Temporarily Importing Your Car Into Mexico

If you've been looking for good (and correct!) info on temporarily importing your car into Mexico, then look no further.  Not only do I keep up with the immigration and importation laws, I have personally done this twice. 

The first thing I want to address is this rumor that if you temporarily import your car into Mexico, you must drive it back to the border every six months.  This is false.  I repeat:

YOU DO NOT HAVE TO DRIVE YOUR CAR BACK EVERY 6 MONTHS.

The most important thing to note about importing your car is that your car is legally allowed to remain in Mexico as long as your immigration status is valid.  This means your FMT, FM2, FM3 must be current (not expired).  You may renew your tourist or work/investors visa at any local immigration office.

The temporary vehicle import permit should cost you around $48 USD and you can get it at any Banjercito office (or online). 

Make sure you have copies of your passport, your title and your insurance.  You must have insurance that covers your car in Mexico.  The car must also be in your name. 

Any questions?  Feel free to e-mail me!  It really is an easy process and I've seen other sites make it sound waaaay too complicated.

Banorte looking to buy Banco Ixe

It seems that the last fully owned Mexican bank, Banorte, is looking to purchase Banco Ixe.  While nothing is set in stone yet, the purchase would make Banorte the third largest bank in Mexico after Citibank/Banamex and BBVA Bancomer.

Banco Ixe is a small "boutique" type bank that has seen tremendous success in Mexico.  It has set itself apart by offering a unique customer service experience, treating each customer with respect and specialized attention.

Banorte has had its share of ups and downs this year, including the credit it lent to failed airline, Mexicana de Aviacion.  Banorte is also considering expansion into the United States. 

Banorte is headquarted in Monterrey, Nuevo Leon.

Doing Business in Mexico: Opening a Mexican Bank Account

When you set up a business anywhere, one of the first tasks to take care of is to set up a bank account.  Mexico has a number of banks that offer small and medium businesses checking and savings accounts, some in Pesos and some in Dollars (NOTE:  in order to open a dollar account, you have to be a certain number of kilometers from the US-Mexico border).



The requirements vary from bank to bank but here are the minimum standard requirements that you will need to open a business bank account:

• Acta constitutiva (articles of incorporation)
• Official ID (if you are a foreigner, your passport)
• FM-2 or FM-3 visa (your work or investor's visa)
• If you are not the legal representative for your company, you must have a document that testifies you can sign on behalf of the company
• Comprobante de domicilio (proof of address - must be recent, within the last month, Telmex or CFE)
• Minimum deposit (these range from bank to bank...the least I've seen is $6,000 MXN at Bancomer)
• Copy of your RFC
• Business and/or personal references

Remember to check each bank's requirements.  Bring extra copies of everything!