotiabank), as well as several Spanish banks and other international banks.

Here is a list of the banks in Vallarta:
• Actinver Banco
• Azteca Banco
• BanamexBank
• BanBajio Bank
• Banorte Bank
• BBVA Bancomer
• HSBC Bank
• Inbursa Bank
• Intercam Banco
• Santander Bank
• Scotiabank

Most banks in Vallarta provide a wide range of financial services that include checking accounts, savings accounts, investment accounts, insurance and credit cards. If you are going to spend even several months a year in Vallarta, you may want to open a bank account to simplify your financial life in Vallarta. Non-Mexican citizens must provide the following forms of

Identification when opening a bank account:
• Passport
• Tourist visa, Permanent or Temporary Resident Permit
• Driver’s license
• Utility bill from the local address
• Tax ID if on a tourist visa
• CURP Mexican tax ID number (RFC) if a resident

Puerto Vallarta Relocation Guide
Page 36
Social Security and Other Home Country Deposits
Most expatriates in Vallarta keep their bank accounts in the US. and Canada and keep their

Social Security payments and others in their US and Canada accounts. Then, they simply write

A Canadian or American check to deposit into their Mexican bank account or transfer funds to their Mexican account. Although it is not used by a large number of expatriates, it is also possible to set up your Social Security payments to be deposited directly into your Mexican bank account by working online with the US Consulate in Mexico City, but not with the US
Consulate in Vallarta.

Using Cash or Debit / Credit Cards

This is a totally personal matter that everyone will need to decide what is best for them. It must be done, however, several restaurants, stores and even some service stations only accept cash in pesos. In addition, some stores, such as Costco, accept credit cards but have a higher price than cash. By the way, Costco in Vallarta takes most credit cards, not just Costco cards like in the US, but their prices are lower in cash.