Sending Money to Mexico: SPEI, CLABE, Fees and Exchange Rates
How domestic transfers work, what you need to receive money from the US or elsewhere, where to compare fees and exchange rates, and the reporting rules.
Bank transfers inside Mexico run on SPEI, the Bank of Mexico’s interbank payment system, which works 24 hours a day, all year. To receive money you give the sender your 18-digit CLABE, your 16-digit debit card number or, through Dimo, your 10-digit phone number. Money from abroad arrives in pesos through a bank wire or a remittance company.
How do transfers inside Mexico work?
A SPEI transfer moves pesos from an account at one financial institution to an account at another, sent through the bank’s app or website. According to the Bank of Mexico’s MI SPEI page, you need the recipient’s account details and the name of their bank. Any of these identifies the account:
| Identifier | Length | Notes |
|---|---|---|
| CLABE (Clave Bancaria Estandarizada) | 18 digits | The standard account number for transfers; printed on statements and in the bank app |
| Debit card number | 16 digits | Also works for some prepaid and credit cards |
| Phone number via Dimo | 10 digits | Only if the recipient linked the phone to their account |
| CoDi QR code | QR or phone notification | Used for payments to shops and individuals |
The CLABE’s first three digits identify the bank, and the last is a check digit, so a typo usually gets rejected instead of reaching a stranger. Opening an account with a CLABE is covered in our guide to opening a bank account in Mexico.
How do you prove a transfer arrived?
Download the electronic payment receipt, the CEP (Comprobante Electrónico de Pago), from the MI SPEI page. You need the transfer date, the tracking key (clave de rastreo) or reference number, both banks, the recipient account and the amount. The CEP carries a digital seal, which makes it useful when a landlord or seller says the money never arrived.
How can you receive money from the United States or elsewhere?
Three main routes exist, each with its own fee and exchange rate:
- International bank wire: the sender’s bank sends dollars or another currency, and your Mexican bank converts to pesos. Expect fees on both ends and an exchange rate set by the receiving bank.
- Remittance companies and money transfer apps: they deposit pesos into your account by CLABE or debit card, or pay cash at an agent. Fees and rates vary widely by company and city.
- Directo a México: the Bank of Mexico’s link with the US Federal Reserve, used by some US banks and credit unions. Banxico says the service will end operations on November 20, 2026, so plan another route if you use it.
Directo a México has used the FIX rate, the reference exchange rate published by the Bank of Mexico, minus 0.21%. That makes the FIX a useful benchmark: compare any provider’s rate with the FIX of the day to see its margin.
How do you compare remittance costs?
Use the consumer protection agency’s comparison tool, Profeco’s Quién es Quién en el Envío de Dinero. You enter the amount in dollars and the US city it is sent from, and it lists each company’s fee, exchange rate, delivery time and the pesos received, for deposits and for cash pickup. Profeco updates the data regularly, and the cheapest company changes over time.
Look at the total pesos delivered, not the advertised fee. A “no fee” transfer with a weak exchange rate can cost more than a paid transfer at a rate close to the FIX.
Are there taxes or reporting rules?
Several rules apply on each side of the border:
- US remittance tax: since January 1, 2026, the IRS applies a 1% excise tax on remittance transfers that the sender funds with cash, a money order, a cashier’s check or a similar physical instrument. Transfers paid from a US bank account or with a US-issued debit or credit card are not taxed.
- Mexican cash deposit reports: under Article 55 of Mexico’s Income Tax Law, banks report to the SAT when cash deposits into your accounts at one bank exceed MXN 15,000 in a month. Electronic transfers are not counted as cash deposits.
- Income tax: receiving money is not automatically taxable, but salary, fees and rent are income. Whether Mexico taxes it depends on your tax residency.
Banks also apply anti-money-laundering limits to cash deposits in US dollars. Ask your bank what applies to your account before bringing cash.
What scams should you watch for?
Most transfer fraud in Mexico relies on fake receipts and urgency. A screenshot of a transfer is not proof; check your account or request the CEP. Never send a “deposit” for an apartment you have not seen, and confirm that the CLABE belongs to the person or company you are paying before you send anything.
Bottom line
Give senders your CLABE, compare providers on Profeco’s tool against the FIX rate, and fund US remittances from a bank account to avoid the 1% tax. If you use Directo a México, switch before November 20, 2026. This article is general information, not financial or tax advice.
FAQ
How long does a SPEI transfer take?
SPEI operates 24 hours a day, all year, and most transfers arrive within seconds or minutes. Delays usually come from the sending bank’s own checks.
Can I receive dollars into a Mexican account?
SPEI moves pesos. Some banks offer dollar accounts with their own requirements, so ask your bank; otherwise, money sent in dollars is converted to pesos when it arrives.
What is the FIX exchange rate?
The FIX is the reference peso-dollar rate that the Bank of Mexico determines and publishes each banking day. Providers add their own margin, so their rate is usually less favorable.
