Mexico has become one of the most strategic hubs for international business in Latin America. In 2023 alone, the country saw a record $65 billion USD in remittances, underscoring the scale of financial flows moving across its borders. Yet, many companies still rely on traditional payment tools like SPEI, overlooking more modern, agile, and scalable solutions.
This article explores how traditional bank transfers work in Mexico, their advantages and limitations, and what alternatives are available for businesses aiming to operate frictionlessly across regions and currencies.
ISPEI: Fast and reliable, but not always scalable
The Interbank Electronic Payment System (SPEI), operated by Mexico’s Central Bank, enables real-time transfers between domestic accounts. In 2023, SPEI processed over 1.6 billion transactions worth more than MXN 65 trillion, making it the backbone of Mexico’s electronic payment infrastructure.
Despite its speed and low cost, SPEI presents challenges for foreign companies or those operating in multiple countries. To use SPEI, businesses need a Mexican bank account, local regulatory compliance, and technical integration with each banking institution. Moreover, the system is limited to local currency and domestic transfers.
For global enterprises dealing with multi-currency operations and international cash flows, SPEI may become a bottleneck rather than a solution.
Alternatives: APIs, FX engines, and frictionless cross-border payments
To overcome the limitations of traditional banking rails, the market has evolved with technology-driven alternatives that provide flexibility, regional integration, and reduced operational costs. Below are some of the most relevant:
Platforms like Stripe, Adyen, and Payoneer offer comprehensive solutions for businesses operating across countries. They support multi-currency payments and automate FX conversions. Payoneer alone processes over $50 billion in international payments annually, supporting more than 5 million businesses worldwide.
Stablecoin-based cross-border transactions have grown over 16x since 2020, reaching a record $1.68 trillion USD in April 2024. Blockchain-based systems reduce intermediaries, enhance transparency, and shorten settlement times from days to minutes.
API integration is a growing trend that enables businesses to connect directly with banking and payment networks without building custom infrastructure. McKinsey reports that open APIs can reduce financial institutions' operational costs by up to 30%, while improving reconciliation and settlement efficiency.
Companies that convert and move funds across currencies (e.g., USD to MXN or BRL) benefit from automated FX platforms like Wise Business or Currencycloud. According to FXC Intelligence, the global B2B cross-border payments market is expected to reach $56.1 trillion by 2030—highlighting the critical need for more streamlined FX solutions.
While SPEI remains a strong option for domestic transactions in Mexico, businesses with international operations need more dynamic infrastructure. Financial digitization, APIs, and stablecoins are redefining how money is moved securely, efficiently, and in real time.
Bitso Business is one such solution, integrating these technologies to enable seamless cross-border operations—without the need to open local entities or rely on outdated banking systems. The question is no longer if your business should adopt these tools, but when.