New telephone-based remittance service for El Salvador

To facilitate the sending of remittances from El Salvadoreans living abroad, three companies are getting together to provide a new service.

Wednesday, June 11, 2008

The companies are the telecommunications firm Claro, the Promerica Bank and the credit card company Prepago Cardmarte.
The first customers of this new alliance will be residents of Los Angeles, and the service is expected to extend throughout the U.S. in the coming months, says Alberto Davidson, executive director of Claro/Telecom.
The system works as follows: the expatriot gets a prepaid card in which he will place the money. The recipient receives a text message on his cellular telephone advising that the money is available, using a bank card that he has been assigned. Lastly the beneficiary will recieve air time on his cellphone when he receives the funds.
It will cost eight dollars to send up to 2,500 dollars in this way.

More on this topic

El Salvador: New Rules for Remittance Businesses

December 2015

On January 4 technical standards will come into effect which must be observed by the companies dedicated to sending and receiving money.

From a statement issued by the Central Bank of El Salvador:

The Standards Committee of Central Reserve Bank has approved the Technical Regulations for the Registry,Obligations and Operation of Bodies which Send or Receive Money" in Session No.

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