Financial data indicates that around half of individuals in Mexico are unbanked. Barriers like minimum balance requirements, documentation hurdles and distance from physical branches have kept many people outside the formal banking system.
Bankaool, a regulated Mexican commercial bank supervised by the CNBV and Banco de México, has built a digital account designed to lower some of those barriers. Here’s what first-time users should know.
1. It’s Easy and Fast to Get Started
Bankaool says most people can open an account from their smartphone in less than 10 minutes. Make sure you’re on a secure Wi-Fi network before you start the process, which involves:
- Downloading the official Bankaool app from the Google Play Store or Apple App Store
- Creating a strong password
- Verifying your details
- Making a deposit, if desired
2. Identifying Documents Are Required
To open an account with Bankaool, even from your phone, you do need to prove a few things.
First, you’ll need valid official identification. Most people use an INE, but you can use an equivalent official ID, such as a passport or driver’s license. You also need to demonstrate that you’re 18 years of age or older.
Second, if your INE doesn’t show your current address, you need a document that does, such as a utility bill. That document can’t be more than three months old.
Finally, you’ll be asked to provide your CURP and your RFC with homoclave.
3. You Can Get a Physical Debit Card
You can apply for a debit card in the Bankaool account as long as you have a personal email. Your email address is used to authenticate your debit card request. You’ll also need to agree to let the app access your camera and location for verification.
You receive a virtual card immediately in the app once you’re approved. You can use that virtual card number to make online purchases.
In about seven business days, you should receive a physical debit card. Once you receive a physical card, you can use it at thousands of ATMs across Mexico to withdraw cash. Bankaool doesn’t charge a fee for this service, though you may see a charge that’s refunded on your statement.
The Bankaool debit card is a Mastercard, so you can also use it wherever Mastercard is accepted. When you use your debit card to pay for groceries, dinner out or other purchases, you make the payment from money held in your Bankaool checking account.
4. There’s No Minimum Balance Requirement
A common barrier to opening a bank account is a minimum balance requirement. Some banks reduce your perks or charge fees when you fall below a certain average monthly balance.
Bankaool’s digital account doesn’t come with this type of requirement. You get all the perks of the account as long as you’re in good standing, and you can do that with any positive account balance.
Some Bankaool account types do carry a minimum opening deposit. The traditional account, for example, requires a 500-peso deposit to open. The digital mobile account opened through the app doesn’t have such a requirement.
5. Your Deposits are Protected, Though Monthly Deposits Are Capped
Bankaool is a regulated Mexican commercial bank, which means deposits are protected by the IPAB (Instituto para la Protección al Ahorro Bancario), Mexico’s federal deposit insurance program. That includes accounts opened with Bankaool’s app. You get free deposit insurance up to a certain amount, which is currently around 3.4 million pesos.
However, accounts opened digitally are classified as Level 2 under Mexican banking regulations. That classification means you have a total monthly deposit cap of around 25,000 pesos. If your monthly deposits are likely to exceed that amount, consider opening your account in person at a branch instead. This requirement isn’t specific to Bankaool.
6. You Can Pay Bills in the App
Bankaool’s app lets you pay household bills directly from your account without visiting a branch or a payment center. Supported services include utilities like water and electricity, as well as phone bills. You can also top up prepaid mobile plans through the app at no additional charge.
7. The App Opens Doors to Investments
For many first-time banking users, investing feels like something that requires a lot of money or a separate relationship with a financial institution. Bankaool’s app lets account holders start investing with as little as 100 pesos, which removes those barriers.
The in-app investment product is a fixed-term deposit. You choose an amount, select a term length and earn a predetermined return by the end of that period. Unlike stocks or funds, there’s no ongoing management required and no uncertainty about what you’ll earn.
Investment options are available at various terms, so users can choose a timeline that fits their financial situation. The ability to start small and adjust over time makes this a practical entry point for people who are new to formal financial tools.
8. Virtual Savings Envelopes Help You Organize Savings
Bankaool’s app includes a feature called Cofres that lets you divide your money into separate labeled buckets within your account. You might create one for rent, another for a vacation and another for an irregular expense you’re planning for.
The money stays in your Bankaool account, but it’s separated from your main balance, so it’s less likely to be spent on something else. You can create as many Cofres as you need, name them whatever makes sense to you and contribute any amount. There’s no additional cost to use the feature.
