Since January 1, 2001, El Salvador has operated a dual-currency
economy, with both the local currency, the colón (often called the
peso), and the US dollar recognized as legal tender for all transactions.
The colón, however, is slowly being withdrawn from circulation, and the
dollar will become the sole unit of currency from 2003.
The colón is divided into 100 centavos. There are coins of 5c, 10c, 25c
and 1 colón, and bank notes of 1, 5, 10, 25, 50, 100 and 200 colones.
All US dollar notes and coins are now in free circulation
Exchange and banks
There is a fixed exchange rate of US$1=8.75 colones, and banks do not
charge a commission for changing either currency into the other. All
goods and services can legally be paid for in either dollars or colones,
though in practice some vendors still...
There is a fixed exchange rate of US$1=8.75 colones, and banks do not
charge a commission for changing either currency into the other. All
goods and services can legally be paid for in either dollars or colones,
though in practice some vendors still prefer one or other. Outside the
top-end hotels and restaurants, the best way to pay is in cash.
Travellers' cheques are becoming more widely recognized, but at present
can only be changed in banks (you'll need have your proof of purchase in
order to change them). A few ATMs ( cajeros electrónicos , mainly
operated by Banco Agrícola, Banco Salvadoreño, Banco de Comercio and
Banco Cuscatlán) accept foreign-issued Visa and Mastercards (Visa is
more widely accepted) and dispense US dollars. Opening hours for banks
are 8.30 or 9am until 4 or 5pm, and some of them close for an hour at
lunch. Some banks in the larger cities also open between 9am and midday
on Saturday. There are casas de cambio in San Salvador, Santa Ana and
San Miguel (generally open daily 9am-5pm). Moneychangers can be found at
borders, and along Alameda Juan Pablo II in San Salvador, but exercise
caution.
Converting dollars and colones
The following shows conversion rates between colones and dollars based
on the fixed exchange rate of US$1=8.75 colones US$ Colones ...
The following shows conversion rates between colones and dollars based
on the fixed exchange rate of US$1=8.75 colones
|
US$
|
Colones
|
|
1 |
8.75 |
|
2 |
17.50 |
|
5 |
43.75 |
|
10 |
87.50 |
|
20 |
175.00 |
|
50 |
437.50 |
|
100 |
875.00 |
|
1000 |
8,750.00
|
|
Quarter ($0.25)
|
2.19 |
|
Dime ($0.10)
|
0.88 |
|
Nickel ($.05)
|
0.44 |
|
Penny ($0.01)
|
0.09 |
Costs
Day-to-day living is, for foreigners at least, very cheap in El
Salvador. A cup of coffee will cost US$0.25-60, while a soft drink will
be US$0.50 and fresh juice US$1. Cigarettes are around US$1.40 a packet,
while a meal in an ordinary café will set you...
Day-to-day living is, for foreigners at least, very cheap in El
Salvador. A cup of coffee will cost US$0.25-60, while a soft drink will
be US$0.50 and fresh juice US$1. Cigarettes are around US$1.40 a packet,
while a meal in an ordinary café will set you back around US$2-3. Also
very good value are bus fares .
In expensive hotels and restaurants, service charges and taxes are added
to the bill automatically; room taxes are 13 percent while service
charges are 7-10 percent. If you're spending less than around US$30 a
night for a room however, the tax is usually not charged. There's no
entry tax if you arrive by bus or plane (though you'll have to purchase
a US$5 entry card); travellers entering by car have to pay a fee - there
have been stories about people bringing cars into the country being
overcharged, so it's best to check with a Salvadorean embassy for the
correct schedule of prices before you arrive. The airport departure tax
is currently US$28, which must be paid in cash.
|
