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Where to open a No CRS Bank account (Non-Residents) while living in Mexico?

alexx999

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Apr 7, 2023
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I recently relocated from the EU to Mexico.

The prevailing advice is to avoid depositing money into a Mexican bank account to stay off the radar, with the understanding that this approach will ensure minimal hassle 99% of the time, a lot of people told me not to declare anything here since you might become an easy target and since law enforcement for expats is weak. Currently, I receive funds in my Wise account, which is linked to my EU residency.

I'm searching for online banking options that allow me to both send and receive wire transfers, especially in USD (Amazon), with reasonable fees and reliable online banking services.

Additionally, I'm interested in banking solutions that offer a debit card. Although I could plan to transfer a small sum, such as $1,000 to $1,500 per month, into a Mexican bank account for daily expenses.

It would be a bonus if the bank is located in a non-CRS country. I understand that, as a non-resident, I might be able to open bank accounts in Paraguay, El Salvador, and the Dominican Republic.

My side business is related to cryptocurrencies, decentralized finance, etc. I aim to maintain a minimal bank balance, around $20,000, to cover business expenses, advertisements, etc., while investing the rest in cryptocurrencies and managing them through self-custody, which I am already practicing. Therefore, a crypto-friendly bank that supports seamless crypto transactions, including on-ramping and off-ramping, and facilitates business expenses would be ideal. Moreover, since there's a significant peer-to-peer (P2P) crypto community here, converting crypto to cash is also an option I'm considering, the thing is: I need to be able to pay wires and receive wires from amazon.

What banking options do I have that meet these criteria?
 
Good question.

Your options maybe limited for all those requirements. You maybe limited to banks in Puerto Rico like below.


 
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Good question.

Your options maybe limited for all those requirements. You maybe limited to banks in Puerto Rico like below.


With which ones you have personal experience ?

Good question.

Your options maybe limited for all those requirements. You maybe limited to banks in Puerto Rico like below.



Well, Arival has FDIC insurance …do you of a bank for personal accounts that offers FDIC insurance in Puerto Rico ?
 
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With which ones you have personal experience ?

None.

Well, Arival has FDIC insurance …do you of a bank for personal accounts that offers FDIC insurance in Puerto Rico ?

Arival is not directly covered by FDIC but via their correspondent bank.....they claim ns2.

I would personally NOT be holding any money in a Puerto Rico bank period. Use them at your own risk to receive and send funds but nothing more no matter if they are FDIC covered or not.
 
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Good question.

Your options maybe limited for all those requirements. You maybe limited to banks in Puerto Rico like below.


Thank you, I forgot to mention that I'd like to open a personal account, I did open a US LLC at the moment but still waiting my EIN number, I will however want to move money from my LLC Wise account to my personal bank account to move the money into cryptos or just to store some wealth
 
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