Have you ever wondered why your transfer was rejected? It might be because you exceeded the allowed limit.
But how can you find out how much money you can transfer? To answer these kinds of questions, we’ve prepared this article.
Here, we’ll discuss the limitations and the differences between digital and cash transfers. By understanding these factors, you’ll avoid potential issues when moving your money.
In Mexico, there’s no legally established maximum amount for bank transfers. However, banks usually set a limit for transfers as a security measure to protect their customers.
This means the maximum amount varies depending on the financial institution, which defines the limit based on the type of account and the method you use. If you exceed these amounts, the transaction may be rejected.
Additionally, there are specific regulations on cash transfer limits, designed to prevent you from having to submit mandatory reports to the SAT.
How much money can you transfer in cash?
Each bank can adjust the limit within the legal framework, so you should check with your bank before making large money transfers.
Although there’s no hard cap, there are taxes associated with cash transfers, such as the IDE. This applies if more than 15,000 MXN is deposited into your account in cash per month.
It doesn’t matter if smaller amounts are deposited several times; if the total exceeds 15,000 MXN, you’ll be subject to the IDE. In this case, a 3% tax is applied to the amount exceeding 15,000 pesos, and the bank withholds it directly.
Additionally, the SAT requires banks to report any unusual activity in your account, including cash deposits over 15,000 MXN.
So, if someone is sending you more than this threshold or you plan to deposit such an amount, it’s a good idea to have documents justifying the origin of the money. The SAT may audit the recipient if deemed necessary.
Examples of Banks with Daily Transfer Limits:
Bank | Maximum Daily Limit |
Santander | $250,000 MXN to $500,000 MXN |
Banorte | No limit |
BBVA Bancomer | No limit |
HSBC | $500,000 MXN |
Unlike cash deposits, these operations are not under SAT supervision since they are electronic. However, if your monthly income through the app exceeds 15,000 MXN, the bank will still report it to the SAT.
That’s why, if the money comes from selling a product or service, you must declare it to the SAT. The agency may require tax payments once income is generated, regardless of the amount.
Back to the topic: How much money can I transfer from one account to another?
There’s also no specific limit for bank transfers via the app. The restrictions regarding the maximum transfer amount are the same as those set by your bank for your account in general.
For example, at HSBC, the daily limit for transfers through the app is 11,000 MXN, while at Banorte, depending on the operation type, it can be unlimited or up to 46,000 MXN for unregistered recipients.
Just like with online banking, you can track your transfer through the mobile app.
The 15,000-peso monthly cap to avoid paying the IDE also applies to international transfers.
Additionally, the deposit limits set for your account are the same for both national and international operations. That is, they don’t change based on the origin of the transferred funds.
The advantage of these transactions is that you have more time to cancel a bank transfer in case you made a mistake, as they process more slowly than national or direct operations.
Are you looking for a more flexible and economical alternative for international transfers? DolarApp is the tool you need.
This company allows you to send or receive money quickly and with fewer restrictions. Here, you won’t have to worry too much about transfer limits.
For example, with your active dollar account, you can make transfers of over 100,000 pesos in a single day. The process is super fast, and the exchange rate offered is the best on the market. Simply link your Mexican peso account to convert in seconds.
Deposits made or received in cash at a branch or through ATMs may be reported to the SAT. Checks may also be reported, as they are often cashed in person.
SPEI transfers are not subject to SAT supervision, as happens with cash deposits. Banks are not required to report them. Therefore, the limit for each transaction depends solely on the policies of the bank where you have your account.
Yes, you can modify your daily or monthly transfer limits. Generally, you’ll need to visit your bank branch with the necessary documents, though some banks allow this to be done online.
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