What is the FedGlobal Mexico Service?
The FedGlobal Mexico Service is offered as part of the Federal Reserve Banks’ suite of FedACH® services. Depository financial institutions in the U.S. originate cross-border transactions via FedACH in U.S. dollars. Payments are transferred from FedACH to the Banco de México, the Mexican gateway operator, where they are distributed via the local payments system. Payments are posted to the receiver’s account in pesos on the next banking day – with every payment receiving a wholesale foreign exchange rate regardless of amount.
