The Central Reserve Bank of El Salvador published an update on the performance of Transfer365, reporting that Salvadorans have saved an estimated USD 184.13 million in unpaid interbank transfer fees over the four years since the service was launched, and that Transfer365 is the preferred option for 9 out of 10 users. Transfer365 enables free interbank payments and transfers in seconds, 24/7, including weekends and holidays. The service is offered by 26 institutions, including banks, cooperative banks, savings and loan companies, state banks, a federation, and the Ministry of Finance. Since 5 June 2021, users have transferred USD 74,261.01 million via 81,474,399 operations, with 47.7% of transactions executed by women. In April 2025, 20.92% of operations were carried out on weekends and holidays, while 49.86% were executed outside business hours. The Bank also reported on additional Transfer365 modalities launched since 2022. Transfer365 Mobile, which enables transfers using a mobile number linked to a bank account, has processed USD 83.99 million across 474,175 operations, with women accounting for 51.2% of transactions. Transfer365 Business, aimed at high-value payments, has processed USD 24,163.65 million via 235,137 operations. Transfer365 Central America–Dominican Republic, launched in 2023 and priced at USD 1 plus VAT per transfer, has processed USD 499.72 million through 72,750 operations, with estimated savings of USD 3,576,850 versus traditional transfer methods costing USD 35 to USD 70 per transaction.
Central Reserve Bank of El Salvador 2025-06-05
Central Reserve Bank of El Salvador reports USD 184.13 million in fee savings and 81,474,399 Transfer365 operations
The Central Reserve Bank of El Salvador reported that Transfer365 has saved Salvadorans about USD 184.13 million in interbank transfer fees since its launch, with 9 out of 10 users preferring the service. Available 24/7, Transfer365 has facilitated USD 74,261.01 million in transactions, with significant usage by women and outside business hours. Additional modalities, including Transfer365 Mobile and Transfer365 Business, have processed substantial transaction volumes, while the Central America–Dominican Republic service has generated notable cost savings.