Banking in Playa del Carmen

If you’re going to live here for an extended period, you might want to think about your long term banking arrangements. It’s easy to withdraw money from your US bank accounts using ATM machines here. They are conveniently located and you can withdraw up to 5000 pesos. Even so, there are some things you will want to consider before your leave the US.

First you might want to let your bank know that you will be using your debit cards in Mexico, particularly if you have never used your cards internationally. This should prevent any security measures from restricting access to your funds while you are in Mexico. You will want to also make sure your daily withdrawal limit is where you want it to be.

Second, consider completing a wire transfer agreement so you can wire funds internationally over the phone. Even though you may not intend to wire funds in the future, it is a good idea to have the option in case something comes up. Most banks will not let you wire funds by phone without a completed wire transfer agreement and most require your physical presence when completing the required application forms. This is a process that generally two to three weeks to complete so plan ahead. Typically your bank will mail you a wire transfer passcode that you will  have to confirm receipt of by mail and by phone before wiring funds. It’s best to get this all taken care of before you leave the states. Just a reminder, always keep your phones numbers current with your bank. 

You may or may not want a checking account in Mexico considering all accounts are peso accounts. We decided that we preferred to wire funds once a month from our US account instead of dealing with mulitple ATM charges. It also makes sense to have a local bank statements to validate our income for our FM3 rentista when it comes up for renewal. It certainly can’t hurt.

To open a bank account in Mexico, you will need

•  a FM3 or FM2 Visa
•  a local address
• a utility or phone bill
• your passport
• two local references with phone numbers

We chose Scotiabank because of their Canadian roots and large international presence. We chose the branch near Juarez and 5th because we knew that the banking officer there could speak a little English. Your experience at other banks may be different. At Scotiabank you can choose between a debit card account and a checking account. We recommend the debit card account. It will take a week or so to get an imprinted debit card. Once you get your debit card, you can go back to the bank to make an online banking agreement for Internet access to your account. While it is easy enough to check your balance and transaction record online, a good knowledge of Spanish would be helpful.

There are other options for banking in Playa del Carmen. Obviously the greater your financial resources, the more you will want to diversify your banking relationships. There is a Monex branch in the La Antiqua building at the end of 10th Avenue. Monex is an investment bank offering a number of financial instruments including US dollar money market accounts. I understand that with an established account in good standing, Monex will cash your US checks.