Banks and transfers in Mexico City

Banks in Mexico City for foreigners: how to open an account and transfer money in 2026

Financial infrastructure is the first thing anyone who comes to Mexico City for the long haul has to sort out. Without a Mexican account you can’t comfortably rent a flat (landlords want a local transfer), pay for a coworking space, or withdraw cash without punishing fees. Mexico is also one of the few countries in Latin America where a foreigner can realistically open a bank account without residency and without lengthy bureaucratic chains. Below — the specifics on banks, documents, and transfers.

Opening a bank account in Mexico City: what actually works for foreigners

The key question is whether you have a CURP (Clave Única de Registro de Población). This is an identification number that a foreigner can obtain online via the ’gob.mx/curp’ portal or in person at RENAPO offices. The process takes anywhere from one day to a week; you will need a passport and a Mexican address. An RFC (tax identification number) is needed less often, but speeds things up at certain banks.

Nu Bank México is the simplest option for expats. Everything is done in the app: upload your passport, enter your CURP, complete video verification. The card arrives by post within 5–10 business days. No minimum balance, no monthly fees. The one caveat: Nu is a digital bank with no branches, and support is available only via chat. For most IT nomads, that’s more than enough.

BBVA México — the country’s largest retail bank, ideal for those who value an ATM network and physical branches. Accounts are opened in person at a branch. You will need a passport, CURP, and proof of address (comprobante de domicilio) — a rental agreement or utility bill will do. The minimum balance on the basic product is around 500 MXN, and card maintenance costs between 200 and 300 MXN per month depending on the plan.

Citibanamex — the second-largest bank, a natural choice for those already within the Citi global ecosystem. The account-opening process is similar to BBVA, with comparable document requirements. Foreigners without a residence permit are accepted, but branch managers have some discretion — one branch may turn you away while another opens an account without issue. Location matters: staff in Roma and Polanco are accustomed to expat clients.

Comparing banks: which option suits whom

Prices in the table are market reference points: government fees and third-party rates at the time of publication. These are not SVOY prices — our service fees are provided on request and in the ’Services’ section.

Transfers in Mexico City: Wise, Paysend, and crypto

Transfers from Russia and the CIS to Mexico are a story of their own, because standard SWIFT routes are unreliable.

Wise — the primary tool for transfers from Europe, the UAE, Armenia, and Georgia. Conversion at the mid-market rate, fee typically 1–2%, processing time from a few hours to one business day. Requires an account with a verified European or American card on the sender’s side.

Paysend — operates from a wider range of countries, including some post-Soviet jurisdictions. The fee is fixed or slightly higher than Wise, and the conversion rate is a little less favorable. Useful as a backup channel.

Crypto bridges (USDT → MXN via P2P) — de facto the standard in Mexico City’s Russian-speaking community for receiving money directly from Russia. The scheme: the sender transfers USDT to an exchange or via a P2P platform (Binance P2P, Garantex in the version for Russian users), and the recipient sells USDT for MXN on the Mexican side or through a local trader. The spread is usually 1–3%, but depends on liquidity and speed. Important: transactions larger than the equivalent of ~15,000 MXN in one go may draw the bank’s attention upon crediting — it is better to split them or use a crypto exchange with direct withdrawal.

An insight rarely mentioned: Mexican banks periodically block incoming transactions from crypto exchanges (BBVA in particular), treating them as ’atypical sources.’ Nu tends to be more lenient in this regard — complaints about blocks are less common.

Common mistakes

1. Going to a bank without a CURP. Most branches will turn you away immediately without one. Get your CURP first, then go to the bank.
2. Choosing a branch at random. In tourist or residential neighbourhoods, managers are not used to dealing with foreigners without a residence permit. Branches in Polanco, Santa Fe, and Roma work with expats regularly.
3. Relying solely on SWIFT from Russia. Direct transfers from Russian banks to Mexican ones have been virtually non-functional since 2022. Intermediate jurisdictions or crypto are needed.
4. Topping up the account with large sums all at once. A new account with a sudden large deposit is reason enough for the bank to request an explanation of the source of funds (a standard compliance procedure). For the first 1–2 months, it’s better to operate with moderate amounts.
5. Ignoring the comprobante de domicilio. A rental agreement in Spanish showing your address is a required document. A verbal arrangement with a landlord — without anything on paper — puts your account opening on hold.
6. Treating Nu as a fully functional business bank. Nu works great for personal expenses, but a business account for a sole trader or a Mexican company requires a different bank and an RFC with historial.

Bottom line: what to choose and for whom

If you arrived on an FMM for 180 days and your main need is a card for daily spending and receiving transfers, Nu is the optimal starting point. It opens without unnecessary branch visits, works from your smartphone, and is tolerant of crypto sources. For those planning to stay a year or more, obtain a residence permit, or work with Mexican counterparties, it makes sense to also open an account with BBVA — as the primary, full-service bank with physical support. In 2026, transfers from Russia most realistically go through a crypto channel or Wise with an intermediate account in a neutral jurisdiction.