Which is the Best Mexican Bank for Expats? A 2025 Update

As the number of foreigners living in Mexico continues to rise, so does the need for secure, convenient banking options for daily expenses and international transfers. With temporary residency status now common among American expats, selecting the best Mexican bank involves balancing digital access, customer service, branch reach, and foreign exchange transparency. Recent events—including sanctions against Intercam—have changed the landscape. Here’s where the top banks now stand.

Opening a Bank Account in Mexico as a Foreigner

To open a Mexican bank account, foreigners must have legal status in the country. Most banks now require at least temporary residency (Residente Temporal) or permanent residency (Residente Permanente), along with a valid passport, proof of address in Mexico (a recent utility bill or rental contract), and a Mexican tax ID number (RFC). Tourist visa holders generally do not qualify to open accounts, though some exceptions exist at banks catering specifically to foreign clients, such as Actinver. The account-opening process is done in person, and some institutions—particularly those in larger cities or resort areas—offer English-speaking staff to ease the process.

BBVA Bancomer: Reliable and Ubiquitous

BBVA remains one of the most popular banks for expats and locals alike. Its extensive ATM and branch network across Mexico makes it highly convenient for everyday use. Its digital banking platform is widely regarded as user-friendly, and account setup is straightforward for those with temporary residency status.

However, while BBVA offers robust tools for local bill payments and account management, its international transfer capabilities rely on third-party services, and exchange rates come with the usual bank spread. Still, for sheer accessibility, BBVA remains a top contender.

Banorte: Mexican-Owned and Versatile

Banorte has cemented its reputation as a solid domestic alternative to BBVA, with over 1,200 branches and 7,000+ ATMs nationwide. It caters well to long-term residents and is particularly attractive to those wanting to bank with a fully Mexican institution. Its in-person service is often praised, though digital features can vary by region.

While Banorte doesn’t provide special perks for U.S. transfers, its infrastructure makes it a strong candidate for general banking, especially if you conduct most transactions within Mexico.

Santander and HSBC: International Integration

Both Santander and HSBC offer competitive services for expats, with large physical footprints and good digital tools. HSBC may appeal to those who already hold U.S. HSBC accounts, although integration between the U.S. and Mexican branches is not seamless. Santander is similarly strong on everyday services, but neither bank stands out for exceptional exchange rates or unique expat support.

Citibanamex: A Familiar Name, If Not Seamless

As a Citigroup subsidiary, Citibanamex provides a sense of familiarity to Americans. Though branch access is ample, the connection to U.S. Citibank accounts does not necessarily translate into easier transfers. English-language service may also be inconsistent outside major urban areas.

Banco Inbursa: Stable and Quietly Competitive

Backed by Mexican billionaire Carlos Slim, Banco Inbursa is a financially secure institution offering a mix of traditional banking and niche products — including pet-focused accounts and online bill payment tools. With over 600 branches and 11,000 ATMs, it’s a stable mid-tier option, especially for those who value local control and straightforward personal banking.

Banco Azteca: Ubiquity Over Luxury

For those living in smaller towns or rural areas, Banco Azteca offers unmatched access. It has more branches across more municipalities than any other bank. However, the service orientation leans toward lower-income customers, and expats may find the experience lacking in polish or digital sophistication.

Actinver: The New Go-To for Cross-Border Expats

Banco Actinver has recently emerged as a standout for expats looking to manage international money transfers and savings. It offers accounts in multiple currencies, does not charge to receive wire transfers, and allows U.S. citizens to open accounts with just a passport and residency documents. English-speaking support and investment tools make it appealing to financially savvy expats. One caveat: while its offerings are strong, users have reported some reliability issues with its mobile app.

Intercam: Once Reliable, Now Under Sanction

Intercam was long favored by expats for its English-language service and flexibility in handling cross-border money. However, in June 2025, the U.S. government imposed sanctions on Intercam over alleged ties to money laundering, cutting it off from the U.S. financial system. Mexico’s financial regulator has since intervened, and development banks have taken over its trust operations. For now, Intercam is considered non-viable for U.S. citizens.

Choose Based on Needs

For expats needing reliable daily banking with good infrastructure, BBVA or Banorte are safe bets. Those prioritizing international transfer flexibility should consider Actinver. And with Intercam now off the table, caution and due diligence remain key in choosing the best Mexican bank and the right financial partner for life abroad.