Living
Opening a bank account in El Salvador.
How banking works in El Salvador — which banks accept foreigners, what documents you need, wire fees, bitcoin at the bank, and how to move money in.
Last checked
The short answer
Opening an account as a foreigner is possible but easier with residency. Banco Agrícola, Banco Cuscatlán and Davivienda are the main options. Expect to provide residency documents, proof of income and a reference. The country uses the US dollar, so there is no conversion.
El Salvador dollarised in 2001, so there is no exchange to manage — but that does not make the banks easy to join.
What you need
- Passport and, ideally, a residency card
- NIT — the tax number. A lawyer gets one in days.
- DUI — the national ID, for citizens and residents
- Proof of address, usually a utility bill
- Proof of income or the source of funds
- Often, a reference from an existing customer or your bank at home
Compliance tightened considerably after the country’s FATF review, and branches apply the rules unevenly. Bring more paperwork than you think you need and go in person.
The banks
Banco Agrícola — the largest, best branch network, most used by foreigners. Banco Cuscatlán — good digital banking, reasonable with expats. Davivienda — Colombian-owned, regional transfers work well.
Online banking is fine. English is not guaranteed at the branch.
Getting money in
Do not use a bank wire for regular transfers. Wise and Remitly land dollars cheaper and faster; the send money guide has the current comparison.
For a property purchase, the money does need to arrive through the banking system with a documented source of funds — start that conversation with the bank weeks before closing, not days.
Bitcoin
Bitcoin is legal tender and Chivo Wallet exists, but the banking system treats crypto conservatively. Do not assume you can convert a large position through a Salvadoran bank without a compliance conversation. See bitcoin in El Salvador.
Questions people actually ask
Can a foreigner open a bank account in El Salvador?
Yes, though most banks want residency, a DUI or NIT tax number, proof of address and proof of income. Tourists can rarely open accounts.
What is a NIT?
The tax identification number. You will need one for a bank account, a property purchase and most contracts. A lawyer can obtain it quickly.
Is it cheaper to use Wise than a bank wire?
For moving money in from abroad, almost always. Bank wires cost $25–50 plus correspondent fees. See [sending money to El Salvador](/money/send-money-to-el-salvador/).
Last checked September 9, 2026. Rules and prices change — if you find something out of date, tell us.
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