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US (805) 284-9410This email address is being protected from spambots. You need JavaScript enabled to view it.About I Go Yucatan
Alfonso Galindo of I Go Yucatan – Best Places In The World To Retire User Account
Banco Azteca, Mexico – Best Places In The World To Retire – International LivingIf you own a Mexican corporation, as an American, your corporation will be allowed to open a bank account. As an individual, be it a tourist, temporary or permanent resident, not all banks will accept you as a client due to FATCA regulations and most banks or many banks have a closed or ask their American clients to leave that bank because of the complications of FATCA.
 
To deal with this problem, some expats don’t have a Mexican bank account.  They have their bank account in the US, and use their ATM with a VISA or MasterCard logo, which works anywhere in Mexico. If they need cash, they make a withdrawal from their ATM, which generally has the best exchange rate.
 
 
Some of the expats in Mexico who have been here for longer have managed to build relationships and some, I’m not saying all, have managed to keep their accounts based on that relationship. Because of FATCA, new arrivals have found it difficult to open accounts. In most banks there are hurdles to jump and many banks won’t even accept you as a client, although some still do.  
 
(One of the largest banks in Mexico, Banco Azteca, Mexico, pictured.)
SONIA DIAZ of Sonia Diaz – Best Places In The World To Retire User Account
Procession in San Miguel de Allende – Best Places In The World To Retire – International LivingIn order to open a bank account in Mexico such as C.I. Banco in San Miguel de Allende, for example, requires only your passport and one utility bill, which does not have to be in your name. The utility bill is for proof of address. The bigger banks like Bancomer, Banorte and BanAmex will normally require your temporary or permanent visa, so you must be a legal resident of Mexico to open an account in most bigger banks.
 
(Pictured: Procession in San Miguel de Allende.)
Chris Gruenwald of Biencom Real Estate – Best Places In The World To Retire User Account
Banamex ATM machine, Mexico – Best Places In The World To Retire – International LivingAs an American, in 2016, they will open up a bank account in Mexico with your tourist visa and passport. That is something that seems to change back and forth every other year but currently, all you need is a visa, which you will get at the airport or your land or water entry point and your passport.
 
They will open an account for you in pesos. We do not have an issue with the Mexican banks here fearing the American IRS or any similar institution. There are strict money laundering laws that have come into play so if you are going to be moving money down here you will need to prove that it is not from drug sales or any other illegal activities.
 
Moving your money back, for example, when you buy a property and then sell it, is not an issue either as long as you prove that it comes from a listed legal house sale or a business sale. The sales price and purchase price and the amount of taxes paid should all be reflected in your deed so when you sell a house, you take a copy of the new deed, which is like your receipt for the transaction done, and with that you can freely move your money anywhere without any obstruction by the Mexican authority.
 
(Banamex ATM machine, Mexico, pictured.)
David Schwendeman of Mexlend – Best Places In The World To Retire User Account
Logo for Santander Bank, Mexico – Best Places In The World To Retire – International LivingIn order to open a bank account in Mexico, you will need an address in Mexico. If you’re renting, that’s fine. If you own, even better. You need your appropriate residency documentation which is either your temporary visa or your work visa, whatever is appropriate. It used to be called the FM2 or FM3. Now it’s called the “tarjeta de residencia,” or “residency card”, which is basically the same thing. That is pretty much it. 
 
To the best of my knowledge, Mexican banks continue to accept US customers.  When FACTA first became part of the public consciousness, there was some confusion on how it would work and how it would affect foreigners banking in Mexico. Personally, I’ve had my bank accounts here for over a decade and I haven’t had any issues. To my knoweldge, because we have clients who are opening bank accounts all the time, that initial confusion has worked itself out.  I’m not currently aware of any issues or any problems.   Though, generally, everything has gotten a little bit more under a microscope in Mexico these days, as in the rest of the world since the Mortgage, Banking and Financial crisis of the last decade.  Documentation that might have just gotten a glance 10 or 15 years ago is going to be reviewed more thoroughly. Mexico working hard to become an A rated economy and major world player so they’re corresponding to successful world markets and their policies.
 
(Logo for Santander Bank, Mexico, pictured.)

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