MEXICO · BANKING
Key Facts
- The plan Santander wants to link its Openbank digital banks in Mexico and the United States.
- The goal Fast, low-cost money transfers for people who live and work on both sides of the border.
- Openbank Mexico The digital bank has 1.6 million clients and adds 2,000 to 3,000 new users a day.
- Timing No launch date yet; the chief executive says it will take a few months longer than planned.
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 71.4 points (October 2026 edition).
Santander, the Spanish banking giant, says it is building an Openbank link between Mexico and the United States for fast, low-cost money transfers. Ana Botín, the bank’s global chief, announced the plan on Wednesday 4 November 2026 at a press event in Madrid.
For Mexicans in the United States and Americans with ties to Mexico, this could make sending money across the border cheaper. No launch date has been given, and the bank says the project is running a few months late.
What Santander Announced
Botín said Santander is working to connect its digital operations in Mexico and the United States through Openbank, its online-only bank. The aim is to serve people who live and work on both sides of the border with one set of products.
Santander already handles cross-border flows through its branches. The Openbank link is meant to make those transfers easier and cheaper.
How Openbank Works
Openbank is Santander’s digital bank, with no branches and everything done through a phone app. Santander launched it in the United States in October 2024 and in Mexico in 2025, where it passed 300,000 clients in its first six months.
Botín said Openbank in Mexico now has 1.6 million clients, growing by 2,000 to 3,000 users a day. She said that pace beats most Mexican digital banks and lets it compete with Nubank and Revolut, two fast-growing app-only banks.
Santander’s Footprint In Mexico
Santander says it has 22 million clients in Mexico and loans of one trillion pesos. That is about US$53.7 billion at 18.6285 pesos per US$1 on 4 November 2026.
Botín said Santander wants to double its business in Mexico in the coming years. She named financing for energy projects, savings accounts for retirement and data centers as priorities.
Why Cross-Border Banking Matters
Millions of Mexicans in the United States send money home every month, as our report on Mexico’s remittances shows. Fees and exchange rates can take a noticeable bite from each transfer.
A bank that is licensed on both sides of the border can move money within its own system. That is the advantage Botín says Santander has over rivals.
In Plain English, Who Is Who
Santander is a Spanish bank with large operations in Spain, Brazil, Mexico and the United States. Ana Botín is its executive chair, the top official of the bank.
Openbank is Santander’s online bank, separate in law from the branch bank in Mexico. After Mexico and the United States, the bank plans to bring Openbank to Colombia and Peru, and later Brazil.
What It Means for You
If you send money between the United States and Mexico, a cheaper and faster option could arrive in the coming months. Compare fees and exchange rates before you switch, because the pricing has not been announced.
If you live in Mexico as an expat, a digital account with a US link could make rent, salary and savings simpler. Our Mexico guide for expats covers other banking options.
What Is Not Known
Santander has not said when the link will start, what it will cost or which services it will include. It has not said which regulators must approve it.
It is also unclear how many customers will use it and whether it will cover business payments. The bank has said only that the project is running a few months late.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
What is Openbank?
Openbank is Santander’s online-only bank that works through a phone app. It operates in Spain, Mexico and the United States.
When will the Mexico to US link launch?
Santander has not given a launch date. Its chief executive said the project will take a few months longer than first planned.
Will it be cheaper to send money?
Santander says the goal is fast, low-cost transfers. It has not published prices, so compare fees and exchange rates when they are announced.
How big is Santander in Mexico?
Santander says it has about 22 million clients in Mexico. Its digital bank Openbank has 1.6 million of them.
Sources: Santander Group, press event with Latin American media, Madrid, Ana Botín remarks, 4 November 2026; Santander Group press release, Openbank passes 300,000 clients in Mexico, September 2025; Banco de México, FIX exchange rate 18.6285 pesos per US$1, 4 November 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief