Step-by-Step Guide to Opening a US Bank Account from Mexico

How to Open a US Bank Account in Mexico

Mexico is the United States’ largest trading partner. In 2025, two-way commerce between the two countries reached a record $872.83 billion. Whether you run a corporation that ships produce or you just launched a small business that exports boots, reliable access to USD banking can make life a lot easier for Mexican companies.

Opening a US bank account in Mexico, however, can be harder than it looks. Holding a US routing number and account number makes it easier for clients to send ACH payments and domestic US transfers, but not every banking provider offers those numbers. Additionally, traditional banks typically require you to visit in person to open a USD account, which can be a tall hurdle for some Mexican citizens if the bank in question is located in the United States.

Finding a bank account that supports USD, provides routing and account numbers, and comes with a simple application process can feel impossible. That’s why we put together this guide. Below, we’ll discuss why USD banking matters for people in Mexico, how to pick the right banking option, what documentation you’ll need, and the steps to opening an account. Along the way, we’ll examine the Slash Global USD account, which can give Mexican citizens access to major payment rails and US banking details without the need to form an American entity or visit a bank in person.³

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Why Open a US Bank Account in Mexico?

The US dollar is widely used in Mexico, particularly in border regions and tourist areas. Even though it’s a common currency, the process of receiving USD and depositing it in a Mexican peso-based bank account is rather inefficient. You’ll be hit with conversion fees and/or exchange rate markups by your provider, and settlement can take longer as a result. Another problem comes from remote payments, as Mexican banks don’t connect to the ACH network that Americans commonly use. That means incoming payments from the US will often have to travel through wire, with expensive transaction fees ranging from $25-50.

A bank account built to support USD can solve this. Once you get an account and routing number, you’ll be able to receive cheaper ACH transfers from more clients. While a USD account doesn’t eliminate the need to convert USD to MXN (Mexican peso), you have the ability to hold it and convert it when the exchange rate is more favorable.

Who uses the US dollar in Mexico?

While any Mexican citizen may want access to the US dollar for traveling purposes, business owners and freelancers may need it for the sake of expanding their audience or saving money. Here are some common use cases for USD accounts:

Independent contractors: According to national surveys, over 13 million Mexicans work as freelancers. With the help of networks like Fiverr, a large portion of them provide services to US-based clients. American companies often pay contractors via ACH or direct deposit, which requires a US account. Without one, freelancers end up paying extra to receive international wires.
Mexican businesses entering the US market: While freelancers mostly receive money from US clients, Mexican companies often need to both send and receive money that crosses the border. Sending money to American business partners via ACH saves both parties money, since wire transfers often charge both the sender and the recipient.
Americans launching companies in Mexico: US citizens who live in Mexico may run businesses that work on both sides of the border. If you’re double-dipping in two different markets, you’ll want a USD account that links them together and makes it easier to do business in both countries.

Understanding US Banking Eligibility

While there aren’t any legal restrictions on Mexican citizens opening US bank accounts, many options come with their own limitations.

Quite a few Mexican banks offer USD accounts that let you hold and transact in US dollars domestically, which can be useful for managing USD savings or receiving wires in dollars. However, they don't come with a US routing number or ACH support that allows businesses to receive direct deposits from US clients. Instead, they come with an 18-digit CLABE (Clave Bancaria Estandarizada). Banks often allow users to receive money from the US using their CLABE, but the extra information required can be a pain for American clients.

Some Mexican business owners might look to actual US-based bank accounts in order to access the USD and routing numbers they need. The obstacle here is actually opening the account in the first place.

Most US banks require in-person verification at a US branch, a US residential address, and either an SSN or ITIN. This is due to KYC (Know Your Customer) regulations, which require US banks to verify the identity of account holders under federal anti-money-laundering rules. Because Mexican citizens rarely have these three things, US banks typically aren’t an option.

If you’re looking for a USD account that gives you an account and routing number without the need to visit a bank in person, you may not want to choose a bank at all. Digital solutions like Slash offer a Global USD account that gives Mexicans businesses US banking details and access to the US dollar without the need for an SSN or US-based entity.

How to Choose the Right Bank for a US Account

Overall, your decision rests between Mexican banks with USD accounts, US bank subsidiaries operating in Mexico, and digital-only platforms. Apart from the features they offer, you’ll want to think about what your average transaction activity looks like and which country you’re an official citizen of.

First, let’s take a look at some traditional banks:

Slash Global USD: Slash’s Global USD account provides US account and routing numbers, supports ACH and wire payments, and doesn't require a SSN, EIN, or US LLC. It’s designed for Mexican businesses that need to move USD without establishing a US legal presence.
Scotiabank: Despite being a bank based in Canada, Scotiabank has an active presence in Mexico, with over 670 branches and English-language phone support. They offer a dedicated USD checking account called the Cuenta Unica en Dólares Persona Moral. To apply, you need a business entity registered in Mexico.
BBVA Mexico: BBVA is the largest bank in Mexico by market share and branch network. Customers can get access to both a personal USD account and a business USD account, the latter of which requires a $300 minimum balance.
HSBC Mexico: HSBC is another Mexican bank that offers a business USD account. The drawback here is that you need to have held a standard bank account for six months with HSBC before applying for their USD service.
Wise: Wise is an online-only platform that gives Mexican users US bank account details, including a routing number and account number, for receiving USD via ACH. However, you’ll need an EIN to apply.
Santander: Santander is an international bank with a presence across many countries, which can be an advantage for customers who already bank with them elsewhere. They offer a pair of business USD accounts, called the Santander Gold Account and the Private Banking Global Currency Account.

Step-by-Step: Opening a US Bank Account from Mexico

Whether you’re signing on with a traditional bank or a fintech, the process will be roughly similar. Here are the stages you’ll follow to open a US bank account from Mexico:

Step 1: Gather required documentation

If you’re applying for a USD account at a Mexican bank, you’ll usually need a valid passport, Mexican immigration document (temporary or permanent resident card), proof of Mexican address from the past three months, and the initial deposit. Santander doesn’t require an immigration visa, but they actually may ask for a pair of personal references.

In the case of non-bank alternatives like Slash's Global USD Account, requirements tend to be lighter. You’ll still need relevant business information, proof of activity, articles of incorporation, and owner details. However, you won’t need the EIN or US entity that you may need to provide elsewhere.

Step 2: Apply in-person or online

Most Mexican banks require an in-person branch visit to open a USD account, whether personal or business. Due to KYC laws, banks based in the US always require a physical visit for the sake of identity verification. If you’re looking to apply online, digital options like Slash and Wise are the best bet. You can submit your documentation through the platform, verify your identity digitally, and receive US banking details once approved.

Step 3: Wait for approval

The approval timeline is fairly similar across different banking partners, regardless of whether they’re traditional or virtual. Processing time can vary a bit by institution; Scotiabank can take up to 72 hours to approve a USD account, while Santander and BBVA may be able to open accounts on the same visit. Digital options like Wise and Slash’s Global USD account typically take 1-2 business days. In any case, you'll provide your documents, complete the application, and make the opening deposit.

Minding potential fees and charges

Many Mexican USD accounts come with costs that might not be easy to notice when you sign up. Banks like BBVA and Scotiabank have minimum balance requirements that come with maintenance fees if they aren’t met. You may also run into an institution like HSBC that charges a rather high amount for wire transfers ($40). Neither Wise nor Slash have balance requirements, and individual transfer fees vary.

Open a Business Account in Mexico with Slash Global USD

Even though Mexico is the United States’ #1 trading partner, opening a bank account that supports USD from Mexico isn’t simple. If you don’t have a US subsidiary, SSN, or way to travel to America, you may not be able to expand your business past Mexico’s borders. That changes with the Slash Global USD account.

Since it offers routing and account numbers, the Slash Global USD account works a lot like a US bank account on the surface. However, it’s built upon our proprietary USDSL stablecoin, which is designed to maintain a one-to-one value with the US dollar.⁴ Mexican residents can apply using their local banking and business details without needing to hold an entity within the United States. Once they’re approved, they can start sending and receiving USD through the ACH network for lower fees than they were getting hit with via wire.

While you may apply to this account to get access to the United States, your spending power isn’t limited to the US/Mexico border. Business owners who use the Slash Global USD account can also send money to over 180 countries and execute stablecoin transfers to just about anyone with a digital wallet.

Along with access to USD, we give users:

The Slash Visa Global Card: Our account allows you to issue cards in 100+ countries and make purchases in USD anywhere Visa is accepted. You can now purchase US services and software, send US remittances via card, and buy everyday items just like you would with any other card. Eligible expenses can earn up to 2% cash back.
Invoicing features: Create and send professional invoices with line items, taxes, and discounts. Each of your invoice statuses are tracked in real time. Once your client receives your bill, they can pay you using embedded payment links for bank transfer, credit card, or stablecoin.
Spend controls and approvals: You can manage your cards, spending limits, approvals, and team permissions from your dashboard. Your transaction data can also be synced with leading accounting software to simplify reconciliation and reporting.

If you’re a Mexican business owner that wants access to the US dollar without having to leave your couch, reach out to Slash today.

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Frequently Asked Questions

Can a Mexican business open a US bank account without a US entity?

Definitely, through certain online platforms and banks. Slash's Global USD Account, for example, gives businesses a US routing number and account number without the need to form a US LLC, obtain an EIN, or have an SSN.

Do I need to live in Mexico to open an account there?

Usually, yes. Most traditional Mexican banks require at least a temporary resident document to open a USD account. Tourist visas may be accepted at some banks for everyday peso-based accounts, but USD accounts typically require more established residency documentation.

Can a US citizen have a bank account in Mexico?

Yes, most major Mexican banks allow foreigners, including US citizens, to open accounts. However, requirements vary by institution and account type. You'll typically need a valid passport, immigration document (temporary or permanent resident), and proof of local address.

If I’m a US citizen, do I need to report my Mexican bank account to the IRS?

Yes, if the balance exceeds $10,000 USD at any point during the year. Once you break that barrier, you're required to file an FBAR (FinCEN Form 114). Interest earned on the account is also taxable in the US. It’s a good idea to consult a tax professional familiar with US expatriate tax rules if you're unsure about your specific obligations.