Downtown San Salvador.
According to the Central Reserve Bank (BCR), remittances to El Salvador totaled $8479.70 million in 2024, a 2.5 percent increase from the previous year.
In 2024, Salvadoran families received an additional $204.28 million compared to the same period in 2023 when the amount was $8,275.42 million.
In December 2024, El Salvador received $832.73 million in remittances, an increase of $32.02 million (4.0%) compared to December 2023.
| 2020 | 2021 | 2022 | 2023 | 2024 | Change 2023-2024 |
|
|---|---|---|---|---|---|---|
| January | 423.76 | 522.28 | 560.28 | 602.18 | 599.85 | -2.33 (-0.4%) |
| February | 448.54 | 510.20 | 579.88 | 612.81 | 631.47 | 18.66 (3.0%) |
| March | 435.45 | 688.20 | 685.06 | 721.87 | 688.39 | -33.48 (-4.6%%) |
| April | 287.32 | 647.95 | 648.65 | 672.62 | 749.42 | 76.80 (11.4%) |
| May | 414.39 | 688.68 | 706.86 | 761.38 | 763.76 | 2.38 (0.3%) |
| June | 508.14 | 627.11 | 637.89 | 695.20 | 669.14 | -26.06 (-3.7%) |
| July | 553.14 | 632.73 | 642.42 | 699.49 | 714.00 | 14.51 (2.1%) |
| August | 559.30 | 621.45 | 654.93 | 682.77 | 709.06 | 26.29 (3.9%) |
| September | 553.44 | 600.94 | 628.12 | 674.13 | 683.14 | 9.01 (1.3%) |
| October | 575.42 | 652.74 | 674.06 | 694.48 | 732.41 | 37.93 (5.5%) |
| November | 519.42 | 632.26 | 631.94 | 657.78 | 706.33 | 48.55 (7.4%) |
| December | 651.62 | 760.70 | 769.48 | 800.71 | 832.73 | 32.02 (4.0%) |
| Totals | 5929.94 | 7585.24 | 7819.57 | 8275.42 | 8479.70 | 2.5% *YTD |
| Average | 494.16 | 632.10 | 651.63 | 689.62 | 706.64 |
According to the BCR’s report, December 2024 saw the highest remittances, with Salvadorans receiving $832.73 million, while January 2024 recorded the lowest, with $599.85 million.
In 2024, remittances from the United States totaled $7769.16 million, accounting for 91.62% of total remittances. Canada follows with $83.52 million (0.98%), Spain ranks third with $58.69 million (0.69%), and Italy is fourth with $53.72 million (0.63%).
Crypto Wallet Remittances to El Salvador
In 2024, cryptocurrency wallet remittances to El Salvador totaled $85.50 million, an increase of 3.10% compared to 2023.
The figures from the Salvadoran Reserve Bank indicate that in 2024, Crypto remittances grew by $2.57 million compared to what it received in 2023
| 2021 | 2022 | 2023 | 2024 | Change 2023-2024 |
|
|---|---|---|---|---|---|
| January | — | 10.06 | 8.37 | 6.77 | -1.60 (-19.12%) |
| February | — | 9.39 | 7.61 | 6.39 | -1.22 (-16.03%) |
| March | — | 9.83 | 8.53 | 8.00 | -0.53 (-6.21%) |
| April | — | 10.14 | 7.45 | 7.67 | 0.22 (2.95%) |
| May | — | 12.56 | 7.69 | 6.82 | -0.87 (-11.31%) |
| June | — | 11.52 | 7.01 | 6.83 | -0.18 (-2.57%) |
| July | — | 10.37 | 6.48 | 7.19 | 0.71 (10.96%) |
| August | — | 10.92 | 6.33 | 7.71 | 1.38 (21.80%) |
| September | 1.99 | 10.78 | 6.02 | 7.17 | 1.15 (19.10%) |
| October | 17.92 | 10.18 | 5.40 | 7.16 | 1.76 (32.59%) |
| November | 12.27 | 10.68 | 5.45 | 6.57 | 1.12 (20.55%) |
| December | 12.37 | 10.29 | 6.59 | 7.22 | 0.63 (9.56%) |
| Totals | 44.55 | 126.72 | 82.93 | 85.50 | 2.57 (3.10% *YTD |
| Monthly Average | 11.14 | 10.56 | 6.91 | 7.13 |
SEE ALSO: El Salvador Bitcoins: A Nation’s Journey into Digital Currency
While cryptocurrency wallets accounted for more remittances to El Salvador in 2024 than in 2023, they made up just 1.01% of the total the country received.
Remittances by Department
Thus far in 2024, the San Salvador department leads in remittances, receiving 19.38% of the total, or $1643.54 million. This is the most densely populated department in the country.
At the bottom, with 2.83% of the total or $240.10 million in remittances received, is the Cuscatlan department.
- San Salvador $1643.54
- San Miguel $931.19
- La Libertad $721.93
- Santa Ana $668.30
- Usulután $620.66
- La Unión $597.18
- Chalatenango $470.64
- Sonsonate $431.55
- La Paz $361.26
- Morazán $359.71
- Cabañas $354.44
- Ahuachapán $338.70
- San Vicente $281.53
- Cuscatlán $240.10
Remittances by Municipalities
The San Salvador Center municipality has received the most remittances this year, totaling $977.22 million (11.52%). On the other hand, the Sonsonate North Municipality has received the lowest with $37.00 million (0.44%).
Top Five Municipalities
- San Salvador Center $977.22
- San Miguel Center $589.88
- San Salvador East $354.74
- Usulután East $332.86
- La Unión North $310.43
Bottom Five Municipalities
- San Salvador South $74.49
- Chalatenango North $60.47
- Santa Ana East $44.83
- Ahuachapan North $43.43
- Sonsonate North $37.00
Remittances by District
Among districts with a population over 50,000, the San Salvador district has received the most remittances so far, totaling $803.78 million (9.48%). On the other end, the Panchimalco district has received the least, with $8.98 million (0.11%).
Top 5 Districts
- San Salvador $803.78
- San Miguel $501.24
- Santa Ana $286.76
- Usulután $181.10
- Soyapango $177.89
Bottom 5 Districts
- Panchimalco $8.98
- Nahuizalco $15.61
- San Pedro Perulapán $22.37
- Cuscatancingo $34.07
- San Marcos $38.60
SEE ALSO: Analyzing Poverty in El Salvador: An Insight Into El Salvador’s Poverty Rate!
Remittances sent to Salvadorans are pivotal in the nation’s economy, providing vital financial support to many families.
Data from the Multiple Purpose Household Survey (EHPM), published by the Salvadoran Ministry of Economy, indicates that 1.63 million Salvadorans benefit from remittances. Many of these people are in extreme poverty or relative poverty.
Remittances have increased steadily in the last decade; they are a big part of El Salvador’s Gross Domestic Product, GDP.
