SAN SALVADOR, El Salvador — Salvadorans have saved more than $153 million in interbank fees thanks to Transfer365, the country’s digital payments system, according to El Salvador’s Central Reserve Bank (BCR).
Transfer365 is El Salvador’s national real-time payment system, designed and operated by the Central Reserve Bank (BCR) to make interbank transfers faster, more accessible, and cost-free for users.
Launched in June 2021, Transfer365 allows users to make interbank payments and transfers free of charge, 24 hours a day, 365 days a year—including weekends and holidays.
The BCR reports that between its inception and January 2025, the system has facilitated 68 million transactions totaling $62.8 billion.
The system now processes 88.78% of all interbank payments and transfers in El Salvador.
In January 2025 alone, more than 3.6 million transactions worth $2.79 billion were completed. Notably, 23.3% of transactions occurred on weekends or holidays, and 48.18% took place outside traditional banking hours.
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Following strong public adoption, the Central Bank expanded the platform in 2022 with the launch of Transfer365 Mobile, which enables transfers using recipients’ phone numbers, and Transfer365 Business, tailored for corporate high-value transfers.
In 2023, Transfer365 CA-RD was introduced, enabling cross-border transfers to Central America and the Dominican Republic.
Transfer365 Mobile has processed 373,740 transactions worth $68.26 million, with women initiating 51.2%. The mobile service saw a 120% increase in transaction volume between January 2024 and January 2025.
Meanwhile, Transfer365 Business has settled $21.6 billion through 207,479 transactions since launch, with a 37% year-over-year growth reported in January.
Cross-border Transfer365 CA-RD has processed $388.1 million through 56,285 transactions, 55.8% of which were initiated by women. Guatemala leads in usage, followed by Nicaragua and Honduras.
The service has generated user savings of over $2.7 million, offering a flat fee of $1 plus VAT—a significant reduction from traditional fees of $35 to $70 per transaction.
