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1.- Why do I have to show my ID for any transaction, any amount, any foreign currency?
General provisions referred to in article 95 of the general law of organizations and auxiliary activities of credit applicable to foreign exchange companies, in its 4th article paragraph I provide that:

“Regarding to those users who carry out individual transactions in foreign currency in cash or with traveler’s checks for an amount of less than three thousand dollars of the United States of America, or its equivalent in the corresponding foreign currency, foreign exchange companies shall only at the time of carrying out such transactions, gather and keep in the systems the indicated in the 42nd of the present provisions, the following date which should be obtained from an official identification in regards to the ones indicated in paragraph iii, item a, sub-item b), number (i), of the present provision.”

2.- Which identifications can I show in order to carry out any sale of dollars or purchase of any foreign currency?
General provisions referred to in article 95 of the general law of organizations and auxiliary activities of credit applicable to foreign exchange companies; in its 4th article, item b, number iii, sub-item b letter (i) provide that:

The personal identification should be in all cases, an official original document issued by competent authorities, valid on the date of its submittal, including a photograph, signature and if applicable the address of the user.

For purposes of the provided in this item, it shall be considered as valid personal identification documents the following issued by Mexican authorities: voting card, passport, professional license, national military service card, consulate registry certificate, military identity card, affiliation card of the national institute for the elderly, cards and ID’s issued by the Mexican Institute of Social Security, driver’s license, cards issued by federal, state and municipal authorities and other identifications which, as applicable, are approved by the commission. Also, in regards to natural persons with foreign nationality referred to on this item a), it shall be considered as valid personal identification documents, aside from the ones previously mentioned on this paragraph, the passport or documents issued by the national institute of migration that proves the migration status.

3. Why can I only exchange 300 daily if I am of Mexican nationality and no more than 1500 a month, no matter the nationality?
General provisions referred to in article 95 of the general law of organizations and auxiliary activities of credit applicable to foreign exchange companies; in its 24th article bis provides that:

24th bis.- Foreign exchange companies should refrain from receiving from users who are natural persons, dollars of the United States of America in cash for carrying out daily individual transactions of purchase and reception of payment of services or transfers or transfer of funds for a joint amount per user higher than three hundred dollars of the United States of America. It is exempt the daily limit established in the previous paragraph for natural persons of foreign nationality, in which case the foreign exchange company should ask for and keep a copy of the passport that proves the nationality and of the official document issued by the national institute of migration when having the latter, that proves his legal entry or stay in the country. In all cases, foreign exchange companies should refrain from receiving from natural persons, dollars of the United States of America in cash for carrying out purchase transactions and reception of payment of services or transfers or transfer of funds, for a joint amount per user, accumulated during a calendar month, higher than one thousand five hundred dollars of United States of America.

4.- Why can I only exchange US dollars with my voting card, passport or consulate registry card?

Because general provisions referred to in article 95 of the general law of organizations and auxiliary activities of credit applicable to foreign exchange companies, in its 24th article bis provides that:

Foreign exchange companies, at the time of receiving from users who are natural persons, dollars of the United States of America in cash for purposes of the provided in the previous paragraphs, they should collect and keep in the systems the indicated in the 42nd of the present provisions, the date indicated in paragraph i, item a thru 4th of the present provisions, as well as to collect:

i. In regards to users who are natural persons of Mexican nationality, a copy of the passport, voting card or consulate registry card, and ii. Regarding to users who are natural persons of Foreign nationality, a copy of the passport that proves his/her nationality and the official document issued by the National Immigration Institute, when having the latter, that proves his legal entry or stay in the country. Foreign exchange companies should also follow the provided in the previous paragraph regardless of the amount of dollars of the United States of America received in cash.

5.- Why if I need to exchange more than 300 dollars daily or 1500 per month I need to provide additional data, proof of residence and a statement letter?

Because general provisions referred to in article 95 of the general law of organizations and auxiliary activities of credit applicable to foreign exchange companies; in its 24th ter article provide that:

Personal identification which should be in all cases, an official original document issued by competent authorities, valid on the date of its submittal, including a photograph, signature and if applicable the address of the user.

24th ter.- Foreign exchange companies can carry out with its users, purchase transactions and reception of payment of services or transfers or placing funds with dollars of the United States of America, for amounts higher than the ones established in the 24th bis of these provisions, as long as it complies with all of the requirements set forth in paragraph iii of the 4th provision, without prejudice to other obligations established in the same.

Paragraph iii of the 4th provision:

a. Regarding to the user who is a natural person and declares to the foreign exchange company that he/she is of Mexican nationality or foreign nationality with temporary resident as status or permanent resident pursuant to terms of the immigration law, the identification file should be composed as follows:

a) It should include the following registered data: last name, second last name and name(s) without abbreviations;

- gender (male or female);

- date of birth;

- federal entity of birth;

- nationality;

- occupation, profession, activity or line of business of the user;

- residence (composed of the elements established for these purposes in item a) of the previous paragraph i);

- telephone numbers where he/she can be reached;

- e-mail, as applicable;

- unique population registry code (CURP) and federal taxpayers’ registry code (with last 3 digits), when available, and

- serial number of the advanced electronic signature, when available.

Along with the aforementioned, in regards to persons who live abroad, and who also have an address in national territory where they can receive their correspondence addressed to them, the foreign exchange company should register in the file all relevant data to such address, with the same elements included in item a) of the previous paragraph i);

B) Also, each foreign exchange company should gather, include and keep in the identification file a simple copy of, at least, the following documents related to the corresponding natural person:

(i) personal identification, which should be in all cases, an original official document issued by competent authorities, valid on the date of its submittal, which should include the photograph, signature and as applicable the address of the user.

For purposes of the provided in this item, it shall be considered as valid personal identification documents the following, issued by Mexican authorities: voting card, passport, professional license, national military service card, consulate registry certificate, military identity card, affiliation card of the national institute for the elderly, cards and ID’s issued by the Mexican Institute of Social Security, driver’s license, cards issued by federal, state and municipal authorities and other identifications which, as applicable, are approved by the commission. Also, in regards to natural persons of foreign nationality referred to in this item a, it shall be considered as valid personal identification documents, aside from the ones previously mentioned on this paragraph, the passport or documents issued by the national institute of migration that proves the immigration status.

(ii) Certificate of the Unique Population Registry Code (CURP), issued by the Ministry of Government and/or tax identification certificate issued by the Tax Administration Service, when the user has them available, as well as the advanced electronic signature, when available. It shall not be necessary to submit the certificate of the Unique Population Registry Code if this one is included in another document or official identification; (item amended D.O.F. December 31, 2014).

(iii) Proof of address, when the declared address by the user does not match with the one on the identification submitted or is not included. In this case, it shall be necessary that the foreign exchange company gathers and prepares the corresponding file with a simple copy of a document that proves the address of the user, which it may be a utility bill such as the electricity bill, phone bill, natural gas bill, property taxes receipt or water bill or bank account statements, all of them with no more than the last three months, or the lease agreement valid on the date of submittal by the user, the registry certificate of the federal taxpayers’ registry, as well as others which are approved by the Commission, as applicable; (item amended D.O.F. December 31, 2014).

(iv) Aside from the aforementioned, the foreign exchange company should collect from the natural person a statement signed by him/her, which should be included with the documents of the corresponding transactions and in all cases, the foreign exchange company should keep as part of the identification file of the user, the indication that such person acted for these purposes on his/her behalf or on behalf of a third party, as applicable.

6.- Why even after providing all the additional data, my proof of residence and the statement letter I cannot exchange more than 4000 dollars per month?

Because general provisions referred to in article 95 of the general law of organizations and auxiliary activities of credit applicable to foreign exchange companies, in its 24 ter article paragraph i, provides that: when carrying out transactions referred to in the previous paragraph, foreign exchange companies should be subject to the following limits and conditions:

i. In regards to users who are natural persons, for an overall amount per user, accumulated during a calendar month, it is allowed up to four thousand dollars of the United States of America.

LGOAAC