Ask ten expats which Mexican bank to use and you will get ten different answers — usually based on which branch happened to say yes to them in 2019. Here is a current, honest ranking for 2026, organized by what actually matters: whether they will open your account, whether you can operate in English, and whether the bank works day-to-day.

1. Scotiabank (and HSBC) — best on tourist status

Scotiabank publishes an English page for non-resident foreigners: it opens accounts for visitors staying up to 180 days, as well as temporary and permanent residents, at its 30 bilingual branches, with an English option on its phone line (55 5728 1900, option 9). HSBC’s Producto Básico General is the other big-bank product that lists the tourist FMM as an accepted document — no opening deposit, MXN 60 to keep it open — though service is in Spanish. See the requirements by bank.

Best for: retirees and new arrivals without residency yet.

Update, October 2026: Intercam, long the expat classic, is no longer on this list. In June 2025 the US Treasury named it a primary money laundering concern, Mexico’s CNBV temporarily took over its management, and its banking business was later sold to Kapital Bank.

2. BBVA México — best once you have residency

Mexico’s biggest bank: the most branches, the most ATMs, the best app among traditional banks. It is the only big bank that publishes an app-based opening path for foreigners: residency card (FM2/FM3), CURP, a Mexican mobile number and proof of address, then you pick up the card at a branch. Its foreigner page does not cover tourist status.

Best for: residents who want full-service banking everywhere in the country.

3. Nu México — best digital experience

Now a licensed bank (IPAB-insured like any other). No-fee credit card and high-yield savings, all from an excellent app, with easy approval even without local credit history. The catches: foreigners need temporary or permanent residency issued by the INM plus an RFC validated with the SAT, and there are no branches — cash deposits go through OXXO.

Best for: residents comfortable with app-only banking; the savings yields beat traditional banks by a wide margin. See our digital banks comparison.

4. Hey Banco / Klar — strong digital alternatives

Similar model to Nu with competitive yields and cards. Worth comparing promotional rates the month you apply — the digital banks compete aggressively.

5. Wise — not a Mexican bank, but essential anyway

Wise solves the problem every expat has: getting money INTO Mexico without losing 3-5% to wire fees and bad exchange rates. You fund from your home account and send pesos to any Mexican CLABE at the mid-market rate for ~0.5-1%. Many expats run Wise + a local account as their core setup. Full breakdown in our money transfer guide.

Best for: everyone — as the bridge between your home bank and your Mexican one.

What you will need (any bank)

  • Passport plus your immigration document (residency card, or FMM/entry stamp for tourist-friendly banks)
  • Proof of Mexican address — a utility bill (CFE works) or rental contract, generally under 3 months old
  • RFC (Mexican tax ID) — required by Nu; the big banks don’t list it on their foreigner pages, but a branch may ask; see our account opening walkthrough

The honest bottom line

No residency yet → Scotiabank or HSBC (or arrive with Wise and a fee-refunding home ATM card and wait). Residency + want branches → BBVA. Residency + comfortable digital → Nu, with Hey/Klar as rate-shopping alternatives. And in every scenario, Wise for moving money across the border. Compare them side by side in our bank comparator.