The Central Reserve Bank’s (BCR) interbank transfer system, Transfer365, reported transactions exceeding $12.7 billion in the first half of this year. Since its launch in June 2021, the platform has become the most used by Salvadorans for digital money exchanges in both commercial and private settings.
According to BCR President Douglas Rodríguez, the system was designed to address the deficiencies in bank transfers within the country, such as the commission fees of $1 to $3 imposed by private initiatives. «It is a free service that the BCR provided to Salvadorans to facilitate their interbank operations,» Rodríguez emphasized.
The state bank also detailed that from January to June this year, 14.4 million transactions were executed. Transfer365 integrates 26 regulated financial institutions, including banks, savings and loan associations, and cooperative banks. It operates 24/7 and offers high levels of security in transfers.
«We consider it the most efficient, secure, and free transaction system. It is free regardless of the amount transferred,» Rodríguez stated about the service’s effectiveness.
BCR indicators show that more than 50% of retail transactions in the country are carried out through this payment method. This impact and rapid positioning have also been recognized by international entities such as the Alliance for Financial Inclusion (AFI), which noted in 2023 that Transfer365 «allows payments to be processed quickly, flexibly, and for free through digital channels and financial institution agents.»
Furthermore, AFI highlighted that the platform expanded El Salvador’s payment system capacity beyond government transactions, describing it as a «significant milestone in BCR’s modernization ambitions.»