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Top 3 Money Transfer Providers for UK to El Salvador

Provider Amount Received Fee Exchange Rate Speed
Azimo Azimo 257.78 £0.00 1.2889 1 day more...
OFX (UK) OFX (UK) 255.62 £0.00 1.2781 1-3 days more...
Western Union Western Union 245.20 £5.00 1.226 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
EL SALVADOR
The Salvadoran colon (SVC), the former official currency of El Salvador, is no longer in circulation and is rarely used since the country adopted the US dollar as its official currency in 2001 Read More
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El Salvador Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • El Salvador money transfer regulations
  • El Salvador’s monetary and regulatory authority
  • El Salvador's economic background
  • Currency
  • Summary

    The Salvadoran colon (SVC), the former official currency of El Salvador, is no longer in circulation and is rarely used since the country adopted the US dollar as its official currency in 2001. The colon is still accepted as legal tender, however, and the US dollar has a fixed exchange rate of 8.75 colones. El Salvador places no restrictions on international money transfers into or out of the country, though when importing or exporting large amounts of foreign or local currency, it should be declared and proof of ownership may be required.

    El Salvador money transfer regulations

    El Salvador is open to foreign direct investment and takes active steps to encourage investments from around the world and in a variety of sectors. The country has no foreign exchange or currency controls and there are no restrictions on transferring investment funds out of the country. Foreign businesses can freely repatriate capital, reinvest profits, or send additional capital for investments. El Salvador does not restrict currency transactions.

    El Salvador’s monetary and regulatory authority

    The Banco Central de Reserva de El Salvador is countrys primary monetary and regulatory authority. Its main functions include establishing currency stability, maintaining favorable monetary and foreign exchange policies, and ensuring the transparency of the countrys financial system. Other functions include administration of international reserves, settlements facilitator between companies and people through a payments system, financial agent for the Government.

    The Superintendent of the Financial System supervises all banks and non-bank financial activities, including insurance companies, pension fund administrators, and stock market participants. Suspicious transactions must be reported by all financial institutions to the Superintendent of the Financial System and the Financial Investigation Unit (FIU) of the General Attorneys Office, according to the Anti-Money Laundering Law. In agreement with the law, Salvadoran banks keep all accounts in U.S. dollars.

    El Salvador's economic background

    El Salvador is the smallest country in Central America and the fourth largest economy in the region. In 2013 the country registered of GDP of USD $24.26 billion GDP, 16% of which was remittances from abroad. An estimated one-third of all households in El Salvador received remittance income in 2013, mainly from family members living and working in the United States, which is home to 90% of the Salvadorian expatriate community. Remittances inflows sent to El Salvador in 2013 were equivalent to the countrys entire export income. Due to this high volume of remittances from abroad, wage expectations were increased, which also led to an increase in real estate prices.

    El Salvador's laws and regulations are mostly transparent and foster competition. The government still maintains control over certain goods and services, including gasoline, electricity, public transportation, and medicines. In spite of its relatively diversified economy and strong free-trade agreements with the United States (CAFTA-DR), the European Union (EU), and Mexico, El Salvador's long-term economic development and growth are compromised by its vulnerability to natural disasters, insufficient infrastructure, lack of natural resources, and high levels of poverty and insecurity linked to violent crime.

    Currency

    El Salvador adopted the US dollar as its official currency on January 1, 2001, forfeiting control of its monetary policy for a more stable currency than the Salvadoran colon. Upon adoption of the dollar, the government began an education campaign to help its citizen understand the new currency and its different denominations.

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    Top 4 Money Transfer Providers

    Exchange Rates as of 24 October 2019, 00:20

    OFX (US)

    ?
    Est. 1998

    OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

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    OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

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    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.