There are many types of accounts held by Mexican banks for example, Peso checking account, U.S. Dollar checking account and Certificates of deposit.
Peso checking Account: This account allows you to manage your money in Mexican pesos and earn an interest income. The minimum balance to open a peso account ranges from $500 to $1000 pesos depending on the type of account (regular checking or interests bearing).
U.S. Dollar Account: These accounts also range from regular checking to interest bearing accounts. The minimum balance to open a U.S. Dollar account ranges from $500 to $1,000 dollars.
Certificates of Deposit: these instruments are only offered in pesos, and they give the investor the most competitive returns on the market. The minimum to open this type of account is $1,000 dollars.
What you need to open a Mexican Bank account:
»You must be a citizen of the United States or Canada for dollar-denominated accounts.
» Bring a valid ID such as Passport, drivers license and FM3.
» Proof of address.
» If you have a corporation you must bring the articles of incorporation and powers of attorney for the legal representative.
What to do
Fill out all the paper work given by the bank in Spanish, have a Spanish speaker with you if you are not familiar with the language. Have cash ready to open your account. If you intend to use the account for Mexico transactions open a Peso account. If you want to reduce currency loss resulting from exchange rate differences, open a United States Dollar account. If you are looking for more security and better returns, choose the certificate option.
Let the clerk help you through the process, they can guide you on what type of account is better for your needs and help you in filling out the forms.
Keep all your paperwork in a safe place. Follow the clerk’s directions on how to use the ATM and the maintenance of your account.