Few years ago, people found it difficult to send money to foreign countries like El Salvador. You often had to rely on bank transfer methods to get money to your clients or loved ones. Nowadays, you do not need to visit a bank to send money to a loved one in El Salvador.
Several online money transfer services allow you to send money to El Salvador and every other part of the world. All you have to do to start sending money to El Salvador is create an account with these transfer service providers. This article will briefly explain how you can send money to El Salvador using online money transfers and bank deposit methods.
Things to Consider When Trying to Send Money Online to El Salvador
Sending money online has its perks. However, before sending money online, you must understand a few things. You cannot trust any platform to deliver quality services that meet your expectations. To this end, there are several criteria you must consider before picking your online money transfer service:
Patronize a Reputable Platform
For several reasons, it is best to patronize reputable platforms with experience in money transfers. First, these platforms have learned how the finance industry works and can deliver money to El Salvador with minimal fuss. Secondly, because they’ve been in the industry for a long time, they have built trust with their customers, who are likely to recommend the platforms to others.
Additionally, you can find enough information on these platforms online. You will also find that the platforms have efficient and friendly customer service teams that make your experience worth the while. Money transfer platforms like Payoneer have a reputation that precedes them. You can use Payoneer or any other reputable brand like Wise to send money to your loved ones in El Salvador.
Transfer Fees
You must not ignore the transfer fees charged by money transfer platforms when transferring money to El Salvador. Some platforms have exorbitant transfer fees, making it quite challenging to transact with them. It is best to check each platform’s transaction fee and then compare it with others on the market. It is best to find another platform if you find that your desired one charges premiums on each transaction.
Also, consider the transaction conditions before sending money to your recipient’s bank account. Some money transfer companies require you to pay your transfer fees upfront before sending money to the recipient. It is best to avoid such companies.
Exchange Rates
Another feature you must not overlook is the exchange rate. It is best to go with a licensed money transmitter that offers the best exchange rates. As such, you will not lose money when sending funds to El Salvador. You can trust platforms like Payoneer and Wise to offer the best money transfer services and rates.
Transfer Limits
Some mobile money transfer services will not allow you to send more than a specified amount to your clients or loved ones. If you want to perform large transfers, it is better to look for a service provider with the best deal to allow you to send large sums of money at affordable rates. It would help if you considered platforms like Payoneer, Wise, or Stripe to enjoy large transfers at affordable rates. Alternatively, you can use Western Union to wire money to your clients or loved ones in El Salvador.
Money-Back Guarantee
It is best practice to consider money transfer platforms with certain transaction conditions. First, you must ensure that the cash transfer platform you pick has a money-back guarantee such that you get reversals on failed transactions. You need to pay attention to this feature because certain brands do not take responsibility for failed transactions and will not send back your money.
Transfer Duration
You must also confirm how long it takes to make transfers or withdrawals from these platforms. Although some platforms receive low transaction fees, they take a long time to send money to the recipient’s bank after collecting their information. On average, it takes about two to three business days to transfer money to your clients in El Salvador. If you use Payoneer’s Mastercard, it will take only a business day to get your money in your El Salvador account.
Ways to Send Money to El Salvador
There are several ways to send money to your El Salvador bank account. However, the two most reliable forms of money transfer we would advise you to use include the following:
- Online Money Transfers
- Bank Transfer
1. Secure Online Money Transfers
The best way to transfer money online is to leverage online money transfer services. Although you will typically find several platforms to send money to El Salvador, some do not offer the required quality. You will find that some of these money transfer companies charge excessive transfer rates. Some platforms do not support features like ACH transfers, bank-to-bank transfers, and international money transfers in several currencies. To this end, we have picked out some outstanding options you could use to send money to El Salvador.
Payoneer: The Best Option
Payoneer is one of the most exciting money transfer platforms to get money in your bank account within reasonable timeframes. It also supports money sending to El Salvador and several other countries. You can send money to virtually any country you choose since the platform has more than 150 currencies it works with and can support money sending to 200 countries.
You can relax while using this platform to send money to El Salvador because the brand is one of the most trustworthy names on the market. Moreover, you will enjoy using this service because it has good terms of service and does not require you to provide account statements for your bank accounts before creating an account. Additionally, the brand has a favorable exchange rate and comfortable transfer fees for small and medium-scale businesses.
This international platform helps you to send and receive money in the same way as you’d do when receiving bank deposits. However, unlike deposits from physical banks, you get to monitor the progress of your transfers. Also, you do not need to leave the comfort of your home to send money to your colleagues or family in El Salvador. You can do all the transfers using your Payoneer mobile app or web page.
Features
Payoneer has several exciting features that make it one of the best in the world. First, you can make money transfers to over 200 countries globally. Payoneer also supports 150 different currencies and allows you to convert money from one currency to another. You can also track your transactions, generate account invoices, make payments, and access other features while using the platform.
You can choose from more than one payment method when using Payoneer to transfer money to El Salvador. In addition, you can credit your account using your credit or debit card. The prepaid MasterCard allows you to pay for products and services online.
Another impressive thing about this service is that you can choose whether you or the client pays the transfer fee on each transaction. Also, the brand allows users and non-users to transact on the platform.
Non-Payoneer users get a unique bank account number that helps them to receive money from clients. You can also request payments from non-Payoneer users who can use the bank account details from your mobile wallet to pay directly into your account. Additionally, Payoneer has multiple payment methods like debit cards, credit cards, local and global wallets, and bank transfers.
Pros
- Quick money transfer
- Non-location based
- Secure
- Excellent for paying clients in El Salvador
- No fees on account maintenance
Cons
- No agent location for physical cash pick up
2. Bank Transfers
Another good way to send money to El Salvador is through bank delivery. You can send cash to El Salvador by visiting any physical bank that supports Western Union transfers. You need the recipient’s information to pay money into their bank account. Once you have the correct information, you can wire money directly into their account and wait for them to get the credit alert.
You must note that bank transfers have different fees, and you cannot monitor the transfer like mobile money platforms. This is the best option for you if you have the cash you need to send to your clients in El Salvador. Alternatively, you can send the cash to your bank account, credit your e-wallet on Payoneer, and send the money to them. You may also want to send cash through physical agents for cash pickup. However, we do not advise using these agents since security is not always guaranteed.
Are There Other Mobile Transfer Platforms Apart From Payoneer?
Yes. You can send money using other platforms like Wise. Wise is one of the renowned platforms you can use to send money to people in El Salvador. Like Payoneer, Wise also has some excellent features you can leverage. Alternatively, you could use Stripe as an alternative. However, the platform still features as a favorite for many users due to its flexibility.
Wise is a safe alternative to Payoneer. If you do not want to use payoneer, you can use Wise to send funds to El Salvador online.
Conclusion: How to Send Money to El Salvador Online
You can leverage several methods to send money to El Salvador. However, the best way to send money to your friends, family, or clients in El Salvador is to use online transfer services. One of the most trusted services you could use is Payoneer. Payoneer has exciting features and low transfer rates, which makes the platform perfect for personal and business use.
Other alternatives you could use to pay money to people in El Salvador are Wise, Stripe, bank deposit, and many other platforms. Ensure to consider several features, as we mentioned earlier, before patronizing alternative platforms.
Related resources: Ecom Resource Hub
Paul Martinez is the founder of EcomSidekick.com. He is an expert in the areas of finance, real estate, eCommerce, traffic and conversion.
Join him on EcomSidekick.com to learn how to improve your financial life and excel in these areas. Before starting this media site, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.