Practical Life in Mexico City


Bank services in Mexico City


Home > Expat Guides > North America > Mexico > Mexico City
Tools:

Large branches of major banks are usually open from 8am to 7pm and some are open on Saturday mornings. An extensive network of ATM machines is available across the city. Charges for using other bank's machines and fees for international accounts may differ if you are still using your home countries bank. Try not to use ATMs after dark, check to make sure you have enough money before you go out. You can also use your hotel to change money, the rate will not be so favorable, but the transaction will be much safer.

There are three main banks in Mexico and many smaller banks that are also reliable. All Mexican banks are insured by the Mexican government against bank failure. Different banks offer different benefits and monthly charges, so shop around to find the bank that best meets your needs. The three major banks:
Bancor and Bankamex (American Express) are two of the largest banks and have branches in the USA, but many foreigners feel they have excessive fees. These banks offer higher minimums and/or less liquidity, but they pay higher interest. To open an account at either bank, you must do so in person.
Lloyd's is highly received by foreigners. It does not have branches in the US, but they have lower fees than the other two. You may also open a Lloyd's account through the mail. Unlike the major Mexican banks, Lloyd allows transactions by fax, phone, e-mail, or regular mail.

Remember that the accounts are insured in pesos, not US dollars. Protecting yourself by keeping some money in a foreign nation's local currency is not the same as currency speculation. If the peso should lose 10% of its value, prices will rise, but probably not 10%. If the peso rises in value, and/or the dollar declines at the same time, your American dollar will buy less pesos, and this can hurt retirees on a fixed income. It is highly recommended that foreigners keep some of their money in their home countries account.

Update 7/09/2008


Tools:

Facebook Twitter Google+ LinkedIn Pinterest Addthis

Recommended Service Partners

International Movers
International Movers in Mexico City
Compare up to 5 quotes from our network of moving companies that can help you plan your international move and relocate your entire family.
Expatriate health insurance
Expatriate health insurance in Mexico
Apply online for free quotes on repatriation assistance and expatriate and foreign health insurance.
Learn English with real teachers
Learn English with real teachers in Mexico City
Discover the most flexible and effective method to learn English on your PC and Tablet, for only 1£!
Hotels
Hotels in Mexico
You will get discount hotel rates, last-minute deals, hot deals, special offers, with a real-time reservation and on-line booking.


Do you have comments or personal information to communicate about this article? Add your comment.


Go to the Forum to talk more about bank services in Mexico City, practical life.


Find more definitions and general answers on expatriation issues in the Expat FAQ (Frequently Asked Questions).