Managing money in Mexico starts with knowing which bank does what. The country's retail banking scene is dominated by a handful of big players, and picking the right one makes a real difference whether you're staying a fortnight or settling down.

The giant of the sector is BBVA Bancomer, with more than 1,800 branches, around 13,000 ATMs and an estimated 22 million customers. Its banking app is widely regarded as one of the best in the country. Banamex, founded in 1884 and briefly rebranded as Citibanamex under Citigroup, was spun off in December 2024 and has returned to its original name. It runs roughly 1,300 branches for about 20 million customers and doubles as a Western Union agent. HSBC, which absorbed Bital in 2002, operates around 1,500 branches and pioneered extended opening hours. Santander, Banorte (the only major bank still Mexican-owned, established 1899) and Scotiabank each hold around 1,300 branches, while Banco Inbursa — backed by Carlos Slim's Grupo Carso — runs smaller branches inside Sanborns and Sears stores.

A few smaller names matter more than their size suggests. CI-Banco's exchange kiosks at airports and major cities offer some of the most competitive currency rates around, worth checking before you change money elsewhere. Intercam, with just 68 branches, concentrates on towns popular with foreign residents — San Miguel de Allende, Puerto Vallarta, Los Cabos, the Riviera Maya and the Yucatán. Banco Azteca operates inside Elektra stores and focuses on consumer credit at steep rates, though it also handles foreign exchange and Western Union transfers.

The rules around accounts trip up plenty of newcomers. Individuals cannot hold foreign currency accounts in Mexico — only companies can — so any international wire into your account gets converted to pesos automatically. Every bank must offer a no-fee payroll account (cuenta de nómina), but it requires regular salary deposits to stay open. Standard checking and sight-deposit accounts usually demand a minimum balance, often around 1,000 pesos, or monthly fees kick in. Term deposits of 30 to 360 days pay better interest, though early withdrawal can trigger penalties. Deposits are protected by the IPAB insurance scheme up to 400,000 UDIs, an inflation-indexed unit published daily by the Bank of Mexico.

For foreigners, the residency distinction is crucial: banks generally won't issue credit cards, car loans or personal loans to anyone without permanent residency (Residente Permanente), though temporary residents can usually get a debit card. Credit card interest is punishing — rates of 50% a year or more are common — so many shoppers use the popular 6- or 12-month interest-free instalment deals instead, being careful not to miss a payment. Mortgages are available with 5-15% deposits, but rates run higher than in the US or Europe. If you're buying property within 50km of the coast or 100km of a land border, expect to set up a fideicomiso bank trust, which carries a set-up fee and annual charges.

Bottom line: big banks mean bigger ATM networks and better apps; casas de cambio and CI-Banco kiosks usually beat bank exchange rates; and know your residency status before applying for credit.