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.
Condesa · Experience date Mar 3, 2026
For splitting costs in Mexico City: WhatsApp money transfers via SPEI — most common, share your CLABE number. BBVA Mexico app: popular for SPEI transfers, free and instant. Clip: Mexican Square equivalent for small businesses — commonly used by CDMX cafés and restaurants for card payment. CoDi (Cobro Digital): Mexico's government QR-code payment system, linked to bank accounts — increasingly adopted in markets and small shops. Cash remains king for: traditional markets, street food (tacos, tamales), tips, and any transaction under $100 MXN. Digital wallets: Mercado Pago (popular, accepted widely) works for online and some offline payments. Card acceptance: Roma Norte and Condesa restaurants accept cards reliably — outer colonias and markets are still predominantly cash.
Roma Norte · Experience date Jan 1, 2026
Opening a traditional Mexican bank account (BBVA, Santander, HSBC, Banamex/Citibanamex) requires: valid passport, proof of Mexican address, and — for most banks — an RFC (Registro Federal de Contribuyentes, Mexican tax ID) or CURP. Without RFC: BBVA and HSBC sometimes open accounts with just passport + address for foreigners. Process: visit a branch in person, expect 30–60 minutes. Initial deposit: typically $1,000–2,000 MXN. Mexican banks charge monthly fees ($150–350 MXN) unless you maintain a minimum balance. Alternative: Nu Bank (Nubank) is a Brazilian digital bank that launched in Mexico and is the most foreigner-friendly — open an account with just a passport and Mexican phone number, no branch visit required.
Roma Norte · Experience date Jan 13, 2026
If formally employed in Mexico under IMSS: mandatory contributions to AFORE (Administradoras de Fondos para el Retiro — Mexico's pension fund system). Contributions: 6.5% of salary from employer, additional worker contribution. AFORE account: personal retirement savings account — accessible at age 65 or with 1,250 weeks of contributions. For foreign workers leaving Mexico before retirement: you can withdraw your AFORE balance when you leave (minus a 20% withholding tax for non-residents). As a remote worker without Mexican employment: no IMSS/AFORE contributions. Social security agreements: Mexico has bilateral social security agreements with Spain, Canada, and some other countries — your home country contributions may count. Consult a contador for your specific situation.
Santa Fe · Experience date Mar 9, 2026
Monthly budget for a single expat in CDMX (2024): Rent (1-bedroom furnished, Roma Norte): $18,000–28,000 MXN ($900–1,400 USD). Groceries (cooking at home): $3,000–6,000 MXN ($150–300 USD). Dining out (mix of local food and expat-friendly restaurants): $4,000–8,000 MXN ($200–400 USD). Transport (Uber + metro): $2,000–4,000 MXN ($100–200 USD). Mobile phone: $200–400 MXN ($10–20 USD). Total estimated: $27,000–46,000 MXN ($1,350–2,300 USD/month). Mexico City offers extraordinary value for the quality of life — roughly 40–60% of the cost of similar lifestyle in London, NYC, or Amsterdam. Many digital nomads and remote workers living on US/EU salaries find CDMX financially transformative.
Polanco · Experience date Jan 5, 2026
ATM (cajero automático) safety in CDMX: use ATMs inside OXXO stores, bank branches, and major shopping malls. Avoid: standalone ATMs on the street at night, ATMs in poorly lit or isolated locations. Card skimming: a real risk in CDMX — cover your PIN, check for loose card readers before inserting. Fee-free ATMs: Citibanamex ATMs (if you have a Citi account from abroad), HSBC ATMs. Most Mexican bank ATMs charge $35–50 MXN ($1.75–2.50 USD) per foreign card withdrawal. Withdrawal limit: $5,000–8,000 MXN per transaction at most ATMs. Wise card: 2 free ATM withdrawals/month up to $250 USD equivalent. Strategy: withdraw larger amounts less frequently to minimise fee impact. Express kidnappings (rare but existing): never use an ATM while someone is watching you closely or after being followed.