Cash services - Mexico

30.07.2019

Cash payments

Below you can find the necessary information to include and formats to use when instructing clearing payments in Mexican Pesos, MXN.

The mandatory requirements 1 for payment instructions to be processed in the market are the following:

Special attention is to be paid if the payments relate to “For further credit-FFC” or if they derive from a foreign exchange transaction.

Standard payments

  • Local Agent or Intermediary bank to credit 
    • For SWIFT types MT202 or MT103, use field :56a: Intermediary or field :57a: Account with Institution, as applicable.
    • For CreationOnline or Xact Web Portal use the field Intermediary or Account with Institution, as applicable.
  • Beneficiary Account Number to be credited by Local Participant Bank, which should be the account number and not a BIC. 
    • For SWIFT types MT202 or MT103 use the Beneficiary Institution in field :58a: or :59a: respectively.
    • For CreationOnline or Xact Web Portal use the field Beneficiary Institution
  • Beneficiary Name, this can be the beneficiary name or BIC. 
    • For SWIFT types MT202 or MT103 use the second line of the Beneficiary Institution/Customer in field :58a: or :59a: respectively 
    • For CreationOnline or Xact Web Portal use the second line of field Beneficiary Inst/Cust. 

For further credit-FFC payments

  • Local Agent or Intermediary bank to credit.
    • For SWIFT types MT202 or MT103, use field 56a Intermediary Bank.
    • For CreationOnline or Xact field Intermediary.
  • Beneficiary Account Number to be credited by Local Participant Bank, which should be the account number and not a BIC. 
    • For SWIFT types MT202 or MT103 use the Beneficiary Institution in field :57a:.
    • For CreationOnline or Xact Web Portal use the field Account with Institution (Name).
  • Beneficiary Name, this can be the beneficiary name or BIC. 
    • For SWIFT types MT202 or MT103 use the Beneficiary Institution/Customer in field :58a: or :59a respectively. 
    • For CreationOnline or Xact Web Portal use the field Beneficiary Inst/Cust.

Payments resulting from a foreign exchange transaction with another bank’s treasury department

  • Local Agent or Intermediary bank to credit.
    • For SWIFT types MT202 or MT103, use field :56a: Intermediary or field :57a: Account with Institution, as applicable.
    • For CreationOnline or Xact Web Portal use the field Intermediary or Account with Institution, as applicable.
  • Beneficiary Account Number to be credited by Local Participant Bank, which should be the account number and not a BIC. 
    • For SWIFT types MT202 or MT103 use the Beneficiary Institution in field :58a: or :59a: respectively.
    • For CreationOnline or Xact Web Portal use the field Beneficiary Institution.
  • Beneficiary Name, the name of the local bank must be quoted. 
    • For SWIFT types MT202 or MT103 use the Beneficiary Institution/Customer in field :58a: or :59a: respectively.
    • For CreationOnline or Xact Web Portal use the Beneficiary Inst/Cust. field.

Note: All cash payment instructions that do not contain the minimum information structured accordingly will result in CBL’s cash correspondent bank inability to process your payment on time or the rejection of payments by Local Financial Institutions to the bank effecting the payment with no liability to the bank paying or receiving the funds.

Please note that in Mexico all interbank payments are done through the Central Bank, therefore there is no need to specify the Central Bank’s BIC  in this field.

Foreign exchange

Foreign exchange services for MXN are available to customers as an integral part of CBL’s Automatic FX service, the case-by-case and the FX service for securities settlement instructions.

If customers need to buy MXN in order to settle a securities purchase, they are recommended to use the FX service for securities settlement instructions. To purchase MXN on a case-by-case basis, customers should instruct CBL’s Treasury Desk directly by an authenticated communications 

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1. Although some mandatory information may not be in line with SWIFT standards, they remain mandatory in Mexico.