Buy bitcoin with SPEI

What is SPEI?

SPEI, the Sistema de Pagos Electronicos Interbancarios, is Mexico's interbank electronic transfer system, administered and operated by Banco de Mexico. Banks, brokerages and other regulated institutions use it to move pesos between accounts held at different institutions, and it is the rail behind an ordinary peso transfer sent from a Mexican banking app. Mexican exchanges use it for peso deposits and withdrawals.

Speed

Banxico's SPEI rules require a receiving bank to credit a low value transfer within five seconds, at any hour on any day, with a thirty second limit for other participants during the 06:00 to 18:00 window on banking days.

Cost

Banco de Mexico charges participating institutions a fixed fee plus a per transaction fee, so what you pay is whatever your own bank sets in its published tariff.

Limits

SPEI carries both small and large value transfers, so the per transaction and daily caps you run into are set by your own bank rather than by the scheme.

Speed and cost describe the rail itself. What an exchange adds on top varies by platform and is shown per exchange below.

Using SPEI in Mexico

SPEI appears in one country guide on this site, Mexico, where deposits settle in Mexican peso (MXN). Buyers there fund exchange accounts with Credit or debit card, P2P trades in pesos as well, and the country guide ranks the exchanges that take each one.

Buy bitcoin with SPEI in Mexico