An estimated two million Salvadorans now live in the United States and businesses back home are eagerly working to meet the needs of these ex-patriates by providing everything from familiar food from home to financial services. The undisputed leader in this last endeavor is the Banco de Comercio, through its affiliate BANCOMERCIO, which has seven offices in the United States and is planning more.
"In the Washington area alone we have four branches, one in D.C., two in Virginia and one in Maryland," explains the bank's president José Gustavo Belismelis Vides. "Plus three in the Los Angeles area and we're planning another in Washington, and three in New York."
The bank's principal activity in the United States is handling the remittances sent back home by Salvadorans with which they support not only their families but also help the economy of their homeland.
"Salvadorans so far from home want a service with which they can identify and that's what we provide," says the banker. "And we can do it cheaper, quicker and more efficiently than the established currency transfer services. This is also not a market which the big American banks want to bother with."
Mr. Belismelis also explains that Banco de Comercio has established alliances with some other banks in the region, with the main purpose of transfering money from the United States to other Central Americans countries, helping not only Salvadorans but also Guatemalans, Hondurans and other regional citizens, to safely send home their family support.
The remittance business is a very good way to contribute to Salvadoran economy, and other Salvadoran banks are opening branches in the United States to serve this niche market. Meanwhile, the Banco de Comercio is planning to expand its range of services there.
"If the TPA (Trade Preference Act) is signed, our intention in the future to offer full banking to all our Central American compatriots living and working in the United States and that will include savings and checking accounts, credit cards, loans, etc. That's our objective. But for the moment we're encountering some obstacles in trying to obtain the necessary licenses," Mr. Belismelis complains.
"There is so much bureaucracy because of the banking regulations and the rules are different in each state so it takes time to get all the various approvals. But we're patient and everything will work out in the end."
I tell all the Salvadorans living and working in the United States: Just wait! With the TPA, pretty soon all our financial services including our Banco Ofertas will be available to you in your new home.
