Make Payments and Receive Payments in MXN - Mexican Peso
Pay in Mexican Pesos (MXN)
Mondial Change allows you to make international payments in MXN (Mexican Peso) with ease. Manage your Mexican Peso beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your MXN operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in MXN (Mexican Peso)
Mondial Change allows you to receive payments in Mexican Peso (MXN). Payments in MXN are received in a pool account held by one of our partners. This MXN account is made available to you free of charge. It allows you to receive MXN payments from your clients or subsidiaries. Once the funds are received in the pool account, they are reconciled in our partner's books and credited to your Mexican Peso (MXN) balance. These funds can be reused to make payments in MXN or they can be converted into EUR or any other currency of your choice and repatriated to your bank account.
Do you want to hedge your exchange risk on the Mexican Peso (MXN)? Check our dedicated page for MXN currency hedging.
Mondial Change Answers All Your Questions About Payments in Mexican Pesos (MXN)
What is the timeframe for an MXN payment to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Mexican Peso transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if MXN payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Mexican Peso (MXN)?
The fees applied to transfers in Mexican Peso (MXN) generally range from 0 to 10 euros, depending on the agreement with Mondial Change's trading room. The rate mainly depends on your annual MXN exchange volume and the number of Mexican Peso payments made during the year.
Are there minimum or maximum amounts for payments in Mexican Peso (MXN)?
Mondial Change and its partners verify that your Mexican Peso flows are consistent with the data declared during account opening and consistent with your business volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Mexican Peso (MXN)?
For MXN payments via the SWIFT network, simply provide the following information:
• Full name of the beneficiary
• SWIFT/BIC code
• Account number
Is it possible to modify a payment in Mexican Peso (MXN) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Mexican Peso (MXN) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Mexican Peso (MXN) account provided to you a bank account and is it in your name?
The Mexican Peso (MXN) account for which we provide you the details is a bank account opened in the name of one of our partners. It is a pool account where all MXN transfers are received. The reconciliation of funds on your MXN balance is generally done with your client account reference. You have a guarantee of segregation of your funds in our partners' books.
Is it possible to keep Mexican Pesos (MXN) on the MXN account provided to you?
You can use this Mexican Peso (MXN) account to receive Mexican Pesos. The currencies will then be credited to your MXN balance opened in our partner's books. The funds can then be reused to issue payments in Mexican Peso or be converted into other currencies.
What are the holidays when payments in Mexican Peso (MXN) cannot be executed?
January 1st: New Year's Day (Año Nuevo)
Variable date (1st Monday of February): Constitution Day (Día de la Constitución – commemoration of February 5th)
Variable date (3rd Monday of March): Benito Juárez's Birthday (Natalicio de Benito Juárez – March 21st)
Variable date: Holy Thursday (Jueves Santo – observed in some regions)
Variable date: Good Friday (Viernes Santo – observed in some regions)
May 1st: Labor Day (Día del Trabajo)
September 16th: Independence Day (Día de la Independencia)
Variable date (3rd Monday of November): Mexican Revolution Day (Día de la Revolución – November 20th)
December 1st: Presidential Inauguration (every 6 years only)
December 25th: Christmas (Navidad)
History of the Mexican Peso
The Mexican Peso (MXN) is the official currency of Mexico, a country rich in history, culture, and natural resources. As the national currency, the Mexican Peso plays a crucial role in the Mexican economy and is widely accepted throughout the country. This currency is subdivided into 100 centavos. Its ISO code is MXN, and its symbol is $. The banknotes in circulation are available in denominations of 20, 50, 100, 200, 500, and 1,000 pesos, while coins are issued in denominations of 1, 2, 5, 10, and 20 pesos. The Bank of Mexico, also known as Banxico, is responsible for issuing and regulating the Mexican Peso, ensuring monetary stability and maintaining investor confidence.
Monetary Policy of the Mexican Peso
The Bank of Mexico implements a monetary policy focused on price stability and preserving the purchasing power of the Mexican Peso. It closely monitors economic indicators such as inflation, exchange rate, and economic growth to adjust interest rates accordingly. The monetary policy also aims to promote sustainable economic growth and maintain the country's financial stability.
Characteristics of the Mexican Peso
The Mexican Peso has some unique characteristics. Firstly, it is one of the most traded currencies in Latin America, making it a key player in regional financial markets. Additionally, the Mexican Peso can be sensitive to fluctuations in commodity prices, particularly oil, due to Mexico's economic dependence on this sector. Finally, when traveling to Mexico, it is advisable to carry small denomination banknotes to facilitate transactions, as merchants may have difficulty providing change for large denominations.