Opening A Bank Account In Maztlán

Real Estate in Mazatlan

By Carol Sinclair de Ibarra from Walfre Real Estate

Opening A Bank Account In Mazatlán

Many visitors and new home-owners want to open a local bank account. In Mazatlán, foreigners can open savings accounts and checking accounts in pesos. (Only term deposits are available to individuals in US Funds and usually require investing amounts of $10,000 or more).

To open a savings account you will need a passport and proof of a local address such as a water, telephone or electrical bill. This bill does not have to be in your name, the bank just wants proof that it’s not a fictitious address. To open a checking account you will also need to show an FM3, FM2 or proof of “inmigrado” resident status in Mexico.

The advantages of having a local account depend on your needs. If you have a home, business, or investments here, it is usually recommended. With the new computer age it is easy to keep track of the balance and can be used to pay bills such as trust fees, the telephone service, Direct TV and in some cases the electrical bills.

The disadvantages are that the interest is very low and the banks usually require a large minimum balance, otherwise they will make a monthly service charge of up to 200 pesos. A friend said he left a small balance in his account for the summer and when he returned his account was empty and he owed the bank money. Another charge to be wary of is the charge for NSF or “rubber” checks. The bank charges around 900 pesos even if it’s an “honest mistake”.

Although there are general banking rules and regulations, each bank is different in its approach and treatment of foreign customers so as always “shop around.”