Opening a bank account in the Riviera Maya

May 28

Relocating to the Riviera Maya — whether it’s Cancún, Tulum, Puerto Aventuras or Bacalar — isn’t just about changing your scenery. It means adapting to a new rhythm of life, and sooner or later, that includes getting your financial tools in place.
Technically, having a Mexican bank account isn’t mandatory. But practically? It’s a no-brainer. Paying rent in pesos, avoiding foreign transaction fees, handling utilities, receiving income, or preparing to buy property — all of it becomes smoother when you have a local account.
And despite what many assume, opening one isn’t particularly complicated. The key is to choose the right bank based on who you are and what you’re here to do.

Choose the Right Bank for Your Situation

Not all accounts are created equal. And not all clients come with the same goals. Here’s what that means in practice:
🔹 Just visiting for a few months?
Neobanks like Klar and Nu are ideal. You can open an account with nothing more than your passport and a temporary Mexican address. It’s all done through your phone, often within minutes. These accounts are great for day-to-day expenses — groceries, transfers, restaurants — but you’ll hit a monthly deposit cap of 25,000 MXN if you don’t have a Mexican voter ID (INE). Also, you won’t be able to pay federal taxes or wire large amounts.

🔹 Staying long-term or buying property?
Stick with traditional institutions like Santander, Citibanamex, or BBVA. These banks are recognized by notaries, capable of handling large transfers, and will provide the legal documentation required for property purchases or mortgage applications. You’ll need to show your passport, proof of local address (e.g., utility bill or rental contract), and often a temporary or permanent residency card. Some accounts — especially those tied to income or investments — will require a Mexican tax ID (RFC) as well.

🔹 Prefer a smoother, more bilingual onboarding experience?
Scotiabank (especially in Cancún or Playa del Carmen) and Intercam Banco are known for being expat-friendly. Many branches have English-speaking staff and are familiar with foreign documentation. Another option is Banco Invex — a lesser-known bank that some expats value for its discretion, its flexibility with non-residents, and its clean onboarding process (often without pushing bundled products).

🔹 Looking for a premium service?
HSBC Premier offers international coverage and personalized service — perfect if you need support across borders. But it comes with a 20,000 MXN minimum deposit. Still, it’s a solid option if you value privacy and top-tier account management.

The catch most people don’t see: bundled insurance

Here’s the part most guides won’t tell you: some banks will not open an account unless you also buy one of their insurance policies.
At Scotiabank, this can be around 350 MXN per month. At CI Banco, it’s about 2,000 MXN per year. These policies usually cover life, property, or health — and while they might be helpful in theory, they’re rarely optional in practice.
If you’d rather skip the upselling, go with Santander or Citibanamex, which are typically more flexible. Banco Invex also stands out for letting you open a standard account without bundling it with extra products. That’s a welcome relief when all you need is a simple, functional account.

Bottom line: before walking into a bank, call ahead and ask directly whether insurance is required. You’ll avoid losing time (and patience) if the policy isn’t optional.

What you’ll need — and why it matters

Opening an account usually requires the following:

A valid passport
A Mexican address, even if temporary (via lease, utility bill, or hotel letter)
A residency card (temporary or permanent) — required for most traditional banks
An RFC (Mexican tax ID) — important if you’re receiving rent, working, or investing

Some banks allow walk-ins, while others require an appointment — especially if you need English-speaking staff or are opening a more complex account. Calling the branch beforehand is always a good move. And showing up early helps avoid long lines, especially in busy expat hubs.

If you’re going fully digital, Klar, Nu, and Openbank (Santander’s online arm) let you open an account remotely in minutes. You can start using a virtual card immediately, then request a physical one if needed. These options are sleek, but again — not suitable for real estate transactions or tax-related activity.

Opening a bank account isn’t just about convenience — it’s about building a base. The right account makes property transactions easier, reduces friction when managing bills or income, and gives you access to services only available to locals.
In the Riviera Maya, the financial ecosystem is evolving fast. You’ll find everything from polished neobanks to full-service branches with global reach. The key is to know what you need, avoid what you don’t, and take the time to ask the right questions.
Handled properly, this simple step can save you hours of confusion — and thousands of pesos in fees or delays.

So whether you’re here for a season or for good, don’t overlook your banking. It’s one of the best foundations you can lay for your new life in Mexico.