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Directo a México

Directo a México® is a service used to send money from a bank account in the United States to any bank account, or to be cashed at any TELECOMM-TELÉGRAFOS branch, in Mexico. This web page describes the main characteristics of the service. Should you require further information, please see http://www.directoamexico.com/

Information

  • Information about U.S. banking requirements can be found in the following service guides

http://www.frbservices.org/operations/fedach/fedach_international_services_processing_resources.html

  • Financial institutions can promote their remittance products through the PROFECO web site.

http://www.profeco.gob.mx

Comparison with other services

On a weekly basis PROFECO publishes fee statistics on a USD $300 remittance, the exchange rate banks apply to the payments, dollars received and the total cost of the remittances. This information can be consulted at:

http://www.profeco.gob.mx/envio/envio.asp

Contact

In the U.S.

In Mexico

About Directo a México

In October 2003 the U.S. Federal Reserve banks and Banco de México agreed to connect both countries’ payment systems. As a result, payments can be sent from any U.S. bank enrolled in this service to any bank account, or to be cashed at any TELECOMM-TELÉGRAFOS branch, in Mexico. This payment channel was registered as Directo a México® in July 2005.

Features

  • Currently payments can only be sent from the United States to Mexico.
  • A bank account is required for the individual sending the payment, but it is optional for the beneficiary in Mexico.
  • The payment is initiated in U.S. dollars and the beneficiary receives it in Mexican pesos.
  • Directo a Mexico® uses the most competitive exchange rate for this kind of transfers, based on the Fix or “Interbank reference foreign exchange rate”, which is determined and published daily by Banco de México, minus a 0.21% fee (Fix-0.21%). Exchange rates used by Directo a México® may be consulted at http://www.frbservices.org/app/fedachfx/
  • In order to initiate a payment to a beneficiary’s bank account in Mexico, the beneficiary’s CLABE account number (18 digits) or a debit card number (16 digits) is required.
  • To initiate a payment in which the beneficiary can withdraw it in cash at any TELECOMM-TELÉGRAFOS’ branch, both a valid identification and the unique transference number (16 digits) are required.
  • All fees are paid by the consumer sending the money. No deduction is made from the beneficiary’s account in Mexico.
  • It is an ideal service for frequent programmable payments which do not need to be exact amounts in pesos, such as pensions and annuities.

Transactions

Day 0 (Remittance Request)

    • 1. Clients of U.S. banks enrolled in the Directo a México® system instruct their banks to initiate a payment.
    • 2. Participating banks send payment orders to Federal Reserve Banks.

Day 1 (Payment is Received in Mexico)

    • 3. Federal Reserve banks send the payment orders and dollars to Banco de México.
    • 4. Banco de México receives the payment orders and dollars, converts them into Mexican pesos (the dollars are sold through a foreign exchange operator).
    • 5. Banco de México sends the money to the beneficiaries’ Mexican banks accounts or to TELECOMM-TELÉGRAFOS, depending on the originator’s instruction.
    • 6. Mexican banks and TELECOMM-TELÉGRAFOS must make funds available to beneficiaries by 14:30 hrs.

Advantages

Users that initiate the payments:

  • Can be certain that beneficiaries in Mexico will receive the money one bank working day after payment was initiated.
  • Know the exact fee and that they will obtain an exchange rate very similar to the next day’s interbank rate.

Participating banks:

  • Can use the service to attract new clients.
  • Can offer the payment service using either the name Directo a México® or another of their choosing.
  • Have access to promotional material in English and Spanish.
  • Federal Reserve banks and Banco de México manage and regulate the infrastructure Directo a México® uses.