Receive payouts by local wire transfer in USD (El Salvador)
Overview
A local wire transfer in USD is a transfer of funds between banks in the Republic of El Salvador in the local currency, USD. This method is valued for its reliability, convenience, and speed, as it provides a direct transfer from one bank account to another within the country.
Supported currencies
- US dollar (USD)
📌 If the currency of your balance in Smartcat is different from USD, the funds are converted to USD using the Smartcat exchange rate.
Commission
5 USD
You can view a list of companies that are reimbursing your commission in My Payouts (click the More Details button on your payout method).
Minimum and maximum payout amounts
From 10 USD
Smartcat lets you set the minimum amount from which a payment is sent to you. You can learn more in the article Minimum payout amount.
Required details
| Field | Individual | Company | Description |
|---|---|---|---|
| Beneficiary type | ✓ | ✓ | Individual or company beneficiary |
| Beneficiary first name | ✓ | ✕ | Name of the individual beneficiary |
| Beneficiary last name | ✓ | ✕ | Last name of the individual beneficiary |
| Birth date | ✓ | ✕ | Beneficiary's birth date |
| Beneficiary company name | ✕ | ✓ | Beneficiary's company legal name |
| Account number | ✓ | ✓ | Beneficiary's bank account number |
| Beneficiary's phone number | ✓ | ✓ | Correct beneficiary's phone number |
| Bank name | ✓ | ✓ | The name of the bank accepting the funds, from the available ones: BANCO AGRICOLA, BANCO SALVADORENO DAVIVIENDA HSBC, BANCO AMERICA CENTRAL (BAC CREDOMATIC), FEDECREDITO |
| Branch city | ✓ | ✓ | City in which the branch of the beneficiary's bank is located |
| Beneficiary's account type | ✓ | ✓ | Savings/Check |
Advantages
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Cheaper than international transfer. There is no intermediary bank, and the commission is lower than for an international wire transfer.
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Speed. Payouts are processed in up to 3 business days on the Smartcat side and up to 1-2 business days on the bank side.
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Funds are received immediately in the local currency. You do not spend money on additional conversions and can use the money in your country right away.
FAQs
I chose this method, but the payment was rejected. Why?
Do the following:
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Make sure you provide payment details for a local wire transfer (not an international SWIFT transfer)
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Make sure the postal code, city, street, and house number are specified in the corresponding fields of the details. Make sure you do not enter a PO box or email address instead of your residential address
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Check that the account number, bank name, branch (only digits are allowed), SWIFT, and account type are correct
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Make sure the name of the account holder is entered in the details exactly as it appears in the bank details, including all spaces and symbols
If the details you provided are correct, contact your bank branch to find out the reason for the rejection on the bank's side.
I cannot find the payment. What does the payment look like on the bank statement?
If you cannot find the payment, check your account statement for the following transactions.
As a reference, the payment ID can be specified in the format PO-XXXXXX-XXXXX, which you can find in the Payout History section.
SMARTCAT EUROPE BV, AIRWALLEX, or Banking Circle SA is displayed as the sender, depending on the receiving bank.
For which countries is this method available?
The method is only available for receiving funds to a bank account in El Salvador.
I received a payment. What details should be used for billing?
When receiving funds by local bank transfer in USD, enter the following Smartcat details in your account:
Company name: Smartcat Platform Inc.
Company address: 2810 N Church St PMB 50985, Wilmington, Delaware, 19802-4447, USA
Still need help?
Our support team responds within one business day.