El Salvador’s citizens have saved $102.76 million in bank transfer fees since June 2021, thanks to Transfer365, a free transaction system offered by the Central Reserve Bank (BCR). This has made Transfer365 the most widely used platform in the country, with an 85% market share.

According to a report from BCR’s Financial Operations Management, from 2021 to August 6, 2024, a total of $44.68 billion was transferred through the platform, with 45.47 million transactions executed by 26 participating banks.

Con nuestro servicio de pagos y transferencias, Transfer365, tú eliges cuándo, a qué hora y desde dónde realizar tus gestiones interbancarias 😉. Búscalo dentro de la app o banca en línea de tu institución financiera local de preferencia. pic.twitter.com/gd4zrKR362

— Banco Central SV (@bcr_sv) August 4, 2024

The report highlights that the platform processes an average of $74.57 million and 96,283 transactions daily, translating to $3.11 million and 4,012 transactions per hour. One of Transfer365’s key advantages is its 24/7 availability. As a result, 50.06% of transactions occur outside regular business hours, with 23.84% processed on weekends and public holidays.

During the August holidays this year, from August 1 to 6, transactions surged to $231.37 million, marking a 142.5% increase from the previous year’s $95.38 million. The number of transactions also grew by 97.2%, with 476,254 operations recorded compared to 241,451 in the same period last year.

July 2024 was a record-breaking month, with a total of $2.45 billion transferred in 3.05 million transactions.

From January 1 to August 6, the daily average of transactions processed through Transfer365 reached $74.5 million, with 96,283 operations per day. The platform also recorded $3.11 million and 4,013 transactions per hour on average.

In addition, Transfer365 Business, a version of the platform designed for high-value business payments, facilitated $16.69 billion in transfers across 132,342 transactions since its launch in June 2022. In July alone, businesses transferred $709.44 million in 8,858 transactions, a 48% increase in volume compared to July 2023.

Meanwhile, Transfer365 Mobile, which allows users to make transfers using a mobile number without needing a bank account number, has processed $42.45 million and 240,182 transactions since its launch in June 2022. July 2024 was also a record month for this variant, with $3.08 million transferred in 16,723 transactions, a 59.2% increase compared to July 2023.

Transfer365 continues to revolutionize financial transactions in El Salvador, offering convenience and significant savings to its users.