Compare Banks in Mexico

For no-strings savings: Nu México (Cajitas at 6.50%, up to 6.80%); Stori advertises up to 15.00% nominal GAT on offer. For branch network: BBVA, Banorte or Santander. Yields have fallen sharply with Banxico's policy rate, now 6.50%.

SPEI (Sistema de Pagos Electronicos Interbancarios) is Mexico's interbank transfer system managed by Banxico. Transfers are instant (24/7) and free via most bank apps. It's the equivalent of Europe's SEPA. The transfer arrives within seconds, around the clock, and most online banks charge nothing for it, while traditional banks may still apply a commission.

CLABE (Clave Bancaria Estandarizada) is an 18-digit number that uniquely identifies your bank account in Mexico. It's required to receive SPEI transfers. Each CLABE contains the bank code, branch code and account number. The number identifies the bank, the branch and the account, and a single wrong digit causes the transfer to be rejected rather than misdirected, which protects the sender.

CONDUSEF (Comision Nacional para la Proteccion y Defensa de los Usuarios de Servicios Financieros) is the public agency that protects financial consumers in Mexico. You can file complaints for free, compare banking products and get advice at condusef.gob.mx. A complaint must normally go to the bank first, and if the answer is unsatisfactory the case can be escalated to CONDUSEF, which offers free conciliation and arbitration.

Yes, IPAB (Instituto para la Proteccion al Ahorro Bancario) guarantees deposits up to 400,000 UDIs (about 3 million pesos) per depositor per bank. All banks licensed by CNBV are covered. Regulated neobanks (Nu, Stori) are also protected. Cover applies per depositor and per institution, so households above that threshold usually spread their savings across two or three banks to stay fully protected.

Mexico doesn't yet have an automatic bank switching service. You need to open the new account, update your CLABE with your employer (nomina), manually transfer your domiciliaciones (direct debits) and close the old account. The process typically takes 2-4 weeks.

CoDi (Cobro Digital) is Banxico's QR code payment system launched in 2019. It allows paying via SPEI by scanning a QR code with your bank app. It's free, instant and available at most Mexican banks. Ideal for paying at merchants without a terminal.

Yes, with a valid passport and immigration document (FM2/FM3, temporary or permanent resident). Traditional banks (BBVA, Banorte, Santander) accept foreigners with residency. Nu Mexico and Stori accept with CURP and INE/passport. A proof of address may be required. Digital banks such as Nu and Hey Banco allow fully online onboarding, whereas traditional banks usually require a branch visit and proof of a Mexican address.