Learn 3 Ways to Send Money to El Salvador

If you need to send money to El Salvador, perhaps to family going through tough financial times, there are a few ways to do so. No matter what your preferences or budget might be, it is likely that you can find a way to remit to your family members that is agreeable to both you and them. You should first educate yourself a little about El Salvador’s currency, and then decide the best way for you remit money.

El Salvador’s traditional legal tender is the Salvadorian colon, and right now, $1 USD is equal to 8.90997. However, the main currency is actually the U.S. dollar, which could make transferring money much easier than to any other country. The fact you are already familiar with the legal tender in the area is a major advantage, as you will not have to deal with exchange rates or conversion fees. Your next step will just be to choose the best way for you to send money to El Salvador.

Not only do many banks remit to this country, but some actually have special programs for it. For example, Wells Fargo has the ExpressSend service, which allows you to send money to El Salvador to Banco Agrícola S.A., a popular bank in the country. You can transfer anywhere from $25 to $2500, and if you do it from your account to your relative’s, it costs $8. If you want to present cash at the bank instead of using your checking account, the cost is $10. You can also send the money to the bank for your family members to pick up, rather than to their account.

You can also go to the Post Office to send money to El Salvador. When you go, just request a wire transfer, and the cost will be $10 to $20, changing depending on how much you send. The limit is $2000 per day, and your relatives can pick up the cash at local banks with the ID.

If you do not want to go anywhere to transfer money, you can do it from home by using a prepaid debit card. Just send your relatives a prepaid card in the mail, and once they notify you that they got it, you can add money to it. The rates for adding money are low, as it costs $5 to add as much as you want, and you can do it through phone or email. The transfer is instant, so if you want to send fast cash regularly without leaving the house, the prepaid debit card is your best option.

The final decision of how you send money to El Salvador is up to you, and will likely depend on the cost and convenience. Use the option that you feel most comfortable with, and that will get money to your family as soon as possible. Whether you go through a bank, the Post Office, or a prepaid debit card, your family will surely appreciate the help.

By Suzana