How can I get the best exchange rate between the US dollar and the Salvadoran colón?
Since the Salvadoran colón was replaced by the US dollar as the official currency in El Salvador in 2001, there’s no need to convert the US dollars to any Salvadoran colónes. However, for online money transfers to EI Salvador, there are still some things to keep in mind to keep costs low.
Though you don’t need to worry about getting the best exchange rate between the US dollar and the Salvadoran colón like you would for other currencies, international money transfers usually come with a service fee, which can vary between different banks and other service providers — compare rates and fee in order to get the best deal.
For anyone traveling to El Salvador, it’s recommended to get cash before you head there. Many travelers said that credit and debit cards are only accepted at larger hotels, restaurants and shops, and for anything else you’ll likely need cash. Some travelers also said it could be hard to come by an ATM machine in smaller cities — so make sure you have enough cash in advance.
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The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
Sub unit symbol:
$1, $5, $10, $20, $50, $100
1c, 5c, 10c, 25c, 50c
The colón was the currency of El Salvador between 1892 and 2001, at which point it was replaced by the U.S. Dollar.
Sub unit symbol:
₡1, ₡2, ₡5, ₡10, ₡25, ₡50, ₡100, ₡200
1c, 2c, 3c, 5c, 10c, 25c, 50c, ₡1, ₡5
What affects exchange rates between the US dollar and the Salvadoran colón?
Even though the US dollar was adopted by El Salvador on January 1, 2001 and the circulation of the Salvadoran colón has stopped, the colón is technically still a legal tender in the country. When the Salvadoran government allowed the free circulation of US dollars in El Salvador, it set a fixed exchange rate of 8.75 colónes per dollar.
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How does the Salvadoran colón trade against the US dollar historically?
The Salvadoran colón has been pegged to the US dollar at a fixed rate of 8.75 colónes per dollar since 2001.
Adrienne Fuller is the publisher for money transfers and also the head of publishing at Finder. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. She has a BA from Colorado College and when she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.
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