During the 300th Meeting of the Central American Monetary Council (CMCA), Salvadoreans have collectively saved an impressive $62.1 million in fees through the innovative Transfer365 platform. This revelation was made by Douglas Rodríguez, the President of the Central Reserve Bank (BCR), showcasing the platform’s prowess in facilitating free interbank transfers.
Since its inception in 2021, Transfer365 has become a beacon of financial efficiency, allowing locals to save a considerable $62.1 million in transaction fees. Notably, in the last seven months alone, the savings have surged by over $20 million, marking a remarkable 32% increase from the $42 million recorded in August 2023.
The BCR emphasized that prior to Transfer365, digital transfers were monopolized by a limited number of financial actors charging between $1 and $3 for their services. In stark contrast, Transfer365 involves 26 regulated institutions, including banks, savings and credit societies, and cooperative banks.
The platform’s international feature, Transfer365 CA-RD, designed for transfers to other Central American countries and the Dominican Republic, has also proven to be a boon for Salvadorans. Since its launch in July of the previous year, users have collectively saved over $465,000 in commissions. President Rodríguez proudly hailed it as «the best international transfer service, Transfer365 CA-RD.»
Notably, this international operation comes at a minimal cost of $1 per transaction, presenting a viable and secure option for capital flow among the nations involved. According to Rodríguez, «We are the first country in Latin America with a 24/7, 365-day transfer system.»
The Central Reserve Bank revealed that Transfer365 has not only become the preferred platform for Salvadorans but also the most utilized for intra-app or online banking transfers. A staggering estimate of 32 transfers per minute within the application or online banking platforms of local financial institutions underscores its popularity.
Addressing concerns about security, the BCR assured that Transfer365 adheres to high international safety standards. The platform is built upon a robust technological infrastructure, with the government investing $20 million over the past four years to ensure its integrity.
In essence, Transfer365 has not only redefined the financial landscape in El Salvador but has also positioned the country as a pioneer in efficient, cost-effective, and secure digital banking solutions in the Latin American region.