MXN – Mexican Peso
The payment processing of this currency is considered to be highly standardised. Although, payments outside of Mexico are more complex.
- Currency Guidelines
A clear reason / purpose of payment is recommended and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.
Example: Payment of travel expenses – invoice n° 123456789
Payments in MXN toward Mexico
Besides the standard information, it is important to note that the domestic account number format is the CLABE format (Clave bancaria estandarizada).
The CLABE is a unique number assigned to a bank account, this account structure is made up of a series of eighteen numbers, where the first three digits identify the bank code, the next three digits the branch code, followed by the eleven digits of the account number and the last digit is a digit obtained by applying an algorithm that verifies whether data contained in the CLABE is correct.
The CLABE can be obtained from the account holder's banking institution.
Payments in MXN outside Mexico
For payments outside Mexico, it is important to follow a strict formatting instruction to avoid payment rejections.
Besides the standard information, several additional information is mandatory:
SWIFT BIC code of the institution where the beneficiary's bank holds his account. This information should be populated in field 56A.
Account number of the beneficiary's bank holding at his institution in Mexico. This is also called the vostro account of the beneficiary's bank with his instituation in Mexico. This information should be inputted in field 57A along the beneficiary's bank SWIFT BIC code.
- Instructions, technical guidelines & more
To consult the Technical Guidelines of this currency, click hereTECHNICAL GUIDELINES
- Additional information
• Available charge options: OUR/SHA/BEN
• Central bank of Mexico: http://www.banxico.org.mx/