Mexican Peso (MXN) Denominated Cards Overview

Note: This article primarily applies to Ramp Administrators. Cardholders may find other articles in the Ramp overview section more applicable.

Overview

Available on Ramp Enterprise. See Ramp Enterprise overview for plan details.

This article answers some frequently asked questions regarding Mexican peso–denominated cards.

Issuing Mexican peso funds to employees in your Mexican entity allows you to manage expenses in the currency of that entity.

Frequently asked questions

What are the requirements for issuing Mexican peso–denominated funds?

• You must have a Mexican legal entity
• You must be a multi-entity business and use Ramp for Multi-Entity Companies

What are the benefits of using locally denominated funds?

• Transact at local vendors with higher acceptance rates (some vendors may decline foreign cards due to fraud/risk rules).
• No foreign transaction fees for any transactions made with vendors in the same denomination.

What do I need to do to ensure the cardholder's physical card is MXN-denominated?

Select MXN as the issuing currency when you add your Mexican entity to Ramp — the issuing currency is chosen during entity setup. Once your Mexican entity is set up with MXN as its issuing currency and has completed KYB, cards issued to users tied to a location under that entity are MXN-denominated by default. For how to add an entity, see Ramp for Multi-Entity Companies. To issue a physical card, see Issuing a Ramp card or funds.

Example:

• An admin creates a location called "Mexico City" in Ramp and assigns it to the Mexican entity.
• Jane Doe is invited to Ramp under the "Mexico City" location.
• Any funds or virtual cards issued to Jane will automatically be MXN-denominated.

Are virtual and physical MXN cards available?

Yes, both physical and virtual MXN cards can be issued.

Is there anything different about MXN physical cards and USD physical cards that cardholders should be aware of?

MXN physical cards may require PIN use for in-person transactions, in line with common security practices in Mexico.

Is it possible for a cardholder to have cards of different denominations?

• In general, funds and virtual cards issued to a given user will be in the currency the entity has configured as its issuing currency.
• However, a cardholder can have funds and virtual cards of different denominations if they are associated with multiple entities.

If a cardholder is using an international card, what billing address would they use?

• For MXN cards, the billing address is your Mexican entity's business address on file with Ramp, not the individual cardholder's home address.

How are statements paid?

Automatic payment from a linked bank account is not available for MXN statements. If wire transfer is available for your business and you select it as the entity's payment method, pay from an MXN bank account and initiate a wire in MXN for each statement. See Locally-funded statement payments for provider restrictions, payment eligibility, and the outside-scope payment path, and see Wire transfers for card statement payments for wire steps.