What does formalizing the account mean?
The account is pre-opened in the U.S.; nevertheless, it is not active until the account owner signs the contract, shows an official ID and proof of address, and only then can the funds be withdrawn. The money is deposited in the account but it is blocked until the account is formalized. When the account is pre-opened in the U.S., you will be given a wallet card that has the CLABE number (the Mexican bank account number) and the information about the branch where the account is located, so that you can communicate this information to the beneficiary. It’s important to note that the beneficiary only has 10 Mexican banking days to formalize the account; otherwise the money will be sent back to the person who transferred the funds.
