I crossed into Honduras (from Nicaragua) today. No issues for me or my Australian or Israeli buddies (both with US-plated bikes). The border crossing was almost pleasant - a lazy sunday afternoon on the Las Manos crossing. Highly recommended when going north.
The crossing you want to do, however, sucks. El Salvador -> Honduras on the interamericana is the WORST BORDER CROSSING in Central America. Be sure to get there early, it could take up to four hours (and I've heard worse stories). People try to scam you constantly. You should be able to get across spending only about $40-50 usd (crazy expensive for a 150km jaunt to Nica).
Beware the scam "the bank is closed". I just crossed on Sunday and the aduana agent was more than happy to take my $40 at the counter. Another scam: taking you to a place to have a document typed up for $20.
Honduras seems to be the only country in CA whose border is still operating in the 1970s. Pretty place though... although not the stretch you're going to drive through.
Jeff
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