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Naira to pesos, delivered over SPEI
Mexican accounts are addressed by CLABE, an 18-digit number that identifies the bank, the branch and the account in one string. It is what the supplier puts on the invoice, and it is all Grey needs to pay them.
The money moves into Mexico over SPEI, the domestic instant payment network, and lands at BBVA Mexico, Santander Mexico, Banorte, Banamex or HSBC Mexico as a peso credit. From a funded Grey balance that typically takes minutes, and the supplier sees an ordinary local deposit rather than an inbound foreign payment.
Three steps to a peso payment
Sign up
Open a Grey account with your NIN slip, BVN or international passport and a selfie. Verification in Nigeria is usually done within minutes.
Fund
Transfer naira into Grey from GTBank, UBA, First Bank or Kuda. Dollars you already hold on Grey can pay the Mexican invoice without a naira conversion.
Send
Enter the 18-digit CLABE from the invoice, check the peso amount and the fee, then confirm the payment.
The cost of a peso payment from Nigeria
Grey shows the NGN to MXN rate and the fee before you release anything, so the peso figure is fixed while you are still deciding whether to send.
For a buyer costing a shipment, that means the conversion is a known input rather than a variable to be reconciled once the goods have arrived.
Pesos quoted, pesos delivered
The NGN to MXN rate locks when you confirm and applies through to settlement.
Your supplier in Monterrey or Guadalajara receives the peso amount on your receipt, so the purchase order is closed in one payment rather than two.
SPEI delivery against an international wire
A wire from a Nigerian bank to Mexico is converted by an intermediary and arrives as a foreign payment the receiving bank has to process. Paying over SPEI puts pesos into the account as a domestic transfer, which is why the supplier can confirm it the same day and release the order.
What your supplier in Mexico sees
A peso deposit in the account on the invoice, credited through SPEI like any other domestic payment. No Grey account, no currency conversion at their end.
Paid by CLABE
MXN into BBVA Mexico, Santander Mexico, Banorte, Banamex or HSBC Mexico against the 18-digit CLABE.
SPEI timing
From a funded Grey balance, pesos typically reach the Mexican account within minutes.
GreyTag option
Where the recipient also holds Grey, the transfer is free and immediate.
Before you release the payment
Check the CLABE digit by digit against the invoice and confirm the account holder name matches the company you contracted with. A CLABE that fails its check digit is rejected outright rather than misdirected.
Naira on Grey first
An ordinary transfer from your Nigerian bank, normally credited to Grey in minutes.
Existing currency
Dollars, euros or pounds on Grey can settle the Mexican invoice directly.
Stored CLABEs
Save each supplier so repeat orders need only an amount and a confirmation.
Buyers ordering every quarter keep their Mexican suppliers saved and pay each purchase order as it is signed off.
What Nigerians pay Mexico for
Agricultural inputs
Fertiliser, agrochemicals and seed treatments bought from Mexican producers for Nigerian farms.
Auto and industrial parts
Vehicle components and manufacturing spares shipped to workshops and plants in Nigeria.
Medical and laboratory goods
Consumables and equipment supplied to Nigerian hospitals, laboratories and distributors.
Contractors and agents
Sourcing agents, engineers and consultants in Mexico invoicing Nigerian businesses in pesos.
This is an industrial and agricultural supply route rather than a family one. Payments follow orders, and orders follow production schedules in Nigeria.
Why Grey fits this trade route
FAQs
Which currency does my supplier receive?
Mexican pesos. Grey converts your Nigerian balance to MXN and pays it into a Mexican bank account as a domestic credit.
What is a CLABE?
The 18-digit number identifying a Mexican bank account, branch and institution. Your supplier prints it on the invoice and Grey pays against it.
Why does my Mexican supplier see a local deposit rather than a foreign wire?
Because Grey pays over SPEI, Mexico’s domestic instant payment network, so the pesos land at BBVA Mexico or Banorte as an ordinary local credit.
Which Mexican banks can be paid?
BBVA Mexico, Santander Mexico, Banorte, Banamex and HSBC Mexico among others. The CLABE identifies which bank receives the payment.
How quickly do pesos arrive?
Transfers from a funded Grey balance typically arrive within minutes over SPEI, into the Mexican account named by the CLABE.
What happens if the CLABE is wrong?
A CLABE that fails its check digit is rejected rather than misdirected, so verify it against the invoice before you confirm the payment.
How do I fund a peso payment from Nigeria?
By naira transfer from GTBank, Zenith Bank, Access Bank, First Bank, UBA or Kuda into your Grey account, usually credited within minutes.
Is the peso amount fixed before sending?
Yes. The NGN to MXN rate locks at confirmation, so the peso total quoted is the total credited in Mexico.
Does my supplier need a Grey account?
No. They receive pesos in their existing Mexican bank account, with nothing to download, register or collect.
Can I pay from dollars rather than naira?
Yes. Dollars held on your Grey balance convert directly into pesos, with no naira conversion in between.
What do I need to register in Nigeria?
A valid identity document such as a NIN slip, BVN or international passport, plus a selfie. The account is free and opens in minutes.
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