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International Desk

FAQ

In Mexico are there restrictions on opening foreign currency accounts?

In Santander, only legal persons (companies) can open accounts in US dollars (USD). National currency accounts can be opened by individuals and companies. However, it is possible to send or receive money in foreign currencies, the amount of which will be converted into the account of the currency (GBP, USD) at the time of the transaction.

Are there any restrictions or regulations on foreign exchange transactions?

Yes. It will depend a great deal on the turnover and economic activity of the company, and it will be necessary to notify the competent authorities (the Bank of Mexico, Secretary of Finance and Public Credit, etc..). This is due to regulations against money laundering, terrorist financing etc.

Can I open an account in Mexico as a Non-resident?

Yes. But only in local currency, and it can only be managed through Electronic Banking. Approval is required from the Money Laundering Prevention Unit, an internal area of Banco Santander.

I want to establish a subsidiary in Mexico. Are there any restrictions on the repatriation of dividends?

No, but there are measures that could change over time and may have tax implications.

Can I operate Electronic Banking from abroad?

Yes, although there are transactions that have time restrictions. Different rights can be set for different users.

What other services can the International Desk offer?

The International Desk of Mexico has signed cooperation agreements with ProMéxico, an entity of the Ministry of Economy, which among its functions has that of promoting foreign investment in Mexico, and Basham, the oldest law firm in Mexico. In addition, the International Desk of Mexico has a Guide to Doing Business in Mexico, in English and Spanish, and issues a fortnightly International Desk Report, with topics relevant to investors in Mexico.

Who will support me if I open a Santander bank account through the International Desk?

The focus would be through the Corporate & Institutional Banking Team with a personalised approach.

If I open a company inside Mexico, who would assist me?

Corporate & Institutional Banking is divided into 9 regions across the country (plus the Public Sector we will and Large Business Unit), and look for the office closest to the location of the company.

Can I have multiple accounts with Banco Santander?

The company which is setting up in Mexico can have multiple accounts in national currency for different purposes, and also an account in USD.

What banking products and services can Banco Santander offer me?

Banco Santander has a broad portfolio of products including deposit products, lending, leasing, payroll, international business, POS terminals, payment of taxes and many other products to meet any possible banking requirement.

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