Santander’s fully digital bank, Openbank, has officially launched in Mexico with the introduction of its website and app in the country.

Europe’s largest digital bank deposit by volume has expanded its operations beyond Spain, Germany, Portugal, the Netherlands and the United States, where it recently launched, to Mexico.

The bank promises its new customers, many of whom had signed up to a waiting list, a competitive range of debit and savings products with no minimum balance or hidden fees.

For its debut in Mexico, the bank is offering the Open Debit Account to savers with a 12.5% annual return, which is in line with the rates of other digital banks in the country.

Openbank’s everyday banking services include debit and credit cards, free cash withdrawals at Santander ATMs and transfers through the Interbank Electronic Payment System, which is a payment system developed and owned by the Banco de Mexico that enables transfers between accounts at different banks.

The bank is also providing a range of free features to all customers in Mexico, which are designed to maximize the security of their cards and their use by location or type of transaction and business.

It also plans to introduce new products and services for Mexican customers in the coming months.

Petri Nikkila, global CEO of Openbank, said:  “Mexico is a market with great potential for a state-of-the-art digital bank like Openbank. We hope to become a benchmark for Mexican customers who want competitive products through a first-class experience."

The move finalizes Openbank’s plan to expand beyond its branch network in the Northeast and launch the digital bank in the US and Mexico in the second half of this year.

In late October, Openbank officially launched in the US, offering high-yield savings accounts, with plans to expand to a full-service digital bank in the country by the end of 2025.