In Mexico, it is common for people to accumulate coins of 5, 10, 20 and 50 centsbut the question arises: can they be rejected when making payments? According to the Bank of Mexico (
Banxico
), are completely valid to make paymentsas long as they do not break the detailed rules within the Monetary Law.
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According to the financial institution, the shops and others establishments They cannot refuse the use of these coins, since they are part of the monetary cone in circulation. However, there are restrictions on the maximum amount of cents which can be used in a single transaction.
The coins that will be withdrawn from circulation, according to Banxico
It is important to remember that Banxico is in the process of
withdrawal from circulation
various currencies:
- Family C, denominations of 10 cents, 20 pesos (commemorating the turn of the millennium, Lord of Fire) and 100 pesos (commemorative)
- Family B, denominations of 10 cents, 20 y 50 new pesos
By resolution of the Bank of Mexico, they are withdrawn from circulation through credit institutions. This means that they can continue to be used to carry out transactions, but when they reach the banks, they must separate them to deposit them in the Bank of Mexico and do not release them to the public again.
How many pennies can you use in a single payment?
The Bank of Mexico, backed by the
Monetary Law
explains that payments with penny coins They must be accepted by commerce beyond their withdrawal from circulation and that there is no fixed limit on a “maximum quantity.” Even in an official publication, several users complained that the coins of 5, 10, 20 and 50 centsare not usually accepted in some renowned supermarket chains.
The reality is that if you try to make a pay With a high number of coins, the business should not legally reject the transaction and carry out the process of separating those mentioned above to be sent to Banxico to assist in their withdrawal. Therefore, these coins are valid, and it is important to take this limit into account to notify the other person if you do not accept it.
Where can pennies be exchanged?
If you accumulated a considerable amount of penny coins and you prefer to exchange them for larger denomination bills or coins, Banxico recommends going to a bank branch that offers the service of coin exchange. This service is completely free and allows you to exchange coins for others of higher value, without having to make a purchase.
It should be noted that not all branches offer this service, so it is advisable to check in advance which ones have the exchange option available and that is why there is an official platform to make this query. Furthermore, there is no maximum limit of coins that you can change, but banks may establish certain requirements or conditions for large amounts.
What to do if your pennies are rejected?
If you are refused the use of coins 5, 10, 20 or 50 cents in a store, you can remind them that they are obliged to accept them within the limits established by Banxico.
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