American banks in Mexico: What you need to know

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Moving to Mexico offers a fresh start, with its vibrant city life, rich culture, and growing opportunities. However, figuring out how to manage your finances can be challenging. Retirees, remote workers, and tourists often need a way to pay bills, transfer funds, and access cash without constant hurdles. These everyday financial tasks become even more important when living far from home.

To access funds from your U.S bank, one must open a bank account in Mexico. However, opening a Mexican bank account comes with its own set of challenges, such as strict documentation requirements, proof of residency, and long processing times. For some, it is simply not an option.

Alternative services like BOSS Money provide a simpler way for cross-border banking. They let you send money from the United States to Mexico quickly and securely. For many Americans, this offers a practical solution to keep finances running smoothly without the added stress of opening and maintaining a local bank account.

This blog provides a list of banks in Mexico that provide seamless banking for overseas citizens. Additionally, we will also list fees, exchange rates, and U.S ATM cards that work in Mexican banks.

Are there american banks in Mexico?

Many Americans moving to or spending extended periods in Mexico often wonder if there is a Bank of America branch available in the country. The answer is no. Major US banks such as Bank of America, Chase, and Wells Fargo do not operate branches in Mexico. This means you cannot walk into a Mexican location and manage your US account in person.

Some US banks work with Mexican banks to make access easier. For example, Bank of America Mexico partners with Santander. This allows customers to withdraw cash from Santander ATMs without extra fees. Citibank once owned Banamex, which made transfers between accounts simpler, but that ownership has changed.

These partnerships can help with ATM withdrawals and sometimes lower transaction costs. However, they are not a full replacement for having a branch nearby. Most account management still happens online or through US-based customer service.

Because of this, many Americans use different methods to handle their money. They may keep a US account for income and use money transfer services for daily expenses in Mexico.

Top mexican banks with US partnerships

Many Americans living in or travelling to Mexico want a bank that works well with their US accounts. While there are no full US bank branches in Mexico, several Mexican banks have partnerships or services that make life easier for foreigners.

Here are some of the best banks in Mexico for expats:

Santander México – Partnered with Bank of America in Mexico, Santander allows fee-free withdrawals from its ATMs for BoA customers. It offers checking and savings accounts, online banking, and English-language support in many branches.
BBVA México – Known for its large ATM network and user-friendly mobile app. Some branches offer English assistance, especially in cities popular with expats.
Banorte – A Mexican-owned bank with good customer service and competitive account fees. Banorte is generally welcoming to foreigners, especially those with residency documents.
HSBC México – An international bank with strong English-language support and multi-currency account options. It is a good choice for people who travel often.
Citibanamex – Formerly owned by Citigroup, it still offers familiarity for US customers.

Some branches have staff who speak English and understand the needs of expats.
When comparing US banks in Mexico and their local partners, consider ATM access, account fees, and language support. For many expats, finding a bank that offers convenience and clear communication is essential for managing finances easily while living abroad.

Can a US citizen open a bank account in Mexico?

A US citizen can open a bank account in Mexico, but the process depends on their residency status and the bank’s rules. Most banks require you to apply in person, so figuring out how to open a bank account in Mexico from the US can be challenging. Even when online options exist, there are certain limitations even for Mexican citizens or residents.

To open an account, you will need specific documents. A valid passport is required for identification. You also need proof of address in Mexico, such as a rental agreement or utility bill. Many banks ask for a CURP, which is a Mexican identification number. If you are a resident, you may also need your immigration card.

Foreigners without residency can still open a Mexican bank account, but options may be fewer and fees may be higher. Some banks are more flexible, especially in areas with large expat communities. In cities like Mexico City, Guadalajara, and along the coast, you can often find bank staff who speak English and are used to assisting international customers.

Since requirements vary, it is best to contact the bank before visiting. This helps you prepare the right paperwork and makes it easier to successfully open a bank account in Mexico that fits your needs.

American alternatives: What if you don’t want a Mexican bank account?

Some Americans living in or visiting Mexico decide not to open a local bank account. This can happen for different reasons. For some, the process requires documents such as proof of residency and a CURP number, which they may not have. Others prefer to keep their money in the United States while still having an easy way to access funds in Mexico.

Many people first look at the option of using American banks in Mexico. However, there are no full branches of major US banks operating there. For example, if someone is searching for Chase Bank Mexico City, they will not find an actual Chase branch. Instead, US banks often work with Mexican banks for ATM access or lower withdrawal fees. While these partnerships can be helpful, they do not replace the full services of a US-based branch.

Because of these limits, money transfer services are a good option. These services allow you to send money to yourself or someone you trust, which can then be collected in cash. One option that works well for many is BOSS Money.

With BOSS Money, you can send funds from your US account and pick them up at participating locations throughout Mexico. The process is easy and does not require opening a Mexican bank account. This is especially useful for people who are staying in Mexico temporarily or do not meet the paperwork requirements for a local account.

A major benefit is accessibility. BOSS Money has pickup locations in large cities and smaller towns, including areas where bank branches are not nearby. You can also send only the amount you need, which helps manage spending and reduces the risk of carrying large amounts of cash.

Wise¹ and OFX² are also good options. Wise lets you send money directly to a Mexican bank account with competitive exchange rates and low fees, while OFX is best for sending larger amounts internationally without transfer fees, making it safe for bigger transactions.

Another option is using prepaid travel debit cards linked to your US account. These cards can be loaded with a set amount, work at most ATMs, and help control spending. They also reduce the risk of exposing your main bank account while traveling.

For many Americans, this approach avoids the complications that can come with cross-border banking. It lets you keep your US account, avoid unnecessary paperwork, and still have quick access to funds. This couples the reliability of your existing bank with the flexibility of cash pickup services, so you can manage your money in Mexico with less stress.

Managing money between the United States and Mexico

Managing money between the United States and Mexico becomes much easier when you understand transfer fees, exchange rates, and ATM access. Many Americans want to keep costs low while still having quick access to their funds. Knowing how banks and cards handle international transactions helps you avoid unnecessary expenses.

Transfer fees

Transfer fees are often the first cost you will notice. Sending money between US and Mexican banks can involve a flat fee or a percentage of the amount sent. Some US banks work with international banks in Mexico to reduce or remove these fees. For example, Bank of America customers can withdraw cash from Santander ATMs without paying the $5 foreign ATM fee³. This can be more cost-effective than wire transfers.

Exchange rates and double conversion

Exchange rates vary between banks and money transfer services and are often 2 to 5%⁴ above the market rate. Double currency conversion happens when you withdraw money in US dollars and then convert it to pesos. This can add around 7 to 14% to your costs if you use dynamic currency conversion at ATMs. To avoid this extra charge, choose to be charged in pesos when you take out cash or use your card in Mexico.

ATM access

ATM access is important for everyday expenses. Most US debit cards on Visa or Mastercard networks work at Mexican ATMs. ATM operator fees in Mexico usually range from MXN 35 to MXN 40⁵, but some banks like BBVA can charge around MXN 174. Partner bank agreements can eliminate these local fees, making cash withdrawals much cheaper.

How to choose Mexican banks in the USA?

When choosing where to bank, the best Mexican banks for US citizens often include those with strong ATM networks, English-language support, and partnerships with US institutions. Banks like BBVA México, Santander México, and HSBC México are popular choices because they offer reliable services and wide access across the country.

A little preparation can help you keep costs low while accessing your funds easily. Compare transfer fees, check exchange rate policies, and look for banks with partner agreements. With the right US and Mexican banking arrangements, keeping your finances in order becomes easier, whether you are there for travel or residency. This allows you to focus on your life abroad without financial worries.

Final thoughts: Should you rely on a US bank or go local?

What American banks are in Mexico? In reality, no American banks have physical branches there. This means you cannot walk into a Chase Bank Mexico City location for in-person services. You can still use your US bank account from Mexico, but you may face higher fees and less favorable exchange rates.

Opening a Mexican bank account is possible for US citizens, but it requires the right documents and legal status. Most banks will ask for a valid passport, proof of address, and immigration papers. Once set up, a local account can make bill payments and cash withdrawals easier. It also helps you avoid paying for double currency conversions.

Some people prefer having both US and Mexican accounts. This gives them flexibility to manage money in both currencies. However, it also means paying close attention to fees when moving funds.

Services like BOSS Money offer a simpler solution. It can reduce costs and provide quicker access to cash without opening a local account. The best option depends on how long you will be in Mexico, how often you transfer money, and your everyday banking needs. Always compare your choices to find the most convenient and affordable setup.

Sources: all third party information obtained from applicable website as of August 12, 2025

https://wise.com/
https://www.ofx.com/
https://locators.bankofamerica.com/international.html
https://www.mexperience.com/using-mexican-foreign-bank-cards-at-atms-in-mexico
https://travel-dealz.com/blog/atm-fees/

This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.