How do Salvadorans typically receive money from relatives abroad?

Salvadorans have long relied on remittances from relatives abroad to support their families back home. These funds are crucial for daily expenses, education, healthcare, and improving living standards. With a growing diaspora, the method of receiving money has evolved significantly over the years.

One of the most common ways Salvadorans receive money is through international money transfer services like Western Union and MoneyGram. These services allow recipients to pick up cash in various locations across the country, ensuring accessibility and reliability. Additionally, many Salvadorans opt for digital wallets or bank transfers, which are becoming increasingly popular due to the convenience and security they offer.

In recent years, mobile money services have also gained traction. Platforms such as PayPal and other local mobile transfer apps enable quick and easy transfers directly to a recipient's phone or bank account, bypassing the need for physical locations. This method is favored for its speed and the ability to access funds without leaving home.

For remittance businesses, understanding these preferences is key to providing reliable services that cater to Salvadorans' diverse needs. By offering various channels for money transfers, businesses can tap into the growing demand for efficient and secure remittance services.

How does Chivo Wallet work for international transfers?

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Chivo Wallet, launched by El Salvador’s government, is a digital wallet designed to simplify Bitcoin and U.S. dollar transactions. For international transfers, it offers a fast, low-cost alternative to traditional remittance services. Users abroad can send funds directly to a Chivo Wallet account, and recipients in El Salvador can receive the money almost instantly, without paying high fees.

The process is straightforward: senders use a compatible crypto platform or their own Chivo Wallet to initiate the transfer. Funds can be sent in Bitcoin and instantly converted to U.S. dollars within the app, protecting recipients from crypto volatility. This feature makes it especially appealing to families who rely on stable-value remittances.

Chivo Wallet also integrates with a network of ATMs across El Salvador, allowing recipients to withdraw U.S. dollars without extra charges. By cutting out intermediaries and leveraging blockchain technology, it streamlines cross-border payments, making international transfers faster, cheaper, and more accessible. For remittance businesses, understanding Chivo’s system is key to staying competitive in the evolving digital payments landscape.

 

 

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