Can a US citizen open a MEXICAN bank account? What would US citizen need to do so? What bank in Mexico?

To open a bank account in Mexico, you are usually required to show your passport, tourist card or FM-3 book. A number of options are available ranging from fee-based checking accounts, a certain number of "free" checks per month, and the Cuenta Maestro (which is comparable to the Hi-Fi or NOW account in the U.S.). Generally, an average daily balance of about $2,500 USD is required to maintain the Cuenta Maestro, which generates interest at a higher rate and generally provides "free checking."

The regular checking accounts interest rate often is somewhat less than the monthly service charge, so there's a definite advantage to maintaining a Cuenta Maestra Ð if you can afford it. Maintaining a Mexican bank account means more than just the ability to write checks. It's almost necessary if you want to easily cash a dollar or even peso check, transfer funds from your home country, or pay your utility bills at the bank. (Even though you may pay your utility bills in cash, most banks extend that privilege only to their customers.)

A number of brokerage houses such as Probursa also extend checking account privileges to customers who may not be making a huge investment. If you can manage to live at home without a bank account, then you could probably do likewise in Mexico. It all depends upon your personal comfort zone just as dealing with the phone company can be a doggone nuisance, it often beats using those tin cans connected together with string.