Banking in Puerto Vallarta

Fri. Nov/9th/2018.

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Banks are a necessity in todays world, whether you’re a permanent resident of Puerto Vallarta, or you’re investing in a business or property in this beautiful beach city.
 

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Why consider banking with a local bank in Mexico:

1. Avoid traveling with a large amount of cash
2. Bilingual services are available at every bank
3. Save money by avoiding currency exchange fees
4. Convenient local and ATM locations
5. Most business now have credit card terminals

There are two types of banking institutions:

Banks - Debit accounts:

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• Similar to a checking account in the USA.
• Tell the bank rep if you do not need checks to avoid check fee.
• Debit accounts carry no interest

Brokerage houses - Complex financial transactions.

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• Transfer money from the US into Mexico
• Offer the best rates and less expensive transfers
• Interest bearing accounts are offered at investment banks
• Gain access to the Mexican bond & capital markets

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IMPORTANT NOTE: If you in Mexico on a tourist visa, be sure you check the box for purpose of trip as a business traveler. Checking tourist you will be unable to open a real bank account. Some banks allow you to open an account only to send and receive wire transfers as a tourist.
 

Things to keep in mind with Checking and Investment accounts in Mexico:

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• Minimum balance required in your account at all times to avoid additional fees.
• Limited free ATM withdrawals from a checking account, subsequent withdrawals are subject to a service fee.
• An Investment account require a higher minimum balance which allow account holders investment options on the international stock markets.

What you will need to open a bank account in Mexico:

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• Valid photo identification (your passport is preferred)
• Proof of address (current utility bill)

To see a list of local banks near you, click here.

 

(Photo: Pesos Photo Credit: blog.vivanuncios.com)

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