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Banking in Mexico

There are five main banks in Mexico: Bancomer (owned by BBVA in Spain), Banamex (owned by CitiBank and Group of USA), Banco Santander (partially owned by Bank of America, HSBC, and Banorte.

You can open a bank account both in Mexican pesos or dollars. To open a bank account in Mexico you will need the following:

• A valid passport
• Visa- FM2 or FM3
• Two bank and/or credit references (Mexican or foreign)
• Proof of address (a bill with your address on it)

When you open a bank account in Mexico, you are able to get a credit card with the same bank. The requirements are the same as above, in addition to proof of income. Some banks will require you to have your account with them for at least 6 months and a balance of $50,000 pesos before issuing you with a credit card if you cannot provide credit references.

Business hours are normally 9 am to 4 pm.

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