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MXN – Mexican Peso

Overview

The MXN is a very sensitive currency due to the complexity of the Mexican payment system. We advise to strictly follow the guidelines in order to avoid payment rejection and to validate with your beneficiary every mandatory information. 

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

Mandatory to route the payment:

  • BIC of beneficiary bank (field 57A)

  • Account number of beneficiary (CLABE account: 18 digits for corporate and individuals. Otherwise, vostro account) (field 59, option F preferred)

    • The CLABE is a unique number assigned to a bank account in Mexico

    • CLABE: BBBG GGCC CCCC CCCC CK (B = Bank, G = Branch, C = Account number, K = Control number)

Mandatory regulation requirement:

  • Name of beneficiary (field 59, option F preferred)

Recommended requirement:

  • Address of beneficiary (field 59, option F preferred)

Payments in MXN outside Mexico

Mandatory to route the payment:

  • BIC of correspondent bank from the beneficiary side (field 56A)

  • Account number of beneficiary bank at his correspondent bank. Vostro, only digits without space or hyphen. This information can be obtained via SSIs or via your beneficiary. (field 57A, line 1)

  • BIC of beneficiary bank (field 57A, line 2)

  • Account number of beneficiary. As the beneficiary is outside Mexico, account number can be everything except a CLABE account. (field 59 line 1, option F preferred)

Mandatory regulation requirement:

  • Name of beneficiary (field 59 line 2, option F preferred)

Recommended requirement:

  • Address of beneficiary (field 59 after the name, option F preferred)

Specificities of the Mexican payment system to take into account:

  • There are no specific structures for vostro accounts. Only 2 general rules: only digits and never a CLABE account format (18 digits)

  • Bank of America is using CLABE accounts as vostro accounts. They therefore break one of the 2 general rules explained above. This is the only bank doing it.

  • CITIUS33MER is part of the local interbank system. Consequence: if CITIUS33MER is the beneficiary bank payments to this bank should be considered as payments towards Mexico.

Instructions, technical guidelines & more

To consult the Technical Guidelines of this currency, click here

TECHNICAL GUIDELINES
Additional information

• Available charge options: OUR/SHA/BEN

• Central bank of Mexico: http://www.banxico.org.mx/