Mexico City
Banking, transfer, and payment setup basics for newcomers.
You'll find that managing money and payments in Mexico City can be challenging, especially when exchanging currency. Most newcomers lose money by exchanging at the airport, where the rate can be up to 8% lower than the actual rate. Watch out for this common mistake and instead use services like Wise to receive money from abroad or exchange currency at Casas de cambio in areas like Polanco, Zona Rosa, and Centro Histrico. To avoid further complications, consider opening a digital bank account with Nubank, which doesn't require an RFC. You can start by researching Nubank's requirements and benefits, and take a concrete step today by visiting their website, nu.com.mx, to learn more about their services and how to open an account.
Ranked by contributor trust level and quality score.
Roma Norte · Experience date Dec 15, 2025
I receive freelance payments via Wise to my Mexican account. The airport exchange rate is terrible — I lost 8% once. Use Wise, Remitly, or your home bank's international transfer for anything over $200.
Condesa · Experience date Dec 30, 2025
OXXO (Mexico's ubiquitous convenience store, 22,000+ locations nationally, on nearly every block in CDMX) offers useful financial services beyond SIM top-ups: Bill payment (pagos de servicios): pay CFE electricity, Telmex internet, Netflix, and hundreds of other services in cash. Cash deposits: deposit cash to BBVA, Santander, and other Mexican bank accounts. Withdraw cash via a linked BBVA account (Saldazo card). Buying event tickets, recharging transit cards. OXXO Pay: OXXO's own digital payment platform linked to your card. For expats: OXXO is frequently the easiest place to pay bills in cash, top up your phone, and handle quick financial tasks when you don't have a fully functional Mexican bank account yet.
Roma Norte · Experience date May 5, 2026
Best places to exchange foreign currency to pesos in Mexico City: Casas de cambio in Polanco, Zona Rosa, and Centro Histórico offer competitive rates — compare posted buy/sell rates between at least two before transacting. Best rates are typically in the Centro Histórico money exchange area (near Banco de México). Avoid: airport exchange bureaus (poor rates, 8–12% spread), hotel exchange desks (very poor rates), and street changers (risk of counterfeit bills and scams). USD is the easiest foreign currency to exchange — euros are accepted at most casas de cambio but at slightly wider spreads. Best strategy for most expats: use Wise or Revolut card for most expenses and only exchange cash for markets, tips, and small vendors.
Insurgentes · Experience date Mar 11, 2026
Opened a BBVA Mexico account with my passport and CURP. Took 30 minutes at the Insurgentes branch. Free debit card. Use the BBVA app to pay for everything — SPEI transfers are instant and free.
Santa Fe · Experience date Nov 14, 2025
SPEI (Sistema de Pagos Electrónicos Interbancarios) is Mexico's real-time interbank transfer system — the backbone of financial transactions in CDMX. Equivalent to: UK Faster Payments, EU SEPA Instant. Transfers: instant 24/7 between any Mexican bank accounts. Cost: free from most Mexican bank apps. How to use: you need the recipient's CLABE (18-digit Clave Bancaria Estandarizada) or phone number linked to their account. From Nubank: SPEI is free and instant. From BBVA: free via the app. Most rent payments, bill splits, landlord deposits, and business-to-individual payments happen via SPEI in Mexico City. Learning to use SPEI is one of the most important practical skills for daily financial life in CDMX — master it in your first week.
Condesa · Experience date Jan 7, 2026
Financial apps used by CDMX expats: Wise app (international transfers — essential), Nubank app (Mexican digital bank), Mi Telcel or AT&T Mexico (phone bill management), BBVA Mexico app (if you have a BBVA account — widely used, solid app), Bitso (crypto and peso conversion), Mercado Pago (online and in-store payments, widely accepted), OXXO Pay (useful for cash-linked payments). For budgeting: Fintonic (Spanish-language budgeting app that links to Mexican bank accounts), or simply use a Google Sheet. Reminder: most Mexican financial services communicate via SMS or WhatsApp — keep your Mexican number active and WhatsApp notifications on. Apple Pay and Google Pay: accepted at most CDMX supermarkets and Starbucks/chain restaurants.
Del Valle · Experience date Feb 14, 2026
Nubank (nu.com.mx) is a digital bank that has become the top recommendation in CDMX expat communities. Why: opens with passport + Mexican address + phone number — no RFC or CURP required. Features: free debit card (delivered to your CDMX address in 3–5 days), free SPEI transfers (Mexico's bank transfer system), international transactions at low rates, good app, no monthly fee. Limitations: no physical branches, no cash deposits, no peso cash withdrawals at all ATMs are free (check ATM network). The Nubank purple card is recognisable in CDMX — a sign you've been here a while. Open at nu.com.mx — entirely online. Pair with: a Wise account for international transfers and you have a complete financial setup without setting foot in a bank branch.
Roma Norte · Experience date Nov 30, 2025
Public healthcare: IMSS (Instituto Mexicano del Seguro Social) — if you are formally employed in Mexico with a proper contract, your employer registers you with IMSS. IMSS provides free healthcare at IMSS clinics and hospitals. Quality: variable, wait times can be long. For expats without employer IMSS: private health insurance is strongly recommended. Options: AXA (popular with CDMX expats, $800–2,000 MXN/month for comprehensive coverage), Allianz, Cigna International, GNP Seguros. International health insurance: SafetyWing (Nomad Insurance, $40–60 USD/month — budget option, widely used by digital nomads in CDMX), Cigna Global, Allianz Care. Private hospitals: Médica Sur, ABC Medical Center, Hospital Ángeles — all internationally-accredited, excellent care at $50–200 USD for a consultation.
Condesa · Experience date Nov 12, 2025
Mexico taxes residents on worldwide income. Tax residency triggers: staying in Mexico for more than 183 days in a calendar year, OR having your primary economic interests in Mexico. Tax rates: progressive, 1.92% to 35% on income. For remote workers employed by foreign companies: if you are tax resident in Mexico, you theoretically owe Mexican tax on your foreign salary. In practice: SAT enforcement of remote worker taxes has historically been limited, but Mexico is increasing digital nomad tax scrutiny. To be legally compliant: register as a Persona Física con Actividad Empresarial with SAT and file annual returns. Annual return (declaración anual): filed by April 30. Many CDMX expats work with a contador (Mexican accountant) for $1,500–3,000 MXN/year to manage filings.
Roma Norte · Experience date Feb 7, 2026
Tipping is an important part of income for service workers in Mexico City. Standard tips: restaurants 10–15% of the bill (15–20% for excellent service — same as in the US/Canada for expats from North America), bar drinks $10–20 MXN per drink, taxis $10–20 MXN on short rides, hotel porter $20–50 MXN per bag, parking attendant (valet) $20–30 MXN, supermarket baggers (normally teenagers) $5–10 MXN (they work for tips only), delivery: $20–30 MXN. Never tip: it's culturally acceptable to not tip at casual street food stands. When in doubt: the local guideline is approximately 10% minimum in restaurants. Propina (tip) is sometimes included on the bill (propina incluida or servicio) at tourist-facing restaurants — check before adding more.
