Ayuda a Gabiloco y Familia

[deborahdelamar]

Bank of NY is the "correspondent" bank -- no account there, its wire room is merely routing the transaction. All the originating wire room needs is the name & address of the Mexican bank, the correspondent bank info, the name of the Beneficiary, the SWIFT code + the Interbank Clave (Clabe Interbanceria) which is the 18-digit number that includes everything necessary to credit the beneficiary's account.

***SALLY - PLEASE CONFIRM *** Does the wire need to be peso-denominated?

 

[Coz Sally]

I don't believe so, Deb. The banks will change dollars to pesos as part of the wire transaction.

 

[deborahdelamar]

Sally, sorry as I know I can call you about this but I'm taking the easy way out. The bank will deliver to Banorte as USD unless otherwise specified. I don't know that Banorte can accept a USD wire for deposit into a personal, peso-based account. (Or, for that matter, a business, peso-based account.) That question should be asked.

Whenever we need to wire funds to peso-denominated accounts at MX banks, we are told by the beneficiary to order the wire in MXN. The originating bank handles the currency exchange so it knows what amount to charge our US account. From there, the money flows through the system as pesos.

 

[Ron Lee]

Shouldn't the bank on the originating end know the answer?

 

[Coz Sally]

Relayed the question to Gabi and he will have his wife check on that.

 

[deborahdelamar]

Shouldn't the bank on the originating end know the answer?

No. When sending an international wire, it's up to the sender to specify the currency to be wired. The originating bank has no way to know any individual, foreign bank's policies regarding the accounts it controls. If a wire is returned from the Mexican bank because it cannot process due to wrong currency, the sender will get his money back but not the fee paid for the wire. It's best to know what to do from the get-go.