The Bank of Mexico (Banxico) has unveiled a proposal to increase the deposit limits for digital bank accounts, aiming to make mobile financial tools more practical for everyday use. The central bank seeks to establish a new category, known as 'Level 3 Bis,' which would allow monthly deposits of up to 15,000 Udis—roughly 132,000 pesos.
Currently, most digital accounts in Mexico are classified as Level 2, capping monthly deposits at 3,000 Udis, or approximately 26,000 pesos. According to Banxico, this restriction often forces users to migrate to more complex account types or fragment their finances across multiple platforms.
Expanding the digital wallet
The proposed change specifically targets the limitations of mobile-first banking. While the new account category will allow for significantly higher electronic deposits, the bank intends to keep cash deposit limits capped at 3,000 Udis per month to prevent irregular financial activity.
Banxico’s draft modification to Circular 3/2012, which is open for public consultation until April 30, limits these accounts to Mexican residents. The initiative is part of a broader effort to move the country away from its historical reliance on cash.
Despite the availability of advanced infrastructure like SPEI, CoDi, and the mobile-transfer system DiMo, cash remains the dominant payment method for many Mexicans. Data from the central bank shows that while 22 million accounts are registered for CoDi, active usage remains low compared to the billions of transactions processed via credit cards and standard SPEI transfers.
During the 89th Banking Convention, Banxico Governor Victoria Rodríguez Ceja emphasized that the primary challenge for the financial sector is improving the user experience. She argued that financial tools must be more intuitive and faster to gain traction among the general population.
The proposed regulatory adjustments also include technical updates to allow users to link their mobile phone numbers directly to bank accounts for electronic transfers. By simplifying these processes, the central bank hopes to encourage the use of digital channels for routine payments rather than physical currency.
If the proposal is finalized, the Mexican financial system will transition to a five-tier structure. This ranges from Level 1, with a 6,600-peso monthly limit, to the unrestricted Level 4, which requires more rigorous identification protocols. The addition of the Level 3 Bis category serves as a bridge for users who need higher limits without the administrative burden of traditional high-level banking accounts.
