Banking and wires
Opening a Mexican bank account and moving money between countries.
Why it matters
Utilities, contractors and some taxes are easier to pay from a Mexican account; large transfers need a paper trail for your cost basis.
Who helps
A Mexican bank opens your account. Your home bank or a regulated transfer service sends the money.
Documents
- Your passport and, for a full account, your INM resident card; proof of address; often your RFC (step 6.8). The CNBV's rules require an official ID such as a passport or INM document. Some banks offer non-resident accounts (for example, Scotiabank Mexico has advertised them); temporary and permanent residents can open regular accounts.
Home-country reporting
- US: report foreign accounts on FinCEN Form 114 (FBAR) if the combined balance exceeds US$10,000 at any time in the year. A standard Mexican land trust is not a "foreign trust" for US tax purposes under Rev. Rul. 2013-14, so Forms 3520/3520-A are generally not required for it.
- Canada: Form T1135 applies to specified foreign property above C$100,000 in total cost; a Mexican property used primarily for personal use is excluded, but a mainly rental property is reportable. Rental income still goes on your return (Form T776).
Exchange-rate tactics
compare the all-in rate (spread plus fees) of your home bank, a regulated transfer service and a Mexican account; avoid converting USD fees at a branch counter; for large wires, ask for the rate in writing before sending; and pay USD-denominated fees (like many trust fees) in USD where the contract allows.
Common mistakes
- Wiring from an account not in the buyer's name (KYC problems); losing wire confirmations you need later to prove cost basis.
Say it in Spanish
- ¿Puede un no residente abrir una cuenta y qué documentos necesitan?
Can a non-resident open an account, and what documents do you need?
Sources
- IRS – FBAR (checked 2026-10)
- IRS – Rev. Rul. 2013-14 (checked 2026-10)
- CRA – T1135 Q&A
Confirm the details for your case with your notario or attorney.
Common questions
Can I open a Mexican bank account?
Residents usually can with a resident card, RFC and proof of address; some banks serve non-residents.
Do I report my Mexican account at home?
US persons may need to file an FBAR; Canadians may need form T1135. Check with your tax advisor.