How SPEI works
SPEI is the system Mexican banks use to transfer money to each other, and the Bank of Mexico (Banxico) operates it. Any institution Banxico authorizes as a participant, direct or indirect, can connect to it: most banks in the country and several fintechs use it to move money between their customers.
When you send a payment, your bank validates the transfer details and passes them on to Banxico. Banxico verifies that everything is in order and delivers the order to the receiving bank, which credits the money to the destination account and issues its own receipt for whoever received the payment.
Official sourceSPEI settles in real time, 24 hours a day, seven days a week.
SPEI, transfer and deposit
SPEI connects accounts at different institutions. When you send money from one account to another at the same bank, the operation does not go through SPEI and does not generate a CEP, because Banxico only steps in between different institutions.
A deposit is different: it is made in cash, at a branch, an ATM or a correspondent, and requires being there in person. A transfer by SPEI is electronic from start to finish, ordered from your bank's app or website, and does not require going anywhere.
NoteA SPEI transfer is also called an «electronic transfer» or just a «transfer», although strictly speaking they are not exact synonyms.
How to confirm a transfer
Each institution gives you its own receipt when you make a payment, in whatever format and with whatever details that bank decides. The proof that a transfer settled through SPEI is different: it is the CEP, the document the receiving institution signs and that Banxico publishes on its site.
ImportantThe receipt your bank sends you is not the same as the CEP: only the CEP is signed by the receiving institution and published by Banxico, with the exact details of the operation.
The CEP guide explains, step by step, how to request it on the Banxico site with the transfer details.
With VerikoWith Veriko you upload the photo or PDF you were sent, and we confirm the CEP with Banxico for you, without you typing in a single detail by hand.
How Veriko does it
Veriko looks up the CEP with Banxico using the details from the photo you upload or type in, and gives you a verdict in about 10 seconds. If the payment settled through SPEI, the verdict carries the date, the amount, the banks and the tracking key the CEP shows, and the CEP is saved in your history.
The difference is the effort per transfer. On the Banxico site you type in six exact details and solve a security image, one lookup at a time and within its hours; if one detail doesn't match, the CEP doesn't appear and you have to start over. With Veriko the system reads the details, and if Banxico doesn't respond, the lookup can retry on its own.
| What you need | By hand on the Banxico site | With Veriko |
|---|---|---|
| Data | Six exact details and a security image | The photo of the receipt, or the typed details |
| Hours | 9:30 to 23:00 | Any time, with automatic retries if Banxico doesn't respond |
| Volume | One transfer per lookup | Hundreds of payments in a file, or by API |
| Result | The CEP's PDF or XML | The verdict with date, amount and banks, and the CEP saved |
| Record | None: you keep it yourself | History, reports and alerts in your panel |
If you send or receive transfers often, every manual lookup is time and a chance for error. There's a free plan that never expires to try it, and the pricing page compares the paid plans.
Frequently asked questions
What banks take part in SPEI?
Any financial institution Banxico authorizes as a participant in the system can take part, whether direct or indirect. That includes most banks in Mexico and several fintechs. The full list of participants changes over time and isn't fixed.
Is SPEI the same as Spin by OXXO or inDriver?
No. Spin by OXXO, inDriver and similar apps are products of a financial institution that, like any other, can use SPEI to move money between accounts at different banks. SPEI is the system that makes the transfer possible; the app is just the entry point.
How long does a SPEI transfer take?
Usually seconds: SPEI settles in real time, 24 hours a day. The guide on SPEI hours explains the cases where the time of day or a non-business day change the date Banxico records for that transfer.
Which is better, a deposit or a transfer?
It depends on what you have available. A deposit is made in cash, at a branch, an ATM or a correspondent, and requires being there in person. A transfer by SPEI is electronic and settles within minutes, without leaving where you are.
How much does SPEI charge per transfer?
The Bank of Mexico charges the participating banks a fixed fee and another per operation, not you directly. What your bank charges you for a SPEI transfer is up to your bank.
What if a SPEI transfer doesn't show up?
The first step is to check whether a CEP exists for that transfer: if it does, the payment settled through SPEI. The guide to tracking a SPEI transfer explains the full steps to check it.