Banking in Cancun and Mexico

Banking in Cancun and in Mexico does not differ much from European, US and Canadian systems when it comes to offering only a few selected larger branches throughout the country.

Here you can make money wire transfers and cash checks.

The only foreign one is Citibank and several from Spain. Because of internet services goes, the Mexicans are a behind. Therefore, you should expect big lines at the offices. Most branches in Cancun, however, offer internet accounts where you can pay your bills and manage your accounts online. It might not be as smooth as it probably is in your country of orgin.

We recomend Market 28

We recommend a branch not on Tulum Avenue because of the long line-sups. Open an account at Market 28.

Cashing checks and wire transfers

You can get checks cashed from your account back home at special places here in Cancun once you have established yourself. The cost is 1 to 1-1/2%. They will give you foreign currency or pesos. Wire transfer arrangements can be made for buying a house/apartment or a car. Western Union in Cancun is run by Bital. If you want to send cash in 15 minutes we recomend this service. Might be expensive but very fast.

PayPal is now available in Mexico too!

Useful tips on banking in Mexico

• You are not allowed to open an account unless you have an Immigration permit (FM3 or FM2).
• Accounts can only be in Mexican Pesos unless your are independently wealthy (U.S. accounts start at USD $25,000). So keep your account open back home.
• If you keep 2,500 pesos in average in your account you don't have to worry about monthly service charges. This amount will vary depending on the bank you use. Don't use Bancomer where they will charge you fees for many simple services. Banamex is highly recomended since they give you a regular debit card right away and within 2 year a Visa card.
• Most branches require that you live in Cancun or Mexico for at least 5 years to get a credit card.
• Ask for Internet access to your account to avoid the lines. The Internet Banking is not up to US/Canadian standards and can be frustrating at times, but it is functional.
• At most Banamex's get a ticket from the machine when you go in the office and wait for your turn. The display will tell you the number and the teller number to go to. Try to use the ATM from the branch where you have your account to avoid all service charges.
• Pay your bills online.

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