Send money to Mexico
The standardized banking cipher, English for Clave Bancaria Estandarizada (CLABE), is the system in charge of identifying bank accounts in Mexico. Initiated in 2004, CLABE today is the standard required for all incoming and outgoing domestic bank transfers. A CLABE number consists of 18 digits, which consists of a bank code (first 3 digits), a branch office code (following 3 digits), account number (following 11 digits) and a control digit (last single digit).
The CLABE number must be added to the beneficiary payment instructions when sending money to Mexico, it is required for all incoming Mexican Peso (MXN) and US Dollar (USD) payments. Sending a wire transfer without the CLABE number could delay the transaction or as in most cases the funds will be returned to the sender by the receiving bank.
To complete an international transaction, with Covercy, to Mexico, you will need the following details:
- SWIFT code – 8 or 11 digits
- CLABE number – 18 numerical digits
- Full name of account holder