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Anyone out there sending money from Canada to HSBC Mexico via XE trade?


feewee

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WARNING: I know there is a lot of consternation around sending money to Mexico these days, so I hope this question does not set everyone's teeth on edge or make you want to swear at me! :013: (I have faithfully read all the archives on this topic!). If you are sick of talking about banking woes, please do not read on!

For those who have stuck with me, thank you: I am trying to send money from an online Canadian account to Mexican account through the online tool, XE Trade, and I am encountering difficulties in finding the Swift Code for HSBC in Mexico. Does anyone do this kind of transfer and do Swift Codes exist in Mexico? I have a "CLABE number" and a "RFC number" but I don't know what these are and they don't seem to correspond to the 8 or 11 digit Swift Codes that exist in US, Canada.

As I said, I have read all the previous entries about problems transferring money into Mexico and I am hoping not to encounter the same issues - if there are any Canadians currently using XE Trade online to do the same thing, I would be interested/grateful to hear your experience and tips/tricks.

Mucho gracias/merci!

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It will be similar to this:

BIMEMXMM###

(the ### are actual digits and they vary by which HSBC MX branch you are sending to)

Due to that, it is necessary to check with the HSBC branch the $$ will be going to, as each SWIFT code ends in a 3 digit branch #, and you may also want to have the correct full branch name and address, this is often also requested by the sending bank / institution up north.

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Here is how to set up XE to transfer money from a Canadian bank account to a Mexican bank account. I use the ACH/EFT transfer to direct debit my Canadian bank account and direct deposit into my Scotiabank Inverlat account here.

You set up the Mexican account under the "Recipients" tab the same way you do the NOB account. No CLABE needed, that is for International banks. You need the SWIFT code (usually 8 Alpha characters - MBCOMXMM for Scotiabank Inverlat), the domestic routing code (first 3 digits of the Account# - 044 for Scotiabank Inverlat) and the 18 digit Account#. You also need to put in the bank branch name and address of where the account is located and the currency you want to deposit in (usually Mexican pesos). That's it

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Cheers Ezzie and Go Solar for you prompt and helpful replies! I did actually get to the point of setting everything up and I found what I believe is the SWIFT CODE on line (I am comforted that it matches your configuration, Go Solar) but it does not include those all important last three digits or the physical address. I don't want to send money off into the ether without full confidence that it will magically appear at the other end in the intended account....I will just have to breakdown and talk to a live body on Monday. However, you have confirmed that SWIFT CODES do exist in Mexico so I am definitely on the right track and appreciate all your help!

many thanks...

feewee

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Here is how to set up XE to transfer money from a Canadian bank account to a Mexican bank account. I use the ACH/EFT transfer to direct debit my Canadian bank account and direct deposit into my Scotiabank Inverlat account here.

What kind of exchange rate do you get going this route? Fees? Gracias.

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As of this moment - $10,000 CDN (the max. per transaction) is exchanged at 11.7028 pesos for each dollar. $1 CDN is exchanged at 11.6863 pesos. There are no additional fees charged for doing the transfer if you use ACH/EFT and direct debit your Canadian account and direct credit your Mexican account. It takes 3-5 business days for the funds to be available in your Mexican account.

As you can see it depends on how much you are converting.

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