Moving Money to Mexico: Banking, Currency, and Budgeting Basics for Expats
By Dez | My Deztination: Mexicos Trusted Residency + Relocation Expert
Whether you’re planning a full relocation or a long-term stay, getting your finances in order is one of the most important (and often overlooked) parts of your move to Mexico. And the truth is—what works in your home country might not work here.
At My Deztination, I help clients not only relocate legally—but live with confidence and financial clarity. Here’s what you need to know:
1. Can You Use Your Foreign Bank Account in Mexico?
Yes, but there are limits. While many expats continue using their home country debit/credit cards (like Wise, Revolut, or Charles Schwab) to withdraw pesos, those exchange rates and fees can quickly add up.
Pro tip: If you’re staying long-term, opening a Mexican bank account can simplify daily life and save you money in the long run.
Move to Mexico With Financial Confidence
From banking to budgeting, I help you understand the systems that matter so you can settle in with ease. Let’s make sure your money moves as smoothly as you do.
Book a Relocation Consult2. Can Foreigners Open a Bank Account in Mexico?
Yes, but you’ll need your Temporary or Permanent Residency card. Most major banks—like Banorte, Santander, or BBVA—require in-person appointments, proof of address, and your residency documents.
What we offer: I refer clients to bilingual banking reps in major cities and guide you through what to expect (including what to bring, what to avoid, and what paperwork they’ll actually ask for).
3. Currency Exchange: Don’t Get Burned on Rates
When moving larger sums of money (like for a home purchase or car), don’t rely on your bank’s default rates. Third-party services like Wise (TransferWise) or XE often offer better exchange rates and lower fees.
Need help comparing? I break this down in relocation consults and help you choose the best method based on your goals.
Financial Clarity Starts With the Right Plan
My VIP Experience includes step-by-step support for banking setup, budgeting, cost-of-living comparisons, and financial clarity for remote workers, retirees, and long-term expats.
“Moving to Mexico isn’t just about changing countries - it’s about redesigning your relationship with money. I help clients understand how the financial systems really work here, so you can budget with confidence, open the right accounts, and feel grounded in your new life from day one.”
4. Building a Mexico-Based Budget
Here’s what’s typically included:
Rent: $600–$1,500 USD for a 1BR in most cities
Utilities: $50–$100/month
Groceries: $250–$400/month for a couple
Private healthcare: $25–$50 per visit
Leisure: Depends on your lifestyle
Our relocation packages include custom cost-of-living comparisons based on your desired city and lifestyle preferences.
5. What About Taxes?
If you live in Mexico for more than 183 days per year, you may be considered a Mexican tax resident. That means:
You may have to register with SAT (Mexico’s tax authority)
You’ll receive an RFC (tax ID)
You may owe taxes on certain types of income
Retirees with passive income may not be taxed, but strategy and clarity are essential. I refer clients to licensed bilingual accountants who understand the specific needs of expats.
GET $50 OFF YOUR MOVE TO MEXICO
Book your relocation package now and get $50 USD OFF any package (Essentials or higher)! Hurry, this offer expires by the end of the month.
MOVETOMEXICO
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BOOK YOUR RELOCATION CONSULTATIONWant Personal Support?
If this all feels a little overwhelming, you’re not alone. Most people don’t figure it out the hard way—but you don’t have to.
👉 Book your relocation consult here
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meet dez
Dez | My Deztination
Dez is the founder of My Deztination
Mexico’s trusted relocation advisor. With over seven years living in Mexico, she knows the importance of trustworthy and professional guidance & support. She specializes in personalized consultations, private neighborhood tours, and full-service relocation packages to help clients move to Mexico the easy way.
Frequently Asked Questions
Can I use my foreign bank account in Mexico?
Yes, but for long-term stays, it's not ideal. Many expats use Wise or Revolut cards, but for everyday banking and better exchange rates, opening a Mexican account can be smarter.
Can expats open a bank account in Mexico?
Yes — if you have Temporary or Permanent Residency. I help clients navigate the paperwork, refer bilingual banking agents, and explain what to expect at your appointment.
How do I get the best currency exchange rate?
Use services like Wise or XE to transfer money into pesos at competitive rates. Avoid using ATMs for large transfers. I guide clients through secure and cost-effective options.
Do I need to pay taxes in Mexico?
If you stay in Mexico over 183 days per year, you may become a tax resident. I connect clients with trusted bilingual accountants who understand U.S.-Mexico tax treaties and remote income.
Can you help me create a budget for Mexico?
Yes! My relocation packages include personalized cost-of-living breakdowns for your preferred cities—so you can plan with confidence and avoid surprises.