Payment solutions for a company from El Salvador: where to open an account?

El Salvador is rapidly becoming a major hub for cryptocurrency and traditional financial companies.

Opening a cryptocurrency company involves more than just registering a business and obtaining a license; it also involves access to banking services. Without a corporate account, it is impossible to conduct financial transactions, accept payments, and operate legally. El Salvador is a unique jurisdiction where you can not only register a cryptocurrency company, but also successfully open a bank account.

However, despite the country's crypto-friendly policy, the process of opening a bank account for a company here remains a difficult task.

In this article, we will look at the available options for opening a corporate account, bank requirements, and possible alternatives.

Where can I open an account in El Salvador?

As of today, companies can open corporate accounts in the following banks:

1. Banco Hipotecario (bancohipotecario.com.sv)

A state-owned bank that provides accounts for companies with a DASP/BTCSP (Digital Asset Service Provider/Bitcoin Service Provider) license. If your business is related to cryptocurrencies, this bank is the main option.

2. Banco Atlántida (bancoatlantida.com.sv)

A DASP-licensed bank that plans to start servicing cryptocurrency companies in the near future.

Banks' main requirements

When opening a corporate account, you need to consider:

• Physical presence of a representative

The legal representative of the company in El Salvador must be present in person to sign documents.

• Minimum authorized capital

The law requires a minimum authorized capital of $2,000. When registering a company, a certified check is issued, which is then used to open an account.

• Compliance and due diligence procedures

Banks thoroughly check clients in accordance with anti-money laundering (AML) legislation. The average application review period is 2 to 3 weeks.

• Account Management Restrictions

Some banks require that the company representative have a local tax identification number (NIT) and, in some cases, a resident status in El Salvador.

International Transfers

Once an account is opened, the ability to process international payments depends on the policies of the individual bank. In some cases, SWIFT details become available only six months after the account has been opened. Some banks may impose additional checks and restrictions on cross-border transfers until the company confirms its stable operations and compliance with regulatory security standards.

Since the official currency of El Salvador is the US dollar, international payments are carried out without the risk of currency fluctuations. However, each bank has its own rules and procedures for processing transfers.

How do banks work in El Salvador?

• SWIFT – All major banks, including Banco Agrícola, Banco de América Central (BAC), Banco Cuscatlán and others, use the international SWIFT system to process financial transactions.
• Intermediary banks – Some transfers go through intermediary banks, which can increase processing times and incur additional fees.
• Domestic and international systems – Domestic transfers are often processed via ACH (Automated Clearing House), but international payments are mostly processed via SWIFT.

Alternative banking options

If traditional banks are not an option, consider the following alternatives:

• International banks: Some entrepreneurs choose to open accounts with banks in Panama or Switzerland, which provide easy access to international financial markets.
• Neobanks and fintech platforms: Wise, Revolut allow you to make payments in US dollars without having to be physically present in the country.
• Cryptocurrency banks: With Bitcoin officially recognized in El Salvador, cryptocurrency banks like Bank Frick offer specialized financial solutions.

Despite El Salvador’s friendly policy towards cryptocurrencies, opening a corporate account requires preparation and consideration of many nuances. While Banco Hipotecario remains the main option for crypto companies, the list of available banks is expected to expand in the future. If difficulties arise, alternative payment solutions can be used.

Before choosing a bank or financial service, it is recommended to study their terms and requirements in detail. The Antwort Law team is ready to help you open an account and choose the best option for your business needs.

Antwort Law guarantees support at all stages of this process. If you contact us for company registration and obtaining a crypto license, we will ensure the opening of a corporate account, which will greatly simplify your work in this promising jurisdiction.

Alina Natalushko

Lawyer
Antwort Law