Ventanilla de Asesoría Financiera

This is a free financial help service available at Mexican consulates across the United States. Staff provide one-on-one guidance in Spanish. They can help you: 

• Open a safe, low-fee bank account 

• Create a basic budget 

• Understand credit and loans 

• Avoid financial scams 

Mission Asset Fund (MAF) Lending Circles

This nonprofit helps people build credit through community-based lending. Participants make monthly payments and take turns receiving a zero-interest loan. On-time payments are reported to credit bureaus. 

Juntos Avanzamos Credit Unions

These credit unions are committed to serving Latino and immigrant members. Key features include: 

• Spanish-speaking staff 

• Acceptance of ITINs (Individual Taxpayer Identification Numbers) 

• Services like checking accounts, small personal loans, and credit-building tools 

• Community-focused policies that welcome members with no U.S. credit history 

These credit unions often partner with local nonprofits and consulates to provide outreach and financial workshops. 

Spanish-Language Financial Education Resources

Several trusted government agencies offer free financial education in Spanish: 

• CFPB en Español: The Consumer Financial Protection Bureau’s Spanish-language site includes tools and guides. One of the most helpful is the Your Money, Your Goals toolkit, which offers clear, practical resources to help people manage their money, understand credit, and plan for the future. 

• CFPB Consumer Hotline (855-411-CFPB): You can speak to a Spanish-speaking representative for help with problems related to loans, debt, or scams. 

• FDIC Money Smart (Spanish): A free program with simple lessons on saving money, using credit, and setting financial goals. Materials are written clearly and are easy to use for self-study or group learning. 

• USCIS “Welcome to the United States” Guide (Spanish Edition): This government guide for new immigrants includes a section on managing money. It covers budgeting, understanding U.S. currency, and how to stay safe financially. 

Transition from a Cash-Based Culture

In many parts of Mexico, people use cash for most purchases and avoid credit. This habit often continues after moving to the U.S. It can make tracking expenses harder and limit access to tools like credit cards, online banking, or savings accounts. 

Mistrust of Banks

Some immigrants have had bad experiences with banks—either in the U.S. or in Mexico. Others worry about hidden fees, language barriers, or legal risks. As a result, many rely on check-cashing services or carry only cash, which makes saving and budgeting more difficult. 

Limited Financial Literacy

U.S. financial systems—like credit scores, bank fees, or loan interest—can be confusing, especially without formal education or support in Spanish. Without this knowledge, people may fall into costly habits, such as using payday loans or carrying credit card debt. 

Start With the Right ID

Many banks now accept alternative forms of ID. If you don’t have a Social Security number, you may still be able to open an account with: 

• An ITIN (Individual Taxpayer Identification Number) 

• A Matricula Consular (Mexican consular ID) 

• A valid passport or other government-issued ID 

Open a Basic Checking Account

Many people in the U.S. use checking accounts to deposit paychecks, pay bills, and store their money securely. Having an account can also make it easier to access direct deposit or use digital payment tools. 

Some account features that may be helpful include: 

• Low or no monthly maintenance fees 

• Spanish-language customer service and materials 

• Mobile banking tools 

Building Credit in the U.S.

In the U.S., credit history affects many parts of life. But many immigrants arrive without a credit score.  

Some people begin building credit through tools designed for newcomers. Two examples include secured credit cards and lending circles. 

Tarjetas de crédito garantizadas

A secured credit card works like a regular credit card, but it requires a cash deposit. The deposit then becomes your credit limit. Each time you use the card and make a payment, that activity is reported to credit bureaus. 

People use secured cards to: 

• Make small purchases, like gas or groceries 

• Show a pattern of on-time payments 

• Build a credit history over time 

Not all secured cards work the same. Some have high fees or don’t report to all credit bureaus. Reading the terms carefully can help you understand what you’re agreeing to. 

Lending Circles

Lending circles are informal savings and loan groups that have been used for generations in Mexican communities. Some U.S. nonprofits offer versions of these programs with added benefits. 

Here’s how it usually works: 

• A group of people agree to contribute a fixed amount each month 

• One member receives the full pot of money each cycle 

• The rotation continues until everyone has received a turn 

• Payments are often reported to credit bureaus 

When offered by an organization like Mission Asset Fund, lending circles are free to join and help participants start building credit without taking on interest or fees. 

Send Money Safely

If you send remittances to Mexico, compare options before you choose one. Look for: 

• Low transfer fees 

• Strong security protections 

• Clear exchange rates 

Some banks and credit unions include money transfer services with your account. These may be safer and more affordable than using a store or third-party provider. 

Fake Notario Immigration Fraud 

Some scammers claim they can help with immigration papers and call themselves “notarios.” They are not lawyers, and many aren’t licensed for anything at all. They use the title to appear trustworthy, but they aren’t legally allowed to give immigration advice. 

Watch out for: 

• Promises of fast or guaranteed immigration results 

• Fees for forms that are free 

• Incorrect paperwork that can harm your case 

If you need help, work with a licensed immigration attorney or a nonprofit recognized by the government. Your local consulate can offer referrals. 

Consulate Appointment Scams

Scammers may try to sell consulate appointments. They often advertise on social media, in WhatsApp groups, or on unofficial websites. After you pay, they disappear—or give you a fake confirmation. 

What to know: 

• Consulate appointments are always free 

• Book only through the official Mexitel system (online or by phone) 

• The consulate does not work with outside agents or services 

If someone asks for payment to “get you in faster,” it’s likely a scam. 

“Familia en Problemas” Scams

This scam starts with a call saying your relative is in trouble—arrested, in a crash, or detained. The caller may pretend to be a doctor, police officer, or even your loved one. They’ll try to scare you into sending money without asking questions. 

What to do: 

• Stay calm and take a moment to think 

• Ask for names, numbers, or where your relative is 

• Call your family member to check the story 

• Don’t send money until you know what’s really happening 

Scammers often target people with strong family ties. Slowing down and checking the details can help stop the scam before it works.