Electronic transfers, the solution to change dollars to pesos

By Jesús Ibarra

The regulatory environment in the United States is increasingly demanding regarding international banking, particularly regarding cash and more recently in terms of remittances, in which American authorities see a high risk of money laundering and financing terrorism. Because of that, from July 28, banks cannot cash US checks for payment in dollars (and thus change to Mexican pesos). Therefore, there is a general tendency of American banks —pressured by authorities—to eliminate the use of checks and encourage the use of electronic media, such as wire transfer and ATM cards.

Josefa Jonguitud, Manager of CIBanco, San Miguel de Allende, reported that a possible solution to the problem for American residents in San Miguel is to manage these electronic transfers from accounts in the US to change their money into Mexican pesos. Jonguitud reported CIBanco has a wide network of correspondent banks in the U.S. (and elsewhere) through which users with accounts in that country can make their transfers to CIBanco to change their money into Mexican pesos. She also commented that CIBanco keeps changing checks from other countries like Canada, England, Japan and most European countries. For more information, contact Josefa Jonguitud at CIBanco on San Francisco 25.


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