Managing Finances Abroad: Banking, Taxes, and Everyday Costs

Foreigners can open Mexican bank accounts with residency, using banks such as BBVA, Santander, and Scotiabank (linked to Canada).

For transfers, retirees prefer Wise, Remitly, or wire transfers to reduce exchange fees.

Canada taxes global income, so retirees must maintain tax residency guidance. Mexico generally does not tax foreign pension income.

Daily expenses—transportation, groceries, healthcare—remain significantly more affordable.

Sources:
– CRA – Global Income Guidelines
– Banco de México – Financial Systems Overview
– Wise Transfer Cost Index 2024