Banking and paying in Mexico: what the bank must ask of you, and the limits on cash
You open a Mexican account with your residence card or passport, a proof of address and, if you already have them, your CURP and your RFC. What the bank must put in your file is in the provisions under article 115 of the banking law, and that list is shorter than what the counter often asks. After that: paying through SPEI, a guarantee on deposits up to 400,000 UDI per bank, and a law that forbids paying cash for a house or a car above a threshold.
Yes, you can open a bank account in Mexico, and the law says precisely what the bank must record for it: your name, date and country of birth, nationality, occupation, home address, telephone number, and the CURP and the RFC "when you have them". With that a copy of your identity document, and for foreigners that is the passport or the INM document. Costs: the bank sets those, not the law. The trap is the order. Without a proof of address in your name the file doesn't come together, and whoever already has an account is obliged under the tax code to register in the RFC, even without Mexican income.
What must the bank ask of me?
Article 115 of the banking law obliges every bank to take measures against money laundering and terrorist financing, under provisions of the finance ministry. Those provisions, the Disposiciones de carácter general, describe the identification file the bank must build for every client before it signs a contract.
For a natural person that is at least:
| What | How |
|---|---|
| Names, date of birth, country of birth, nationality | as in your passport, without abbreviations |
| Occupation or activity | what you do, or that you are retired |
| Home address at your place of residence | street, number, colonia, municipality, city, state, postcode, country |
| Telephone and e-mail | e-mail "where applicable" |
| CURP and RFC | "when the client has them" |
| Identity document | an original, valid, official document with photo and signature; for foreigners the passport or the INM document that proves your residence status |
If you still live partly abroad but have a Mexican address where post can arrive, the bank must record that address too. What the bank asks on top comes from its own policy, not from the law. Ask for the list before you go, and bring more copies than you think you need.
Why does the bank want an RFC?
Because the tax code ties the account and the tax number together. Article 27 says that whoever "has opened an account in their name with an institution of the financial system" is obliged to register in the RFC, provide their details and give their address, even if they otherwise need not file a return. The bank may therefore not make the RFC a legal precondition, but you are obliged to get it after opening. How that runs, and why the CURP comes first, is in the article on CURP, RFC and registration.
How do I pay?
With SPEI, the central bank's payment system. Banco de México describes it as the system through which banks and other participants send and receive "electronic transfers between accounts at different financial institutions, in national currency, within Mexico", through the app or website of your own bank. The receiving bank credits the amount and reports back; you can then retrieve the Comprobante Electrónico de Pago as proof. Rent, utilities and most service providers work with it; cash remains important in daily life, but for the large amounts the law sets a limit.
How much may I pay in cash?
Article 32 of the anti-laundering law forbids payment in coins and banknotes, also in foreign currency and also when it runs through a bank, for among other things:
| For what | Threshold in UMA | In pesos (UMA 2026: 117.31 a day) |
|---|---|---|
| Purchase or creation of rights in real estate | 8,025 × UMA | 941,412.75 |
| Purchase of a vehicle, new or used | 3,210 × UMA | 376,565.10 |
| Watches, jewellery, precious metals, art | 3,210 × UMA | 376,565.10 |
The UMA is the unit of account that INEGI sets each year; since 1 February 2026 it is 117.31 pesos a day. A house in Mexico is therefore paid by transfer, and the notary must be able to see it.
Is my money protected?
Yes, up to a limit. Article 11 of the Ley de Protección al Ahorro Bancario lets the guarantee institute IPAB pay out deposits "up to an amount equal to 400,000 UDI per person", regardless of the number of accounts at the same bank. The UDI is an inflation-linked unit the central bank publishes daily; so recalculate the limit on the day you transfer your pension, and spread larger amounts over more banks.
Only move your pension once the account works. An account still in the identification phase can refuse or hold an incoming transfer from the Netherlands. Let a small amount come over first, see what the bank charges in rate and fees, and only then redirect the monthly payment. You keep your Dutch account; it is the bridge for your tax return and your refunds.
What isn't here: which bank is best. That depends on where you live and on how much English and patience the branch has; ask whoever already lives there, and then read this list once more.
In Vertrekklaar this is phase 5 of 5 of the journey, step 5.2: the same steps, but for your situation — in your order, tickable, and with the deadlines watched. See the whole journey to Mexico or go straight to step 5.2 in the open plan.
What this rests on
The facts in this article come from these official pages. Rules change — when in doubt the source is leading, not this article.
- Ley de Instituciones de Crédito, article 115 — the duty of banks to identify their clients — diputados.gob.mx
- General provisions under article 115 — what the identification file of a natural person must contain (Diario Oficial) — sidof.segob.gob.mx
- Resolution amending the provisions under article 115 — passport or INM document as valid identification for foreigners (Diario Oficial 2024) — sidof.segob.gob.mx
- Código Fiscal de la Federación, article 27 — a bank account in your name obliges you to register in the RFC — diputados.gob.mx
- Banco de México — what the SPEI is and how a transfer runs — banxico.org.mx
- Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita, article 32 — what may not be paid in cash — diputados.gob.mx
- INEGI — the value of the UMA from 1 February 2026 — inegi.org.mx
- Ley de Protección al Ahorro Bancario, article 11 — the guarantee of 400,000 UDI per person per bank — diputados.gob.mx
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