One of the El Salvador banking requirements is the US Dollar exchange unit.
El Salvador Banking Requirements – In January, 2001, El Salvador put into effect the Law of Monetary Integration which designated the United States Dollar as legal currency alongside the Salvadoran Colón. Today, the US Dollar is the exchange unit in this country and one of the El Salvador banking requirements is that all banks must give you dollars. The exchange rate is one US Dollar to 8.75 Colón and that rate is always fixed. The Law of Monetary Integration also establishes that contracting can be done in other currencies to include the Yen, Euros, or other currency. The contracts must also be paid in the agreed upon currency.
El Salvador banking requirements with regards to the exchange Colón bills into Dollars
All banking transactions are conducted in dollars. It is illegal for any bank to charge a commission to exchange Colón bills into Dollars. Banks will exchange Colón bills for dollars upon nothing more than your request. Another of the El Salvador banking requirements is that all credits, deposits, pensions, and other operational transactions are all conducted in dollars.
El Salvador Banking Requirements for ATM machines such as Visa, Mastercard and American Express
As mentioned earlier, both Colons and Dollars are recognized here but visitors should convert their Colóns back to Dollars prior to departing. Visa, Mastercard, and American Express are accepted here and there are ATM machines in the major cities, service stations, and shopping malls. Travelers should use the normal precautions when going to a bank or ATM in this country as there have been instances where armed robbers follow people to the ATM or to the bank.
Banking hours are for the most part Mondays through Friday between 09:00 AM and 1:00 PM and then 1:45 PM through 5:00 PM. Some are opened with limited service on Saturdays between 09:00 AM and 1:00 PM. El Salvador banking requirements include the requirement for balancing the books on the 29th and 30th of June and then again on the 30th and 31st of December. Banks will cash traveler’s checks (hotels will too) and the identification needed will be your passport for El Salvador Banking Requirements.