Money, Banking & Getting Paid

Opening accounts, moving money internationally, cash versus card, getting paid by Mexican clients, and the honest cost-of-living picture.

Money in CDMX involves more moving parts than most cities. You’re likely earning in one currency, living in another, paying rent in a third (sometimes), and sending money between accounts across multiple countries. The good news: people have figured this out, the tools are mature, and the options are better than they were five years ago.

This chapter covers all of it: the banking landscape, the best tools for moving money, the cash-versus-card reality of daily life, getting paid by Mexican clients, and what things actually cost.

The Dollar-Peso Reality Check

The pitch that brought a lot of people to CDMX — ‘live like a king on $2,000 a month’ — needs updating. It was more accurate in 2020. It is less accurate in Roma Norte in 2025.

The dollar-peso exchange rate remains favourable. That part is still true. But the neighbourhoods where most expats live have been repriced, in many cases to match or approach the buying power of the incoming foreign income. Rents in furnished Roma Norte apartments priced for the expat market are now quoted in dollars. Upscale restaurants charge international prices. Specialty coffee costs what specialty coffee costs everywhere.

The dollar advantage is real and it shows up clearly in: street food, taxis and Uber, local markets, neighbourhood restaurants not aimed at foreigners, household services, and public transport. It shows up less clearly in: furnished expat-facing apartments, imported goods, high-end restaurants, and anything marketed specifically to the foreign community.

“If you factor in consumer price inflation, the purchasing power of one USD in Mexico is about the lowest it’s been in at least 20 years in certain categories.” — long-term resident on the changing economics

“The prices here in CDMX are comparable to when I lived in Brooklyn in 2020. I definitely wouldn’t call this a cheap place.” — resident comparing to prior cities

The practical implication: the more your life overlaps with the local economy — peso-denominated rent, local restaurants, Mexican service providers — the more you benefit from the exchange rate advantage. The more your life is in the expat-facing economy, the less you benefit.

Opening a Mexican Bank Account

The two main banks used by expats are BBVA and Santander. Both have English-language support, functional mobile apps (BBVA’s app is generally considered better), and enough branch coverage in Roma/Condesa to be accessible. Banorte and Banamex are the other major players but are less commonly recommended for newcomers.

What you need

Standard requirements for a full account: passport, valid residency visa (Temporal or Permanente) or RFC, and proof of address in Mexico (comprobante de domicilio — a utility bill or bank statement with your CDMX address).

The RFC is the main sticking point. Most banks want it for a full account with all features enabled, and getting the RFC requires a SAT appointment that takes time to schedule. The workarounds are in Chapter 3.

A specific note: the BBVA branch at Plaza Moliere in Polanco (near the INM office, between Homero and Ejército Nacional) has been singled out as more accommodating than average. If you’ve been turned away at other branches, try there.

“Heard you can open one without an RFC at BBVA Plaza Moliere between Homero and Ejército Nacional in Polanco.” — resident passing on useful branch-specific knowledge

Once you’re in

Once you have a Mexican bank account, you get a CLABE — an 18-digit bank routing number used for all electronic transfers within Mexico (the system is called SPEI). This is how rent gets paid, how Mexican clients transfer money, how suppliers and services invoice you. It works similarly to a UK sort code and account number combined, or a US routing and account number pair. Give it to anyone who needs to send you money within Mexico.

ATM withdrawals from your Mexican account are free at your own bank’s ATMs. Withdrawing from a different bank’s ATM costs 30–80 MXN per transaction depending on the bank. BBVA is particularly aggressive with their ATM fees — they charged 8 USD (roughly 140 MXN at the time) for a 1,000 MXN withdrawal in one reported case.

Nu — Worth Knowing About

Nu (Nubank’s Mexican operation) deserves its own mention. The app is excellent, the onboarding is faster than traditional banks, the interest rate on savings is competitive (meaningfully above what BBVA or Santander pay), and the customer service is actually responsive.

As of early 2025, Nu was asking for an RFC before account opening. This requirement may have changed — check current status. If you have an RFC, Nu is worth considering alongside or instead of the traditional banks.

“Nu bank makes ridiculous interest rates and the app actually works.” — resident on why they use it

Moving Money In — The Tools That Work

Wise — The Standard Recommendation

Wise (formerly TransferWise) is what most people use for international transfers. Mid-market exchange rates, low fees (typically 0.5–1% of the transfer amount), fast processing (usually same-day for major currency pairs), and a clean interface. The limit is sufficient for rent-level transactions. Works for USD, EUR, GBP, CAD, AUD, and most currencies you’re likely to be sending from.

You can have a Wise account with a US bank routing number, UK sort code/account number, EU IBAN, and MXN CLABE — effectively a multi-currency account that lets you receive in multiple currencies without currency conversion until you choose.

“Wise is pretty cool too. The transfer gets to the account super fast and the exchange rate ain’t too bad.” — resident

“I use Wise every week in Mexico City and the recipient is in China and they get the money within minutes.” — resident confirming cross-border speed

“I trust Wise and my Australian banks.” — resident on their financial setup

One note: Revolut users report that transactions get blocked more frequently than Wise, particularly for certain sending/receiving country combinations. Wise is the more reliable option for consistent, regular transfers.

“My banking compliance friend said Revolut transactions get blocked more often than Wise. I use Wise and it’s great.” — resident with banking sector knowledge

Charles Schwab Debit Card — The ATM Solution

Not for transfers, but for ATM withdrawals: the Charles Schwab checking account comes with a debit card that reimburses all foreign ATM fees worldwide and gives the official interbank exchange rate. No foreign transaction fees. No monthly fees. When you withdraw cash from any ATM in CDMX, Schwab pays back whatever the ATM charged you.

It’s the best deal for regular cash withdrawals. Several residents use it as their primary way to access pesos — wire a lump sum from their home country into Schwab, then withdraw locally as needed.

“I use Charles Schwab debit and Capital One 360 debit. Neither charges foreign fees and both give true exchange rates. Keep the Capital One at home for when I lose the Schwab.” — US resident on their dual-card strategy

| 🌎 Non-US residents The Schwab card requires a US Social Security Number. If you’re not American, the equivalent approach is Wise or Revolut for transfers, and keeping enough cash on hand from periodic exchanges at casa de cambio (exchange bureaux) which generally give better rates than ATMs from foreign banks. | | --- |

Remitly

Mentioned as having better exchange rates than Western Union or XOOM for USD-to-MXN transfers, with zero fees. Useful if you’re sending from the US specifically and find the Wise rate less competitive on a given day. Worth comparing before large transfers.

DolarApp

A Mexico-specific fintech that lets you hold dollars in a Mexican account and spend or convert to pesos at competitive rates. Mentioned in the business community as a useful tool for people who receive income in dollars but want to convert flexibly without using Wise for every transaction.

Cash Exchanges (Casa de Cambio)

For converting physical cash, casa de cambio (exchange bureaux) consistently give better rates than bank ATMs or airport exchanges. The airport exchanges are the worst — never use them if you can avoid it. City-centre casa de cambio in Centro Histórico and parts of Polanco have competitive rates. Ask for the rate before handing over any cash.

“Where can I get a good exchange rate? Just go to a casa de cambio in the city, not at the airport.” — practical advice from a resident

Cash vs. Card in Daily Life

CDMX is more cash-dependent than most European or North American cities, and less cash-dependent than it was five years ago. The situation is improving, but you will need cash regularly.

Always cash

• Street food: tacos, quesadillas, tamales, jugos — always cash.
• Markets: tianguis, mercados, and any informal market.
• Taxis hailed from the street (not from an app).
• Some smaller local restaurants and fondas.
• Tip for delivery drivers — never pay the driver in cash for the order itself.

Usually card, sometimes not

• Sit-down restaurants and bars in Roma, Condesa, Juarez — usually card accepted, contactless is inconsistent.
• Supermarkets (Chedraui, City Market, Walmart Express) — card works.
• Large pharmacies (Farmacias del Ahorro, Farmacia San Pablo) — card works.
• Uber and DiDi — charged to the app, no cash exchange.

The contactless problem

Contactless payments (tap-to-pay) work in theory but fail in practice more than you’d expect. Terminals accept it maybe 70% of the time — the rest of the time you’ll need to insert and enter a PIN. Don’t rely on tap-to-pay for high-stakes moments.

“I’m quite amused by how contactless is touch and go here — sometimes works, sometimes doesn’t. I carry my Visa card but don’t keep much money in that account on purpose.” — resident on daily card experience

How much cash to carry: 500–1,000 MXN in your wallet at any time is the standard. Enough for street food, a taxi, and unexpected cash-only situations. ATMs are plentiful in Roma, Condesa, and Juarez. BBVA and Santander ATMs work reliably with foreign cards. Smaller independent ATMs (the ones in OXXO, in small shops) sometimes fail or charge higher fees.

One specific warning: if you’re paying a delivery driver in cash for the food order itself (rather than tipping), don’t. Drivers who take cash for the order sometimes claim they never received it. Pay through the app and tip in cash separately.

“Don’t pay cash with these drivers. They will claim they never received it. It happens all the time.” — resident warning from direct experience

Getting Paid — If You Have Mexican Clients

If all your clients are foreign (non-Mexican), this section is less relevant. You invoice them in whatever currency you agree, they wire you money, you bring it into Mexico via Wise or Schwab. No Mexican tax forms involved.

If any of your clients are Mexican companies or individuals, it gets more complicated. Mexican businesses need to receive formal tax invoices — called facturas — to deduct their payments from their own taxes. A factura is a specific XML file generated through the SAT system. To issue one, you need an RFC.

Without an RFC, a Mexican company can still pay you via honorarios (an informal professional fee arrangement), but this creates accounting complications for them and is less clean for both parties. Some Mexican companies won’t pay foreign contractors at all without a factura.

“Anyone know how a Mexican company can pay an American business, seeing as American companies do not have facturas, just invoices?” — business owner hitting this problem

“Mexican companies can receive invoices and add them to their tax statements as payments made abroad. My company has bought tons of things from foreign providers and we’re ok with the doc they sent.” — Mexican business owner clarifying what works

The practical answer: if you want to work with Mexican clients regularly, getting an RFC and registering under RESICO (more on this in Chapter 5) is the cleanest path. For one-off projects, a regular invoice from your foreign business usually works — confirm with the client’s accountant what they need.

Receiving Payments — The Tools

For receiving international payments as a freelancer or business owner in CDMX:

• Wise Business — lets you receive in USD, EUR, GBP etc. with local account details (US routing number, UK sort code) that you can give to clients. Clients don’t need to know you’re in Mexico.
• Stripe — operates in Mexico but with limitations compared to the US version. Good for card payments and subscription billing. Works with Mexican pesos.
• Revolut Business — set up payment links for card collection across different currencies, useful if you have clients in multiple countries who prefer to pay by card. One business community member specifically recommended Revolut merchant accounts for collecting from various countries without needing separate bank transfers.
• PayPal Mexico — has a Mexican version. Periodic issues transferring funds between PayPal Mexico and Mexican bank accounts. Keep PayPal Mexico balances modest if you rely on the transfer function.
• SPEI (direct bank transfer) — for Mexican clients paying in pesos, this is the standard. They transfer from their CLABE to yours. Instant, free, reliable.

“I receive money from Stripe, Wise, and PayPal.” — freelancer on their payment stack

“My advice is to set up payment links with a Revolut Business account and add a merchant account. Absolute easiest for collecting payment from various countries, no need to deal with bank transfers, and you can use monthly statements for tax records.” — business owner on their preferred setup

Cost of Living — Real Numbers

The following is based on what long-term residents in Roma Norte or Condesa actually report spending. It’s not a theoretical budget — it’s a composite of real people’s real numbers.

| Category | Monthly Range (MXN) | | --- | --- | | Rent — 1BR furnished, Roma Norte | 18,000 – 28,000 | | Rent — 1BR furnished, Condesa | 18,000 – 30,000 | | Rent — 1BR furnished, Escandon / Narvarte | 9,000 – 16,000 | | Utilities (electricity, water, gas) | 800 – 1,500 | | Internet (building-shared) | usually included in rent | | Drinking water (garrafones) | 400 – 600 | | Groceries (City Market / Chedraui) | 3,000 – 6,000 | | Eating out — mix of street + sit-down | 4,000 – 10,000 | | Coffee shops / co-working | 2,000 – 5,000 | | Transport (Uber + metro) | 1,500 – 4,000 | | Gym | 500 – 1,200 | | Health insurance (private) | 1,000 – 3,000 |

Total for a frugal but comfortable life in Roma/Condesa: 30,000–40,000 MXN per month. Comfortable with regular restaurant meals, nights out, and normal social spending: 50,000–70,000 MXN per month. Above 70,000 is easy if you’re dining at the city’s top restaurants regularly or taking weekend trips frequently.

Electricity deserves a specific note. CFE (the national electricity provider) charges on a tiered system — the first tier of usage is heavily subsidised, and the rate jumps sharply once you exceed it. Air conditioning in summer can push you into the highest tier quickly. Some buildings include electricity in the rent; for those that don’t, summer months can produce surprisingly high bills.

The supermarket landscape: Walmart Express is the most common (formerly called Superama in some locations). Chedraui and La Comer are solid mid-range options. City Market is the upscale choice — imported goods, better produce, noticeably higher prices. For international ingredients not available at standard supermarkets, try Costco (membership required, located in several locations in the city).

Street food economics: a full taco meal — three to four tacos plus a drink — costs 60–120 MXN at a proper taqueria. Chilaquiles for breakfast at a local fonda: around 80–120 MXN. A sit-down lunch at a non-tourist restaurant in Roma: 150–250 MXN including a drink. A dinner at a mid-range restaurant: 300–600 MXN per person. A dinner at one of the city’s top restaurants: 800–2,000 MXN per person before drinks.

“I literally had chilaquiles for lunch yesterday and today and it was 100 pesos.” — resident on the everyday food economics