Mexican-origin people are the largest Hispanic group in the United States, and many of them are first-generation immigrants building financial lives from scratch. This guide covers the essentials: opening a bank account, getting credit, filing taxes with an ITIN, and sending money to Mexico under the new 2026 rules.
Who Mexican Immigrants Are in the US: The Numbers
According to the Pew Research Center (2021 American Community Survey data), 37.2 million Hispanics of Mexican origin lived in the US, about 60% of all US Hispanics. Of those, 29% (about 10.7 million) were born abroad.
| Indicator (Mexican-origin Hispanics, 2021) | Figure |
|---|---|
| Population | 37.2 million |
| Share of all US Hispanics | 60% |
| Foreign-born | 29% |
| Largest states | California 34%, Texas 26%, Arizona 5%, Illinois 5% |
| Bachelor’s degree or higher (25+) | 15% |
| Median annual earnings (16+) | $30,000 |
| Homeownership rate | 53% |
| Poverty rate | 18% |
These figures cover the entire Mexican-origin population, including US-born people, so recent arrivals may look different. The takeaway is that financial products for this community are everywhere. The challenge is choosing the right ones.
Step 1: Open a Bank Account
A bank account is the foundation of everything else: direct deposit, safer savings, and a path to credit.
What you usually need:
- A government-issued photo ID (a Mexican passport is accepted by many institutions)
- A taxpayer number: an SSN or an ITIN
- Proof of address
Some banks and credit unions also accept the matrícula consular as identification, but this is each institution’s own policy, not a legal right. Ask before you go. Credit unions are often more flexible than large banks.
If you can’t open an account yet, see our guide to prepaid cards for immigrants without a bank account as a temporary solution.
Step 2: Get an ITIN If You Don’t Have an SSN
If you aren’t eligible for a Social Security number, you can apply for an Individual Taxpayer Identification Number (ITIN) using IRS Form W-7. An ITIN is for tax reporting; it doesn’t authorize work or provide Social Security benefits. It lets you file taxes and, with many lenders, access financial products.
ITINs can expire if unused or if issued in certain past ranges, so read our ITIN renewal guide and check your status on the IRS website.
Step 3: Build Credit From Zero
Your credit history in Mexico does not transfer to the US. You start with no file, and that is normal.
Main options:
| Option | How it works | Best for |
|---|---|---|
| Secured credit card | You deposit money as collateral, which becomes your limit | First credit product |
| Credit-builder loan | Payments are reported while savings accumulate | People who prefer a loan structure |
| Authorized user | Someone adds you to their card | Those with a trusted family member with good credit |
Our articles on secured cards vs. credit-builder loans and credit cards that accept ITIN or no SSN compare real options. Whichever you choose, pay on time and keep your balance low. See how credit scores work to understand why.
If your report contains errors, our guide to disputing credit report mistakes explains the process.
Step 4: Sending Money to Mexico
Remittances are central to many Mexican families. According to figures from Mexico’s central bank, Banxico, reported by Expansión, remittances to Mexico totaled US$61.791 billion in 2025, down 4.6% from US$64.746 billion in 2024. Analysts quoted in that report pointed to a weaker US labor market, a stronger peso, and the effects of migration policy.
The new 1% remittance tax
Since January 1, 2026, the US charges a 1% excise tax on certain remittances. Per this University of Miami law review summary:
- It mainly targets cash-based or physical transfers.
- Most bank-account and card-funded digital transfers are exempt.
- It applies to all senders, not only non-citizens.
Practical implication: funding a transfer from your bank account or debit card is generally the way to avoid the tax, which is one more reason to have an account. Rules and implementation details can change, so confirm with your provider or the IRS before sending large amounts.
How to choose a transfer service
Compare, every time:
- The fee
- The exchange rate (the hidden cost, often larger than the fee)
- Delivery method and speed (bank deposit, cash pickup, wallet)
- How you pay (bank or card vs. cash, now relevant for the tax)
Step 5: Taxes
Filing taxes builds a record of income and residence that supports future applications. File even if you’re not sure you owe anything, and avoid unlicensed “notarios” or preparers. Look for IRS-credentialed preparers, and never sign a blank return. Free filing help is available through the IRS VITA program for eligible taxpayers.
Step 6: Long-Term Goals
Housing. Some lenders offer mortgages to ITIN holders, with larger down payments and higher rates. Read our guide to mortgages with an ITIN. In 2021, 53% of Mexican-origin Hispanics owned their homes (Pew).
Visa-based credit. If you hold a work visa, see credit cards for H-1B holders.
Emergency savings. Start small, even $25 per paycheck, in an account separate from daily spending.
Common Mistakes to Avoid
- Paying cash-based remittance fees when a bank-funded option exists
- Trusting anyone who promises to “fix” your credit for a fee upfront
- Closing your oldest credit card
- Missing a single payment and damaging a new credit file
- Sharing your ITIN or SSN with unverified people
Quick Checklist
- Bank or credit union account opened
- ITIN or SSN secured
- One credit-building product active
- Remittances sent from an account, not in cash
- Taxes filed annually
- Emergency fund started
Final Thoughts
Mexican immigrants have deep roots in the US economy, but the system rewards documentation and history. Open an account, build credit steadily, and use the right channels for sending money. Consult a licensed tax professional or immigration attorney for your personal situation. This guide is general information, not legal or financial advice.
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