Receive payouts via local wire transfer in MXN (Mexico)
Overview
Local wire transfer in MXN is a transfer of funds between banks in Mexico in the local MXN currency. This method is valued for its reliability, convenience, and speed, as it provides a direct transfer from one bank account to another within the country.
Supported currencies
Mexican Peso (MXN)
📌 If the currency of your balance in Smartcat is different from MXN, the funds are converted to MXN at the Smartcat exchange rate.
Commission
2.5 USD + 0.5% of the withdrawal amount. The fee is converted into the payout currency at the time of the transaction.
You can view a list of companies that are reimbursing your commission in the My Payouts section. To see them, click the Learn more button on your payout method.
Minimum and maximum payout amounts
From 180 MXN
Smartcat allows setting the minimum amount, starting from which the payment is sent to you. You can learn more in the article Minimum payout amount.
Required details
| Field | Individual | Company | Description |
|---|---|---|---|
| Beneficiary type | ✓ | ✓ | Individual or company beneficiary |
| Beneficiary first name | ✓ | ✕ | Name of the individual beneficiary |
| Beneficiary last name | ✓ | ✕ | Last name of the individual beneficiary |
| Birth date | ✓ | ✕ | Beneficiary's birth date |
| Beneficiary company name | ✕ | ✓ | Beneficiary's company legal name |
| Recipient's country | ✓ | ✓ | Beneficiary's country |
| Recipient's state (province, prefecture) | ✓ | ✓ | Beneficiary's state |
| Recipient's city of residence | ✓ | ✓ | City or town from the beneficiary's address |
| Recipient's address | ✓ | ✓ | Beneficiary's address, including building number or name |
| Recipient's postal code | ✓ | ✓ | Beneficiary's postal code |
| Recipient's account type | ✓ | ✓ | Savings/Check |
| Bank name | ✓ | ✓ | Name of the bank receiving the funds |
| Tax ID | ✓ | ✓ | Beneficiary tax identification number |
| CLABE | ✓ | ✓ | 18-digit bank code intended for wire transfers |
Advantages
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Cheaper than international transfer. There is no intermediary bank, and the commission is lower than for an international wire transfer
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Speed. Payouts are processed up to 3 business days on the Smartcat side and up to 1-2 business days on the bank side
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Funds are received immediately in the local currency. You do not spend money on additional conversions and can use the money in your country right away
FAQs
I chose this method, but the payment was rejected. Why?
Act as follows:
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Make sure you provide payment details for a local wire transfer (not an international SWIFT transfer)
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Make sure that the postal code, city, street, and house number are specified in the corresponding fields of the details. Make sure that you do not enter a PO box or email address instead of your residential address
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Check that the details (bank name, Tax ID, CLABE, bank account type) are correct
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Make sure that the name of the account holder is entered in the details exactly as it is in the bank details, including all spaces and symbols
If the details you provided are correct, contact your bank branch to find out the reason for the rejection of the payment on the bank's side.
I cannot find the payment. What does the payment look like on the bank statement?
If you cannot find the payment, check your account statement for the relevant transaction. As a reference, the payment ID can be specified in the format PO-XXXXXX-XXXXX, which you can find in the Payout History section.
SMARTCAT EUROPE BV or VITESSE PSP LTD is displayed as the sender, depending on the receiving bank.
For which countries is this method available?
The method is only available for receiving funds to a Mexican bank account.
I received a payment. What details should be used for billing?
When receiving funds by local bank transfer in MXN, enter the following Smartcat details in your account:
Full name: Smartcat Europe BV
Legal address: Strawinskylaan 903, 1077 XX Amsterdam, the Netherlands
VAT no.: NL859832880B01
Still need help?
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