The staff at Intercam were very helpful. As Permanent Residents, we were able to open both a US dollar account and a peso account. We completed all of the application forms, and the bank took copies of all of our documents. We provided the minimum deposits required for each account to open them and then it took a few days for everything to be finalized. We were then issued Intercam ATM cards, which also act as debit cards for purchases in Mexican pesos.
About a month later, I received an email with an offer of short-term investments available at Intercam. Most of the funds that we had invested short term in the United States were getting 3 % interest or less. This offer was for 6.7% for an investment in pesos. We transferred money from the dollar account to the peso account and made the investment. Since that time, the special offer interest rates have gone to 9.5%, !0% and more recently 10.8% for a six month term. During that time, the exchange rate has gone from over $20 pesos to the U.S. dollar to under $17 pesos. This means that all of the funds that we had transferred into pesos and invested had not only earned the interested but had benefited from the change in the exchange rate. Intercam automatically pays the tax due on the interest. When each of our short-term investments have matured, we have re-invested the money, waiting for another special offer. We just took advantage of the most recent 10.8% offer, which is available until September 22nd, 2023.

Intercam makes it relatively simple to set up the bank account and as long as you have an address it is possible to open a Mexican peso accounts, which permits investing. You need resident status to open a U.S. dollar account.