SPEI MX
Mexico’s Interbank Electronic Payment System, also known as SPEI.
What Is SPEI MX?
SPEI® facilitates almost instant electronic payments via a bank’s branch, mobile banking or online banking in Mexico and operates 24/7, every day of the year.
SPEI® can be used to facilitate payments between participating financial institutions, as well as on their customers’ behalf. Account holders can make recurring payments such as rent, loan repayments and mortgage payments, and one-off payments such family gifts or standalone bills.
User Experience
To use the system, payers must have a bank account that allows mobile or internet banking, and the payment is taken directly from their account. Certain payment data is required, a reference number, (either the Standardized Bank Code (CLABE), debit card number, or cell phone number of the recipient), type of payment and amount of payment. Payments have to be made through the payer’s bank, but mobile phone numbers can be linked to a SPEI® service and payment made via mobile banking.
User Selects SPEI at Checkout
User enters routing and bank account details
User receives payment confirmation
SPEI MX Details
Payment Method Category: | Bank Transfer |
Payment Request String: | PMT = mx_speimx_bank |
Country: | Mexico |
Currency: | Mexican Pesos MXN |
Refunds/Reversal: | Yes, refund can take up to 24 hours |
Recurring: | No |
Disputes/Chargebacks: | No |
Transaction Limits: | Minimum = 60 MXN Maximum = 10,000 MXN |
Settlement Timeframe: | The deposited amount is credited in minutes after confirmation of the online bank transfer by your bank. This confirmation can take between 10 minutes up to 3 hours a day, including the weekend. |
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