Holding and moving US dollars in Mexico

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Exporters in Mexico are paid in US dollars and often owe dollars too. This guide explains where companies can hold dollars, how dollars move between the US and Mexico, and the rules on cash.

Published October 23, 2026 · Facts as of October 23, 2026 · 10 min read · Sources listed at the end · Rules as of October 23, 2026

Facts as of October 23, 2026. This page states the facts as they stood on that date. Tariffs, rules and figures may have changed since publication. Tariffs and trade policy change often, so we review these pages every month and update them.

No controlsOn moving US dollars into or out of Mexico, as of February 17, 2026 ¹

SPIDBanxico's system for same-day dollar transfers between banks, launched in April 2016 ²

US$4,000Monthly cash dollar deposit limit for individual account holders, as of February 17, 2026 ¹

US$10,000Cash at or above this amount must be declared when entering or leaving Mexico ¹

What is it?

Mexican banks hold US dollar accounts for companies domiciled in Mexico, move dollars between banks through Banxico's dollar payment system, SPID, and receive international wires ^1,2. Rules on cash dollars target money laundering. Electronic dollar payments fall outside those limits ¹.

Why does it matter?

Exporters are paid in dollars and often have dollar costs. Holding dollars until they are needed avoids converting twice ³. Cash dollars face strict limits at banks, so a business that handles cash needs to know the rules ¹.

How does it work?

A US buyer pays by ACH or wire into the exporter's dollar account. Dollars then move between Mexican banks on SPID the same day, or are converted and sent in pesos on SPEI ^2,3. The exporter matches each receipt to its invoice and CFDI ³.

In this guide

1. Can a company in Mexico hold US dollars?
2. How does a US buyer pay a Mexican exporter?
3. How do dollars and pesos move inside Mexico?
4. What are the rules on cash dollars?
5. Does Mexico withhold tax on payments abroad?
6. Where does cash sit, and how is it financed?
7. What should traders watch next?

01Can a company in Mexico hold US dollars?

Yes. Banks that offer dollar demand-deposit accounts to companies domiciled in Mexico must join SPID, Banxico's dollar payment system, and offer dollar transfers ². As of February 17, 2026, the US Commercial Service reported no controls on moving US dollars into or out of Mexico and no restriction on selling dollars, so profits can be repatriated ¹. That keeps transfer and convertibility risk low.

A few large banks hold most of the market. As of February 17, 2026, about 48 banks operated in Mexico, seven held almost 80% of assets, and all the large banks except Banorte were foreign-owned ¹. Ownership changes can date these figures.

A dollar account helps an exporter that also pays dollar costs. It can keep dollars until it needs them and avoid converting twice, which also limits foreign exchange risk ³. Opening an account involves know your customer checks on the company and its owners. Our guide to paying in dollars, earning in pesos covers the currency risk.

02How does a US buyer pay a Mexican exporter?

The US buyer sends a domestic ACH payment or a wire. It can pay into the exporter's dollar account at a Mexican bank, or into a dollar account at a provider that gives US account details ³. A vendor guide says Same Day ACH covers payments of up to US$1 million each if sent before the cutoff, so confirm current limits with the bank. Wires suit urgent, high-value payments ³.

Agree who pays bank charges before the first payment. Wire fees and deductions by correspondent banks can leave a payment short of the invoice ³. The exporter then matches each receipt to its commercial invoice and CFDI. Goods exports are also declared on a pedimento ³. Our guides to electronic invoices (CFDI) and customs brokers and the pedimento explain both documents.

1. Invoice approvedThe US buyer approves the invoice and schedules payment on the agreed terms.
2. ACH or wireThe buyer's US bank sends a domestic ACH payment or a wire in dollars ³.
3. Correspondent bankA wire may pass through a correspondent bank, which can deduct a fee ³.
4. Dollar accountThe dollars reach the exporter's dollar account. Between Mexican banks they move on SPID ².
5. Matched to CFDIThe exporter matches the receipt to the invoice and the CFDI ³.

03How do dollars and pesos move inside Mexico?

Banxico runs two separate systems for transfers between banks. SPID moves dollars. It started in April 2016, and transfers are electronic and completed the same day. Only banks, commercial and development, take part, and transfers between their clients are limited to companies ². At launch, about 16 institutions were preparing to join ², so check the current list of participants with Banxico.

SPEI moves pesos and runs 24 hours a day, every day. It handles only the Mexican leg of a cross-border payment. The US leg uses ACH or a wire ³. A company that converts dollars to pay local suppliers sends the pesos on SPEI. In March 2026, a Banxico official said SPEI volume was expected to pass card payments in 2026 ⁴.

Compare

Ways money moves between the US and Mexico

Check hours, limits and fees with your bank before the first payment.

Channel	Currency	Who uses it	Timing and cost
SPID	US dollars	Banks in Mexico. Client transfers are limited to companies 2.	Same day 2
SPEI	Pesos	Bank clients in Mexico, for the Mexican leg of a payment 3	24 hours a day, every day 3
International wire	US dollars and other currencies	Payers abroad, through correspondent banks 3	Suits urgent, high-value payments. Fees can be deducted on the way 3.
US ACH	US dollars	US payers, into an account with US details 3	Same Day ACH up to US$1 million per payment, per a vendor guide 3

Banxico's SPID, launched in April 2016, moves US dollars between banks in Mexico on the same day.

04What are the rules on cash dollars?

Cash dollars face limits that electronic dollars do not. The US Commercial Service states: "Online banking dollar transactions are not affected" ¹. The limits come from Finance Ministry (SHCP) rules under article 115 of the Credit Institutions Law. Banxico Circular 19/2010, in effect since June 21, 2010, points banks to those rules for cash dollar deposits, loan payments and dollar purchases ⁵.

As of February 17, 2026, individual account holders could deposit up to US$4,000 a month in cash dollars. Mexican citizens without an account could exchange US$300 a day and US$1,500 a month, and tourists up to US$1,500 a month ¹. Anyone carrying US$10,000 or more in cash into or out of Mexico must declare it ¹.

Companies can qualify for an exception, but the sources describe it differently. A reform published in the Diario Oficial de la Federación on September 12, 2014 lets banks take cash dollars from company clients incorporated at least three years earlier, if the bank holds two years of financial statements, the last two annual tax returns and ownership details ⁶. The US Commercial Service describes a US$14,000 monthly cash deposit limit that border and tourist-area businesses can exceed if they meet three criteria, including three years of operation ¹. Ask the bank which rule it applies.

Mexico's anti-money laundering law also caps cash payments for some goods, such as vehicles, jewelry and art. IDC puts that cap at 376,565.10 pesos for 2026, or 3,210 UMA at 117.31 pesos a day ⁷. A 2025 reform of the law may have changed thresholds, so check the current text ⁸.

Rules in force

As of October 23, 2026. Live list: corridor watch.

Measure	What it does	Since	Status
SHCP cash dollar rules (art. 115, Credit Institutions Law)	Banks apply Finance Ministry limits to cash dollar deposits, loan payments and dollar purchases, under Banxico Circular 19/2010 5	Jun 21, 2010	In force
Cash dollar deposits, individuals	Account holders up to US$4,000 a month. Mexican citizens without an account US$300 a day and US$1,500 a month 1	As of Feb 17, 2026	In force
Cash dollar exception, companies	Banks may take cash dollars from companies of three years or more that meet document rules. Sources describe the rule differently 1,6	Sep 12, 2014	Confirm with bank
Customs cash declaration	Cash of US$10,000 or more must be declared on entry to or exit from Mexico 1	As of Feb 17, 2026	In force
Anti-money laundering cash caps	Cash payments for vehicles, jewelry and art capped at 376,565.10 pesos, or 3,210 UMA 7	Feb 1, 2026	Check 2025 reform
Electronic dollar payments	Online banking dollar transactions are outside the cash limits 1	As of Feb 17, 2026	In force

05Does Mexico withhold tax on payments abroad?

Sometimes. A Mexican company that pays a foreign resident for Mexican-source income must withhold income tax and pay it to the tax authority. The rates depend on the type of income, such as interest, royalties, services or leasing, and sit in articles 166 and 167 of the Income Tax Law. A tax treaty can lower the rate if the foreign party provides a certificate of tax residence ^9,10.

The sources we reviewed state no withholding rule for payments for goods bought from a foreign supplier. Check rates and rules with a tax adviser before paying a foreign party.

Checklist

Before you take payment in dollars

• Open a dollar accountUse a bank that offers company dollar accounts and SPID transfers ².
• Protect the payment detailsSend account details in writing and confirm any change by phone. See fraud controls.
• Agree who pays chargesWire and correspondent fees can leave a payment short ³.
• Match each receiptMatch every payment to its invoice and CFDI ³.
• Keep cash to a minimumCash dollar deposits face monthly limits. Electronic payments do not ¹.
• Check withholdingPayments abroad for interest, royalties or services may need income tax withheld ^9,10.

Items without a citation are general practice. Check tax rules with an adviser.

06Where does cash sit, and how is it financed?

Dollars sit in transit while wires clear and pass through correspondent banks ³. The longer wait is the payment term itself. On open account, the exporter waits for the due date before any dollars move. See our guide to payment terms.

Finance in dollars against dollar invoices avoids a conversion. Receivables finance turns unpaid invoices into cash before the due date. Our guide to factoring in Mexico covers local providers.

Where the cash goes

From invoice to usable dollars

1. Invoice
   Terms startThe exporter ships and issues the invoice and CFDI.
2. Due date
   Buyer paysThe US buyer sends an ACH payment or a wire in dollars ³.
3. In transit
   Correspondent banksA wire can pass through one or more banks, which may deduct fees ³.
4. Received
   Dollar accountDollars wait in the account until the exporter needs them for dollar costs ³.
5. Used
   Pay or convertDollars pay dollar costs, or are converted and sent to peso suppliers on SPEI ³.

Typical order for an exporter paid in dollars. Timing depends on the contract and the banks.

Before shipmentPre-shipment finance

Funds production against a confirmed dollar order.

After invoiceFactoring or invoice discounting

The exporter sells or borrows against unpaid dollar invoices.

Buyer may not payTrade credit insurance

Covers most of an unpaid invoice if a covered buyer fails to pay.

07What should traders watch next?

Payment and cash rules in Mexico change often. Banxico expects more payments to move on SPEI ⁴. The anti-money laundering law was reformed in 2025, and its cash caps are set in UMA, whose 2026 value took effect on February 1 ^7,8. The live list of trade measures is on our corridor watch page.

• Feb 2027Expected annual UMA update, which changes the peso value of anti-money laundering cash caps ⁷.
• Mar 19, 2026A Banxico official says SPEI volume should pass card payments in 2026 ⁴.
• Feb 17, 2026The US Commercial Service confirms no controls on dollar transfers and lists the cash dollar limits ¹.
• Feb 1, 2026UMA set at 117.31 pesos a day, the base for anti-money laundering cash caps ⁷.
• Jul 2025Reform of the anti-money laundering law (LFPIORPI) published. Check its effect on thresholds ⁸.

Questions traders ask

Can a company in Mexico have a US dollar bank account?

Yes. Mexican banks offer dollar demand-deposit accounts to companies domiciled in Mexico. Banks that offer them must join SPID, Banxico's system for same-day dollar transfers between banks.

Are there controls on moving dollars into or out of Mexico?

As of February 17, 2026, the US Commercial Service reported no controls on transferring US dollars into or out of Mexico and no restriction on selling dollars. Profits can be repatriated.

How much cash in dollars can be deposited at a Mexican bank?

As of February 17, 2026, individual account holders could deposit up to US$4,000 a month in cash dollars. Companies can qualify for an exception if they meet age and document rules, which the bank confirms. Electronic dollar payments are outside these limits.

What is the difference between SPEI and SPID?

SPEI moves pesos between banks at any hour. SPID moves US dollars between banks on the same day, and only companies can send client transfers through it. Banxico runs both.

Do I need to declare cash dollars at the Mexican border?

Yes, if the amount is US$10,000 or more. Cash of that size must be declared when entering or leaving Mexico.

Read next

• Corridor guidePaying in dollars, earning in pesos
• Corridor guidePayment terms in the corridor: open account and the alternatives
• Corridor guideElectronic invoices (CFDI) and why lenders check them
• Corridor guideFactoring in Mexico: how exporters sell invoices for cash
• Corridor guideWhat lenders ask Mexican companies for
• Product briefComputers and servers: Mexico's largest export to the US, led by AI racks
• Ossiano Trade Finance GuideHow each trade finance instrument works
• GlossaryTrade finance terms in plain English

Receiving or paying US dollars between Mexico and the US? Ossiano Capital works on trade finance in this corridor.

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Sources and notes

1. US Commercial Service, Mexico Country Commercial Guide: Trade Financing, updated February 17, 2026. https://www.trade.gov/country-commercial-guides/mexico-trade-financing
2. El Financiero, Pagos en dólares inician con solo tres bancos, April 5, 2016. https://www.elfinanciero.com.mx/economia/pagos-en-dolares-inician-con-solo-tres-bancos/
3. Buckingham Capital Consulting (vendor blog), How Mexican exporters can receive USD payments from US customers in 2026. https://www.buckinghamcapitalconsulting.com/post/how-mexican-exporters-can-receive-usd-payments-from-us-customers-in-2026
4. Expansión, Banxico expects SPEI transfers to pass card payments in 2026, March 19, 2026. https://expansion.mx/economia/2026/03/19/banxico-preve-que-transferencias-con-spei-superen-pagos-con-tarjetas-en-2026
5. Banco de México, Circular 19/2010, June 16, 2010, via the Asociación de Bancos de México. https://www.abm.org.mx/legislacion-y-regulacion/juridico/banxico/circulares/2010/Circular 19 2010.pdf
6. El Conta, Se elimina la restricción de operaciones en dólares, September 12, 2014. https://elconta.mx/se-elimina-la-restriccion-de-operaciones-en-dolares/
7. IDC, Ley antilavado: límites UMA en actividades vulnerables 2026, March 2, 2026. https://idconline.mx/corporativo/2026/03/02/ley-antilavado-limites-uma-en-actividades-vulnerables-2026
8. KPMG Mexico, Decree reforming the LFPIORPI, July 2025. https://kpmg.com/mx/es/home/tendencias/2025/07/flash-decreto-que-reforma-y-adiciona-disposiciones-a-la-lfpiorpi.html
9. EdiFactMx, Retención de impuestos en pagos al extranjero, undated. Check against the Income Tax Law on diputados.gob.mx. https://www.edifact.com.mx/masinfo/retencion-de-impuestos-en-pagos-al-extranjero.html
10. SDV compendio, Ley del ISR, article 167, last reform shown April 1, 2024. Check against the official text on diputados.gob.mx. https://sdv.com.mx/compendio/ley-isr/articulo-167/

All facts on this page are as of October 23, 2026, the date of publication, and may have changed since. Rules and tariffs are as of October 23, 2026 and change often: check the corridor watch before you act.

About this guide. Prepared for Ossiano Capital. People planned, researched, wrote and checked this guide, using AI tools to help with research and checking. You are welcome to quote or reuse it: please credit Ossiano Capital and link to this page.