SawMan wrote:...or simply conclude that these generally low balance accounts are too much of a compliance risk to justify the reward....Unfortunately, most checking accounts expats would maintain would not be very attractive to a bank when weighed against the risks and costs of compliance.
When I opened my Banco de Guayaquil account in Quito in February 2014, the account I was assigned was a savings account. The bank showed no interest in my obtaining a checking account.
No big whoops, though, because Expat consumers in EC do not need to write checks so long as they have credit or debit account cards they are able to draw against.
If some Ecuador banks decide to 'stiff' Expats next year, that may be to the advantage of other EC banks to which more funds would thus be moved.
In this scenario, Expats will still have a bank in Ecuador, just not the same one as before.
cccmedia in Quito