USD to MXN: funding and paying out in Mexico
Senders fund the corridor in US dollars over Fedwire or ACH on US business days, and payout partners deliver pesos to bank accounts over SPEI, which runs 24 hours a day every day, or as cash at bank branches and retail stores, which took 49.6% of electronic remittance value in 2025. The main prefunding constraint is the weekend and US holiday gap: SPEI keeps paying out while US wires stop, and Banxico sets the FIX only on Mexican bank business days, so the peso balance has to cover those days before they start.
| Origin | United States (USD) |
| Destination | Mexico (MXN) |
| Instant rails in Mexico | SPEI (Sistema de Pagos Electronicos Interbancarios) |
| Holiday calendar | Mexico bank holidays 2026 and 2027 |
The market
- Banxico's current preliminary series puts 2025 remittance inflows at US$62,472 million, 3.9% below 2024; its February 2026 report had shown US$61,791 million, 4.6% below 2024. source
- Banxico's current preliminary series shows US$62,472 million for 2025 and US$41,802 million for January to August 2026, 2.2% more than in the same months of 2025, with an average remittance of US$409. source
- In 2025, 99.1% of remittance inflows (US$61,893 million in Banxico's current preliminary series) arrived as electronic transfers; cash and in-kind transfers were 0.7% and money orders 0.2%. source
- The United States was the origin of 97.1% of remittances to Mexico in 2025, based on Banxico data. source
How recipients get paid
| Method | Detail | Source |
|---|---|---|
| bank account | Deposits to accounts were 50.4% of electronic remittance inflows in 2025 (US$30,866 million). | source |
| cash pickup | In Banxico's February 2026 report, 49.6% of 2025 electronic remittance inflows (US$30,331 million) were collected in cash. | source |
| card | dLocal supports payouts in Mexico via bank transfers and cards, in MXN or USD. | source |
Payout rails in Mexico
| Rail | Operator | Hours | Runs on holidays | Source |
|---|---|---|---|---|
| SPEI (Sistema de Pagos Electronicos Interbancarios) | Banco de Mexico (Banxico) | 24 hours a day, 365 days a year, including bank holidays. | yes | source |
Funding from United States
| Rail | Operator | Hours and cut-offs | Source |
|---|---|---|---|
| Fedwire Funds Service | Federal Reserve Banks | Business day opens 9:00 p.m. ET on the previous calendar day and closes 7:00 p.m. ET. Customer transfer cut-off is 6:45 p.m. ET (banks set earlier cut-offs for their own customers). Closed Saturdays, Sundays and Fed holidays. | source |
| FedACH (including Same Day ACH) | Federal Reserve Banks | Business days only. Same Day ACH transmission deadlines 10:30 a.m., 2:45 p.m. and 4:45 p.m. ET, settling at 1:00, 5:00 and 6:00 p.m. ET. Future-dated items settle 8:30 a.m. ET on the next business day. | source |
| FedNow Service | Federal Reserve Banks | 24 hours a day, every day, including Fed holidays; only between US institutions that have joined the service. | source |
| RTP network | The Clearing House | 24 hours a day, every day, including holidays; only between US institutions that have joined the network. | source |
FX and conversion
- Banxico determines the FIX rate on bank business days from an average of wholesale FX quotes for trades settling on the second following bank business day, and publishes it from 12:00 Mexico City time. source
- The FIX is published in the Diario Oficial de la Federacion one bank business day after it is set and is used to settle dollar obligations payable in Mexico on the day after publication. source
Who pays out in Mexico
| Provider | What they offer here | Source |
|---|---|---|
| Banco Azteca and Elektra | Pays remittances from the United States and abroad through the Banco Azteca app, directly to Banco Azteca accounts, at ATMs and in cash at branches using the sender's transfer code. | source |
| OXXO | Pays out money transfers sent from the United States in more than 24,000 stores in Mexico, from 6 a.m. to 10 p.m. every day of the year. | source |
| Nium | Pays out MXN to bank accounts at all banks in Mexico in real time, 24x7; beneficiary banks ask for supporting documents above amount thresholds. | source |
| dLocal | Supports payouts in Mexico via bank transfers and cards. | source |
| Thunes | Lists Mexico in its network for payouts to bank accounts. | source |
| Bitso Business | Sends MXN payouts over SPEI through Nvio Pagos Mexico, an IFPE authorised and regulated by the CNBV with direct access to SPEI. | source |
Stablecoin routes
| Provider | Route | Source |
|---|---|---|
| Bitso Business | Provides liquidity from USDC or USDT into MXN and delivers pesos over SPEI to an 18-digit CLABE through Nvio Pagos Mexico, an IFPE authorised and regulated by the CNBV. | source |
| Juno (a Bitso company), MXNB | Issues MXNB, a stablecoin backed 1:1 by Mexican pesos; it is minted by depositing MXN via SPEI to an assigned CLABE and redeemed to any Mexican bank account. | source |
Prefunding this corridor
- Fedwire and FedACH do not run on Saturdays, Sundays or Federal Reserve holidays, so USD funding of a foreign payout partner by wire stops on those days. source
- SPEI runs 24/7, so MXN payouts continue through Mexican bank holidays and US weekends while USD funding is paused. source
- Mexican bank closure days are set by the CNBV and differ from public holidays: 12 December is a bank-only closure, and 5 May was not a bank closure in 2026. source
- Remittance inflows rise around Mother's Day (10 May), but the monthly peak varies: Banxico's series reached US$6,213 million in June 2024, the first month above US$6,000 million. source
Size the balance you hold in Mexico for payouts during your top-up lead time plus local closures. Check this corridor's runway and the Mexico holiday calendar.
Regulators
- Comision Nacional Bancaria y de Valores (CNBV): Keeps the Registro de Centros Cambiarios y Transmisores de Dinero. A non-bank money transmitter must be entered in this register to receive funds for transfer abroad or within Mexico, under article 81-A Bis of the Ley General de Organizaciones y Actividades Auxiliares del Credito. source
- Comision Nacional Bancaria y de Valores (CNBV), AML: Money transmitters need a CNBV technical opinion (dictamen tecnico) on anti-money-laundering controls to obtain and renew their registration. source
- Banco de Mexico (Banxico): Operates SPEI, the interbank payment system that carries peso account payouts. source
- US state money transmission regulators (origin side): Sending money from the US needs a money transmitter licence in each state that requires one. At the end of 2024, 49 states, the District of Columbia and Puerto Rico managed money services licences through NMLS. source
Seeing this corridor in Polynopsis
Polynopsis shows the balance at each Mexico payout partner, bank and wallet next to your USD funding accounts and the transfers in flight between them, and warns before the USD to MXN corridor runs dry.
Frequently asked questions
Does SPEI pay out on weekends and Mexican bank holidays?
Yes. SPEI, operated by Banxico, runs 24 hours a day, 365 days a year, including bank holidays. US wires (Fedwire and FedACH) do not run on weekends or Fed holidays, so the peso balance has to be in place before those days.
How much of this corridor is cash pickup?
In 2025, 49.6% of electronic remittance inflows to Mexico were collected in cash and 50.4% were deposited to accounts, according to Banxico. Cash networks include Banco Azteca and Elektra branches and more than 24,000 OXXO stores.
Which reference rate settles dollar obligations in Mexico?
The Banxico FIX. It is set on bank business days from wholesale quotes for trades settling two bank business days later, published from 12:00, printed in the Diario Oficial the next business day, and used for dollar obligations payable in Mexico the day after publication.
How big is the corridor and how concentrated is it?
Mexico received US$61,791 million in remittances in 2025 in Banxico's February 2026 report (US$62,472 million in its current preliminary series), and 97.1% came from the United States.
Other corridors
Sources
- Informacion de Ingresos y Egresos por Remesas, diciembre de 2025 · Banco de Mexico
- Remesas: cuadro resumen (SIE) · Banco de Mexico
- Mexico: terminan 11 anos consecutivos de crecimiento en las remesas, caen 4.6% en 2025 · BBVA Research
- Mexico payouts · dLocal
- SPEI: informacion general · Banco de Mexico
- Fedwire Funds Service and National Settlement Service Operating Hours · Federal Reserve Financial Services
- FedACH Processing Schedule · Federal Reserve Financial Services
- About the FedNow Service · Federal Reserve Financial Services
- RTP network · The Clearing House
- Mercado cambiario: tipo de cambio FIX · Banco de Mexico
- Tipos de cambio diarios (CF102), notes on the FIX rate · Banco de Mexico
- Registro de Centros Cambiarios y Transmisores de Dinero · Comision Nacional Bancaria y de Valores (CNBV)
- Preguntas frecuentes: transmisores de dinero · Comision Nacional Bancaria y de Valores (CNBV)
- 2024 NMLS Money Services Businesses Report · Nationwide Multistate Licensing System (NMLS)
- Recibe dinero de Estados Unidos y del extranjero · Banco Azteca
- Envios y remesas · OXXO
- Payouts to Mexico · Nium Atlas
- Thunes network coverage · Thunes
- Stablecoins for business payments: seller payouts · Bitso Business
- MXNB stablecoin · Bitso Business
- Holiday Schedules · Federal Reserve Financial Services
- Dias del ano 2026 en que las entidades financieras deberan cerrar sus puertas (DOF, copy hosted by ABM) · CNBV via Diario Oficial de la Federacion; hosted by Asociacion de Bancos de Mexico
- Envios de remesas a Mexico registran record historico en mayo · El Economista
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.