Grupo Financiero Banorte
traditional bank
Grupo Financiero Banorte is Mexico's largest domestically owned bank and the second-largest financial group in the country by assets, headquartered in Monterrey, Nuevo León. Founded in 1899, Banorte serves over 20 million customers through a nationwide network of more than 1,300 branches and 9,000 ATMs. It offers a full suite of retail, business, and private banking products including peso and USD-denominated accounts, mortgages, payroll accounts (Banorte Nómina), credit cards, and investment funds. Foreigners with valid Mexican temporary or permanent residency can open accounts in person at a branch, subject to CNBV and FATF anti-money-laundering requirements. US persons are accepted and FATCA-reporting obligations are met. Banorte is FATCA-compliant and regulated by the Comisión Nacional Bancaria y de Valores (CNBV). Business accounts support both SMEs and large corporates with treasury, FX, and trade-finance services. Monthly fees vary by account tier and are waived on payroll accounts.
Details
- Headquarters
- Mexico
- Currencies
- 2
- Monthly Fee
- $5
- Non-Residents
- Not accepted
- US Persons
- Accepted
- Debit Card
- Available
- Business Account
- Available
Opening Requirements
- •Valid Mexican residency visa (temporary or permanent) or Mexican citizenship
- •Government-issued photo ID (INE/IFE for nationals; passport for foreigners)
- •CURP (Clave Única de Registro de Población) or foreign tax ID
- •RFC (Registro Federal de Contribuyentes) for full-service accounts
- •Proof of Mexican address (utility bill or lease agreement)
- •Initial deposit (varies by account type; Banorte Nómina requires employer payroll arrangement)
Restricted Nationalities
Not available to nationals of: north-korea, iran, cuba, syria
Nationality Acceptance Matrix
Who this provider will and will not onboard. Refusals are listed first. Sourced from the provider's own published terms and recent public onboarding reports — confirm with the provider before applying.
| Nationality | Accepted | Notes |
|---|---|---|
| russia | NO | Russian nationals face enhanced scrutiny; Mexico's CNBV has issued AML guidance consistent with FATF recommendations following 2022 sanctions environment; account opening highly unlikely. |
| iran | NO | Blocked — FATF high-risk jurisdiction; Mexico's AML regulations prohibit onboarding. |
| cuba | NO | Blocked — OFAC Cuba sanctions apply to USD-clearing operations; Banorte processes USD via US correspondent banks. |
| north korea | NO | Blocked — UN/FATF DPRK sanctions. |
| syria | NO | Blocked — FATF/UN Syria sanctions; USD correspondent-banking risk. |
| us | YES | US persons accepted; Banorte is FATCA-compliant and reports to the IRS. W-8BEN or applicable tax form required. Mexican residency or business registration still a prerequisite. |
| mexico | YES | Mexican nationals are the primary customer base; full product access with INE/IFE and RFC. |
| uk | YES | UK nationals accepted with valid Mexican residency visa, passport, and proof of address. |
| eu | YES | EU nationals accepted with valid Mexican residency visa and standard KYC documentation. |
| china | YES | Chinese nationals accepted with valid Mexican residency; significant Chinese business community banks with Banorte. |
Similar Banking Options
Options matched on type and jurisdiction — not a recommendation.
Related Guides
US expat tax checklist: FBAR, FATCA, PFIC, FEIE, GILTI
A neutral walk-through of the US tax obligations that follow American citizens abroad — what they are, when they bite, and how the mainstream planning around each one actually works.
Zero and low-tax residencies: the real list
Countries with zero personal income tax, territorial-only taxation, or special expatriate regimes — and what each one actually requires from you to qualify as a resident.
Exit tax: countries that charge you to leave
Country-by-country reference of departure taxes, deemed-disposition rules, and wealth-locking regimes that trigger when tax residency ends.
Sources & last verified
- Last verified 2026-06-15