Navigating international banking in Mexico can be essential for managing finances, especially if you earn in foreign currencies. While many are drawn to Mexico for its vibrant culture, few realise it’s gradually becoming a top destination for digital nomads thanks to its affordable living and relaxed visa options. By opening a US or UK account from Mexico, remote workers and digital nomads can enjoy more convenience, easier transactions, reduced foreign fees, and smoother global money transfers.

In this guide, we'll walk you through the simple steps to open UK and US bank accounts from Mexico, ensuring a seamless and hassle-free experience.

Why open a US or UK bank account from Mexico?

1. Quick accessibility for payment:  Digital nomads and freelancers in Mexico often work with clients from the US, UK, and Europe. Having a US and UK accounts with platforms like Grey makes receiving payment convenient.
2. Avoid high currency conversion fees: Receiving payments in USD or GBP allows Mexican freelancers to avoid high conversion fees and unfavourable exchange rates. This approach allows them to keep more of their income from each payment, especially when working with US-based clients or platforms.
3. Enhanced payment options: US and UK bank accounts enable access to popular services, allowing platforms like Grey to support multiple currencies and international transfers. This streamlines the process of using digital payment systems that are sometimes limited or costly when linked to Mexican banks.

Eligibility for opening UK and US bank accounts in Mexico

1. Residency or proof of employment: Some US and UK banks may require proof of residency or employment in these countries. However, fintechs like Grey allow non-residents in Mexico to open accounts.
2. Minimum balance requirements: Many traditional banks require a minimum balance to maintain the account without fees, but digital nomads in Mexico can now find online banks or financial services like Grey that have little to no minimum balance requirements. This flexibility is more suitable for freelancers who prefer to not tie up large amounts of money.
3. International tax compliance: US and UK banks may need individuals to comply with local and international tax regulations. Mexican residents should be prepared to provide tax information to these institutions and may need to report foreign bank accounts on their taxes.

Also: Open a US, UK, or EUR bank account in Latin America

Required documents for setting up international accounts

1. Valid passport and proof of identity: Mexican citizens and residents will need a valid passport to verify their identity when setting up an account. You can also use secondary forms of ID, like a driver’s license or national ID, for added verification.
2. Know Your Customer (KYC): Fintech services like Grey require KYC verification to ensure secure global banking. Before you can make international payments, it is expected that you must have completed your KYC to checkmate fraud and confirm your identity.

Read on to find out how to get US, UK, and Euro bank accounts for free.

How to open a Grey account From Mexico

Opening a Grey account from Mexico involves two basic steps:

A. Sign up on Grey

Signing up on Grey is very easy. Just visit Grey.co in your mobile or web browser, click the "Get started - it's a free button", and follow the four basic steps below to complete your registration:

1. The first step is to select your country of residence and click the “Continue” button.

2. The second step is to fll in basic information about you. This includes your name (as it is written on your means of identification). You will also need to fill in other fields (see the screenshot below) such as gender, email address, phone number, and referral code if someone referred you.

.

3. The next step is to create your account password.

For your password to be accepted, it needs to have at least 8 characters, lowercase letters, uppercase letters, a number, and a special character. (See the image below). After you’ve done this, accept the terms and conditions and click on “Continue”.

4. The final step is to verify your email address.

An OTP code will be sent to your registered email address for verification

If you entered incorrect details or didn't receive a code the first time, you can click "Resend code". After that, click on the"Verify your account" button.

‍

Once your account has been successfully verified, you can select what you want to use Grey for.

N.B - You can select more than one option. Brilliant, isn’t it? Yup, you are not restricted to one of the functions! So after selecting all that applies to your account, you can then click on the “submit” button.

B. Identity verification

As a non-US citizen, you’ll need to upload a valid government-issued ID (e.g., international passport) and proof of address (utility bill or bank statement). Grey uses these documents to verify your identity and comply with regulatory requirements. (See the attached images below).

When you click on “Begin ID verification”, you will be taken to a page where you can enter further details that can be used to verify your KYC.

KYC (Know Your Customer) verification

We will review your documents and verify your identity. This process typically takes a few minutes to 24 hours. To speed up approval, ensure that your documents are clear and valid.

Access your US bank account.

Once your account is verified, you can now request your US bank account from your dashboard. Once you receive your US bank account details, you can start using it to receive payments, transfer funds, and manage your money seamlessly.

Important tips for non-US citizens

• Choose the right platform: Grey is ideal for non-US citizens looking for easy access to a US bank account without needing a physical presence in the US.
• Stay compliant: Ensure you are aware of any US tax obligations or reporting requirements for foreign account holders.
• Use multi-currency options: Grey offers the flexibility to hold multiple currencies, making it convenient for those transacting in different regions.

Final thoughts

Opening a US bank account as a non-US citizen is very easy with Grey. By following the steps above, you can set up an account quickly and start enjoying the benefits of US banking, no matter where you are in the world. Ready to get started? Sign up on Grey today and take the first step towards global financial freedom.

Also read: Best affordable living options for digital nomads in Mexicfill