El Salvador’s banks operate in a dollarized economy, having used the US dollar (USD) as legal tender since 2001. The Superintendencia del Sistema Financiero (SSF), or Superintendency of the Financial System in English, oversees the Central American country’s banking system.
The best banks in El Salvador range from long-established local institutions to regional groups with branches across Central America. They offer a mix of everyday accounts, business services, and options for Salvadorans living abroad.
In this guide, we’ll explore how the country’s leading banks stack up and offer pointers on how to choose the right one for you.
Key takeaways
- The top banks in El Salvador include Banco Agrícola, Banco Cuscatlán, Banco Davivienda, BAC, Banco Hipotecario, and Banco Promerica. Each has distinct strengths and focuses.
- Larger institutions like Banco Agrícola and Banco Cuscatlán stand out for national coverage, regional links, and options for Salvadorans living abroad.
- BAC and Banco Promerica connect customers to a wider Central American network, which can help if you or your business operates across borders.
- While traditional banks handle many international transfers, Western Union offers another convenient option for global payments, making it easy to send money to El Salvador.
Comparing the best banks in El Salvador
| Bank name | Best for | Products | Special features |
| Banco Agrícola | Full-service banking with broad national reach | Checking and savings accounts, loans, cards, business banking | Large branch and ATM network, strong digital banking, part of a regional financial group |
| Banco Cuscatlán | Retail and business banking with strong local brand | Personal and business accounts, loans, cards, digital banking | Nationwide footprint, modern web and app platforms, active in remittance-related services |
| Banco Davivienda | Customers wanting a long-established bank with regional backing | Current and savings accounts, loans, insurance, business banking | Long local history, backed by a regional banking group, solid online and mobile channels |
| Banco de América Central (BAC) | Regional connectivity across Central America | Personal and business accounts, cards, loans, digital channels | Member of a regional group, strong card and payments offering, useful for cross-border activity |
| Banco Hipotecario | Small and medium-sized enterprises and development-focused banking | Current and savings accounts, credit lines, SME and agricultural financing | State-backed focus on small and medium-sized businesses and productive sectors |
| Banco Promerica | Customers who value regional group support and modern channels | Personal and business accounts, cards, loans, trade services | Part of Grupo Promerica, regional reach, digital tools geared toward individuals and SMEs |
Top banks in El Salvador
Below you’ll find a closer look at some of the best banks in El Salvador, including their history, core products, and which types of customers they tend to serve well—locals, business owners, and Salvadorans living abroad.
1. Banco Agrícola
Banco Agrícola was founded in 1955 as Banco Agrícola Comercial and has since grown into the country’s largest bank by assets, with service points (branches, ATMs, and kiosks) across El Salvador. It became part of Bancolombia Group in 2006, tying it to one of Latin America’s major financial groups.
Agrícola offers checking and savings accounts, loans, credit cards, mortgages, and business banking. It also has dedicated offerings for Salvadorans abroad, including savings accounts and mortgage products that can be opened from the United States, plus a US toll-free line for customer support.
Strengths:
- Broad branch and ATM network plus digital channels
- Backed by Bancolombia Group with regional expertise
- Specific products and services for Salvadorans living abroad
Ideal for:
- Residents who want a full-service bank with many locations
- Business owners needing local and regional support
- Salvadorans in the US keeping accounts or investing back home
2. Banco Cuscatlán
Banco Cuscatlán traces its history to 1972 and is currently the second-largest bank in El Salvador by assets. It became the first Salvadoran bank to install an ATM in 1984 and later built Torre Cuscatlán, a high-rise headquarters that became a local landmark.
Today, Banco Cuscatlán offers personal and business accounts, loans, credit cards, and digital banking through web and mobile platforms. The bank also actively engages with the Salvadoran diaspora in the United States, promoting savings and financial services at events and through specialized “remesas” (remittance) teams.
Strengths:
- Second-largest bank in the country by assets
- Wide range of retail and business products and digital channels
- Programs and outreach aimed at Salvadorans in the US
Ideal for:
- Customers who want a large national bank with modern tools
- Families receiving or managing remittances
- Small and medium-sized enterprises (SMEs) looking for established local banking relationships
3. Banco Davivienda
Banco Davivienda Salvadoreño grew out of Banco Salvadoreño, founded in 1885, making it one of the longest-standing financial institutions in El Salvador. It offers current and savings accounts, consumer and business loans, credit cards, insurance, and digital banking, and has emphasized digital transformation and financial inclusion in recent years.
Strengths:
- More than a century of banking history in El Salvador
- Backed by regional parent Davivienda
- Broad mix of retail, business, and insurance products
- Focus on digital channels and financial inclusion
Ideal for:
- Customers who prefer a bank with long local roots
- Households needing both banking and insurance solutions
- Businesses that want a bank with regional backing
4. Banco de América Central (BAC)
Banco de América Central El Salvador is part of BAC Credomatic, a regional financial group founded in 1952 and now headquartered in Costa Rica with operations across Central America and the United States.
Within El Salvador, BAC offers personal and business accounts, credit cards, loans, digital banking platforms, and payment solutions. Its regional footprint makes it a common choice for customers and companies operating across borders in Central America.
Strengths:
- Integrated into a regional Central American banking group
- Range of personal, SME, and corporate products
- Strong focus on digital and card services
Ideal for:
- Individuals or businesses active in multiple Central American countries
- Customers who prioritize card and online payment tools
- People who want a bank with regional connectivity
5. Banco Hipotecario
Banco Hipotecario de El Salvador was founded in 1934 with state support and participation from agricultural and livestock associations, originally focused on long-term credit for development.
Over time, it became majority state-owned and oriented toward financing SMEs and productive sectors. Today, it offers current and savings accounts, credit lines, SME loans, and specialized products for business and agricultural clients, supported by a network of branches and digital channels.
Strengths:
- Strong historical link to national development policy
- Focus on SME and productive-sector financing
- Support channels for foreign investors and Salvadorans abroad via designated contacts
Ideal for:
- Small and medium-sized businesses seeking financing
- Agricultural and productive-sector companies
- Investors working on projects tied to local development
6. Banco Promerica
Banco Promerica El Salvador is part of Grupo Promerica, a regional group with more than 30 years in the financial sector and banks in nine Latin American countries. The Salvadoran bank began operations in 1996 and offers personal and business accounts, credit cards, loans, and trade services. Its regional links and focus on SMEs and individuals give customers access to both local support and cross-border capabilities within the group.
Strengths:
- Member of a multi-country regional banking group
- Portfolio of personal, SME, and corporate services
- Modern digital channels and trade-finance capabilities
Ideal for:
- SMEs involved in regional trade
- Customers who value a bank with both local and regional reach
- Businesses needing trade and cross-border payment solutions
How to choose the right bank in El Salvador
Choosing among the top banks in El Salvador starts with assessing your day-to-day needs and how you prefer to manage your money.
- Residents often look at branch and ATM coverage, fees on basic accounts, and the quality of mobile or online banking.
- Business owners may weigh access to credit lines, regional trade services, or specialized SME support.
- Salvadorans living abroad tend to focus on banks that offer diaspora-focused products, mortgage options from overseas, or dedicated contacts for non-resident clients.
It’s also useful to review how each bank handles international transfers, remittances, and multi-channel support. Many customers pair their local bank with a global money transfer provider to add flexibility when sending or receiving funds from abroad.
Send money abroad
A local bank in El Salvador can handle your everyday accounts, savings, and loans, while a global provider adds more options for cross-border transfers.
Western Union can complement your bank by offering additional ways to send and receive money across borders. You can use our money transfer app to send money or send money now online when you need to support family, pay expenses, or move funds from abroad.
FAQs
Expats and returning Salvadorans often prefer larger banks with easy online banking and experience working with customers who live abroad. Banco Agrícola, Banco Cuscatlán, BAC, and Banco Davivienda, for example, offer digital services and support for overseas clients.
There isn’t one bank that works for everyone, but newcomers usually look for simple account requirements, clear information, and bilingual help. Banks like Banco Agrícola, Banco Cuscatlán, and BAC have many branches and strong regional ties.
Requirements vary by institution, but several major banks provide support for Salvadorans abroad or foreign investors who need to open accounts from outside the country. Banco Agrícola, Banco Cuscatlán, BAC, Banco Hipotecario, and Banco Promerica all have designated contacts or programs for non-resident clients.
Most larger banks, such as Banco Agrícola, Banco Cuscatlán, and BAC, offer international transfers through their branches or digital banking platforms. Many people also use Western Union to send money internationally alongside their bank accounts, gaining additional payout options and channels for family support.
