The US Account with Mexican Power
Coba is a simplified and convenient way to live cross-border. All in one platform.
Coba is a financial technology company, not an FDIC insured depository institution. Banking services provided by Bangor Savings Bank, Member FDIC. FDIC insurance coverage protects against the failure of an FDIC insured depository institution. Pass-through FDIC insurance coverage is subject to certain conditions.
Backed by world class investors
US Features
"Earn, Deposit and Save in USD"
Open a US Deposit Account
No US residency required to open an FDIC-insured account by Bangor Savings Bank for up to $250,000 USD *
Send and Receive US dollars
US transfers made easy with ACH and Wire transfers
Local Features
Live and Spend in Pesos
Additional Services
Simplify your cross-border finances
Bill payments
Pay your local bills on time without leaving your account.
On-Demand Payment Advance
Instantly unlock revenue tied up in outstanding invoices.
Medical Insurance
Get insurance for you and your family at special rates.
Noteworthy Mentions
Featured in
Mexico Features In-App
More ways to spend in Mexico
No hidden fees, ever
Always fully transparent, so you will always know exactly how many pesos you will receive.
SPEI, Card, and More
Pay out pesos into any account in Mexico, spend on a locally issued Mexico card, pay bills. Coba does it all.
No fixed fees
A $1 or $1,000 SPEI... Coba never charges a fixed fee for SPEI payouts in Mexico.
Simple FX
Whether funding your Mexico card or making a SPEI payout, you'll always receive the best FX rate available.
Testimonials
Don’t just take our word for it
“Simply the best solution for those of us who have international clients and live in Mexico. Coba has the greatest user experience coupled with the most competitive exchange rate. I’m glad I’ll never need to use traditional banks to convert my USD again.”
Rafael Cardenas
Staff Software Engineer
"Coba has been immensely helpful in precisely managing my clients' payments, despite currency fluctuations. Moreover, their advisory and accounting support has been crucial in keeping my fiscal situation organized and up-to-date. 100% recommended!"
Beatriz Montaño
Art Director
“A platform where I can easily deposit earnings directly into my US account and access those funds in pesos whenever I want. Coba offers excellent customer service at any time and is willing to help making it a better experience.”
Mariana Villarreal
Head of People Ops
Frequently asked questions
01
What fees does Coba charge?
At Coba, we offer the Deposit Account and Virtual US Debit Card with no fee.
02
What is the difference between the Coba Deposit Account and a Wallet?
Coba is a Fintech (or financial technology) company. This means we don’t have a bank charter, but instead, partner with Bangor Savings Bank, Member FDIC. This allows us to provide you with banking products and services, and to insure your deposits with us up to the legal limit of $250,000 USD. In contrast, a Wallet won’t have the same flexibility and security that the current banking system can provide.
03
Who can open a Coba account and what information do I need to provide?
Coba was created for individuals living outside of the US, who need access to a U.S. based deposit account to receive payment from their U.S. employers. Coba is currently available to individuals living in Mexico.
To comply with banking regulations, we need to collect information that will allow us to verify your identity. This includes your personal information, Tax ID (RFC) and National ID Number (CURP), Government ID + Selfie picture and Proof address if different than address displayed on Government ID (utility bill, bank or credit card statement). In some cases, we may also ask for additional documentation to confirm your identity, but only if it’s completely necessary.
To comply with banking regulations, we need to collect information that will allow us to verify your identity. This includes your personal information, Tax ID (RFC) and National ID Number (CURP), Government ID + Selfie picture and Proof address if different than address displayed on Government ID (utility bill, bank or credit card statement). In some cases, we may also ask for additional documentation to confirm your identity, but only if it’s completely necessary.
04
I want to receive my USD payments into a US Deposit Account. Do I owe taxes?
According to the US Internal Revenue Service (IRS), your residency status and the location where you perform your work as a contractor determines the source of your income for tax filing and tax payment purposes. This article from Deel (Payroll for Global Teams) offers additional information.
Cross-border tax can be complex, which is why Coba offers it’s members a Tax Support Service to make it easy to fulfill your own tax obligations in line with local tax laws in your country of tax residence. Coba members have access to a qualified tax expert as well as an easy in-app way to report payments, timbrar facturas to local authorities and even submit monthly tax declarations.
Cross-border tax can be complex, which is why Coba offers it’s members a Tax Support Service to make it easy to fulfill your own tax obligations in line with local tax laws in your country of tax residence. Coba members have access to a qualified tax expert as well as an easy in-app way to report payments, timbrar facturas to local authorities and even submit monthly tax declarations.
05
How is my money safe?
Funds in your Coba Deposit Account is insured by the FDIC (Federal Deposit Insurance Corporation) through our partner bank, Bangor Savings Bank, Member FDIC, up to the legal limit of $250,000 USD.
Still have questions?
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