Regulatory Alerts2018-07-17 | Circular 8/2018Added
Circular 8/2018 — Modifications to Circular 3/2012 (Foreign Currency Charges with Debit Cards)
This circular amends Article 19 of Circular 3/2012 to require that foreign currency charges on debit cards be posted in national currency at a rate not exceeding the applicable exchange rate multiplied by 1.005 for USD transactions, or via a two-step conversion for other currencies. Financial institutions must use the Bank of Mexico's published exchange rate or authorized price providers, and may request authorization for alternative rates if necessary. The regulation applies to credit institutions and the National Agricultural, Rural, Forestry and Fisheries Development Financial Institution, entering into force 180 banking days after publication.
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