Cuenta Nivel 1 (Basic Mobile Accounts): Who Qualifies and What You Get
Learn how to use a basic mobile account to receive digital payments using just your smartphone without paying high bank fees.
This is a basic digital account designed to provide easy access to financial services through a mobile device. It functions as a digital wallet, allowing you to manage money directly from your smartphone.
Who it's for
This scheme is designed for accessibility. It is available to anyone who owns a smartphone. Because it is built for mobile use, it is a practical option for people who need to manage their money on the go without visiting a physical bank branch.
What you get
When you open this account, you receive a mobile wallet, also known as a "billetera móvil." This digital tool allows you to receive payments directly to your device. It provides a way to hold and manage funds digitally, making it easier to handle transactions through your phone rather than relying solely on physical cash.
What it costs you
Setting up and using this account is free. There are no high bank fees required to maintain this level of service. To get started, the primary requirement is simply having a valid phone number to link to your account.
The catch to know
The main thing to keep in mind is that these accounts are intended for basic use. Because they are simplified, they come with low monthly deposit limits. This means you cannot use this specific account type to store or receive very large sums of money every month; it is intended for everyday transactions and smaller amounts.
How to apply
- Download a banking app from a provider regulated by the CNBV onto your smartphone.
- Follow the registration process within the mobile application.
- Provide your mobile phone number to verify your identity and secure the account.
- Once verified, you can begin using your digital wallet to receive payments.