MIFEMXMM

Payment Instructions

General instructions for international payments to banks in MEXICO:

Information provided by the Beneficiary: Remitter should obtain all required bank information from the Beneficiary (e.g., SWIFT BIC, CLABE, and beneficiary bank address).

Currency & Clearing Information: Mexico has high and low value electronic payment systems.

Account Restrictions: Residents can open and maintain foreign currency accounts domestically and abroad. However, only companies residing in Mexico or residents in the northern border areas (e.g., Baja California) are allowed to hold foreign exchange demand deposit accounts domestically.

Payment Formatting Rules for MXN:

• Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address of the ordering customer. Use of initials can delay receipt of funds by the beneficiary.
• Beneficiary Customer (SWIFT MT103 F59): Include 18-digit CLABE, full name (no initials) and address of the beneficiary customer. Use of initials may delay receipt of funds by the beneficiary.
• Payments: Payments to individuals and corporations must quote the beneficiary account number in CLABE format. CLABE is the 18-digit standardized beneficiary bank account number.
• Beneficiary Bank (SWIFT MT103 F57): Include the Beneficiary Bank's Nostro Account Number and SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank.
• SWIFT BIC: SWIFT BIC is key to routing payments. SWIFT BIC is 8 or 11 alphanumeric characters: xxxxMXxx or xxxxMXxxxxx.
• Reason for Payment (SWIFT MT103 F70): Purpose of payment is recommended.
• Note: Mexico clearing systems only accept 40 alpha-numeric characters in the payment details field. If the text in this field exceeds this limitation, the information following the first 40 characters is truncated.

IBAN: No

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of BANCA MIFEL SA INSTITUCION DE BANCA, MULTIPLE GRUPO FINANCIERO MIFEL for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from BANCA MIFEL SA INSTITUCION DE BANCA, MULTIPLE GRUPO FINANCIERO MIFEL, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.