Social Security direct deposit to Ecuador Bank

Hi I don't know but am interested in the following areas: Loja, malacatos, cuenca, ambato and banks. Will be visiting on first week of Feb 2015. My email is  [email protected] gracias.

Joe,

If I get a response, I will let you know.  I am in Cuenca, but a lot of the bigger banks (like Pichincha and Guayaquil) are in most towns and all cities.  We have an account at Pichincha, and they have been pretty good, but they do not accept direct deposit from the US (unless something has changed in the last couple months that I am unaware of).

Mary

Totally off topic

Hi Mary,  It's my understand that no bank in Ecuador are permitted to accept Social Security payments from the US.  A friend there just found herself in a predicament when she thought her Social Security would be deposited in an Ecuadorian bank ... only to find out that she had no access to her money.   She finally set up an account with Direct Express that provided her with a debit card that can be used in Ecuador.  Now she can withdraw from her DE account and deposit in her Ecuadorian bank account.

https://www.usdirectexpress.com/edcfdtclient/index.html

You might also consider an online bank to deposit your Social Security,  there are many choices, here's a google search  http://bit.ly/1ybhtoT

Hope that helps,  Joanne

[Moderated: Off topic]

Joanne,

Thank you for the links.  I will check them out.  Do you have to be present (in the States) to set up the debit card?

Mary

Hi Mary,

Anytime.  Glad that it helped.

My friend did it from Ecuador by phone. She's in Cotacachi. 

Jo Anne

Joanne,

Great - Thanks again.  I'll give that a go.

Mary

Joanneinict wrote:

It's my understand that no bank in Ecuador are permitted to accept Social Security payments from the US.  A friend there just found herself in a predicament when she thought her Social Security would be deposited in an Ecuadorian bank ... only to find out that she had no access to her money."

Before Joanne (who is in Witchita, Kansas, USA, according to her expat-blog profile) takes any more bows, it needs to be pointed out that she is flat-out mistaken in "my understand (sic) that no bank in Ecuador are permitted to accept Social Security payments from the US."

I'll get to the correction presently and explain how U.S. Expats can get their SS payments direct-deposited in an EC bank.

First, I want to make the point that I've noticed that getting access to U.S.-deposited funds has become more difficult in recent years, possibly due to protective measures taken by North American banks to fight off hackers. 

I have been using Visa cards to take money out of ATMs here in Quito since 2001, first as a periodic visitor and since last year as a resident.  I have noticed over time that it has become harder and harder to find ATMs that will read the Visa cards and-or then dispense more than $100. Ipso facto, it is more important than ever for Expats to find new way(s) to access their cash.  It is so much more convenient to do so at a local and reliable Ecuadorian bank than to hunt all over town for a serviceable ATM.

Yes, Joanne's friend was denied direct deposit, but that's because she didn't know which bank to go to.

U.S. Expats do have a way to get SS direct deposits.  They can go to the U.S. Embassy in Quito to set it up.  (I have read that consular services in Cuenca are expanding, so that may be another venue.)

This service is handled by the Embassy's Federal Benefits Unit (FBU). The details on how and when to visit the Embassy are at the website ecuador.usembassy.gov ... FBU can also be contacted via email at [email protected]

I started receiving monthly SS benefits direct-deposited to my U.S. bank, Wells Fargo, shortly before moving to Ecuador last year.  In July of this year, I went to the Embassy in Quito and applied for the change in direct deposit, requesting that the money go to my bank in Quito:  Banco de Guayaquil.

The representative of the Embassy told me that the deposits to my Banco account would begin in early October, and that is exactly what occurred.  I received the first direct-deposit to my Banco account on October 3rd, several weeks ago.

There was an added benefit to my making the change of banks.  I had been receiving the monthly payment during the last week of the month.  Since I received my final payment at Wells Fargo the last week of September and my first payment at Banco on October 3rd, it was like getting a bonus SS payment since I waited only about a week, and not the usual 30 days, between deposits.  A letter I received from Social Security Administration says I can expect to receive future payments during the first three days of each month.

BTW, it's possible that one or more other Ecuadorian banks currently accept direct deposit of Social Security payments.  As a customer of Banco de G., that's the one I know from personal experience.

cccmedia, Quito

Joanneinict wrote:

It's my understand that no bank in Ecuador are permitted to accept Social Security payments from the US.  A friend there just found herself in a predicament when she thought her Social Security would be deposited in an Ecuadorian bank ... only to find out that she had no access to her money."

Before Joanne -- who is in Witchita, Kansas, USA, according to her expat-blog profile -- takes another bow, it needs to be pointed out that she is flat-out mistaken in "my understand (sic) that no bank in Ecuador are permitted to accept Social Security payments from the US."

I'll get to the correction presently and explain how U.S. Expats can get their SS payments direct-deposited to Ecuador.

First, I want to make the point that I've noticed that getting access to U.S.-deposited funds in EC has become more difficult in recent years, possibly due to protective measures taken by North American banks to fight off hackers. 

I have been using Visa cards to take money out of ATMs here Quito since 2001, first as a periodic visitor and since last year as a resident.  I have noticed over time that it has become harder and harder to find ATMs that will read the Visa cards and then dispense more than $100.
Ipso facto, it is more important than ever for Expats to find ways to access their cash.  It is so much more convenient to do so at a local and reliable Ecuadorian bank than to hunt all over town for a serviceable ATM.

Yes, Joanne's friend was denied direct deposit, but that's because she didn't know which bank to go to.

U.S. Expats do have a way to get SS direct deposits.  They can go to the U.S. Embassy in Quito to set it up.  (I read that consular services in Cuenca are expanding, so that may be another venue.)

This service is handled by the Embassy's Federal Benefits Unit (FBU). The details on how and when to visit the Embassy are at the website ecuador.usembassy.gov ... FBU can also be contacted via email at [email protected]

I started receiving monthly SS benefits direct-deposited to my U.S. bank, Wells Fargo, shortly before moving to Ecuador last year.  In July of this year, I went to the Embassy in Quito and applied for the change in direct deposit, requesting that the money go to my bank in Quito:  Banco de Guayaquil.

The representative of the Embassy told me that the deposits to my Banco account would begin in early October, and that is exactly what occurred.  I received my first direct-deposit to my Banco account on October 3rd.

There was an added benefit to my making the change of banks.  I had been receiving the monthly payment during the last week of the month.  Since I received my final payment at Wells Fargo the last week of September and my first payment at Banco on October 3rd, it was like getting a bonus SS payment since I waited only about a week and not the usual 30 days between deposits.  The letter from Social Security Administration says I can expect to receive future monthly deposits during the first three days of each month.

BTW, it's possible that one or more other Ecuadorian banks currently accept direct deposit of Social Security payments.  As a customer of Banco de G., that's the one I know from personal experience.

cccmedia, Quito

LOL, taking bows?  Really?  Do you always feel the need to be snarky and sarcastic?

What I posted came directly from a friend who had her direct deposit denied twice by Banco de Guayaquil.  Are  you saying that it didn't happen?   She went through the Federal Benefits Unit at the Embassy ... in Quito ... and thought it was done correctly and was told that her deposits would go directly to her account at the Banco de Guayaquil. That was her experience not mine that I was passing on. 

By the way, it's Wichita.  Not Witchita.

Joanne,

I regret spelling Wichita incorrectly.

Please forgive me for my snarky "take any bows" comment.

I never said your friend wasn't denied direct deposit by the bank.  She should ask the Embassy to review her paperwork and assist her in getting proper treatment from Banco de Guayaquil.

Apology accepted. Thank you!

She has now worked everything out to her satisfaction.

cccmedia -

As I understand it, one may not open a bank account in Ecuador without a credula. And the credula cannot be had until after a permanent residency visa has been issued. And one must apply for both the residency visa and credula while in Ecuador.

So that would seem to mean that there are limited methods of moving direct deposit payments to Ecuador banks, AND it cannot be done anyway until after you're already there and all the Ecuador documents are in order - which could be months after arrival.

So in the meantime you're playing the ATM slot machine game to stay afloat.

Once the visa/credula documents have been acquired, and you are permitted to open an Ecuador bank account.

In order to have SS direct deposited you must:

A. Go to the US embassy and submit request forms to have direct SS payment into an Ecuador bank account or

B. Have SS payment direct deposited into a US bank account and then wire transferred internationally, or live off of ATM withdrawls.

Is it not possible to contact the SSA firsthand to arrange the direct deposit to be made into a foreign bank?

Thanks for your help clearing up these confusing financial and document issues.

gardener1 wrote:

cccmedia...
Is it not possible to contact the SSA firsthand to arrange the direct deposit to be made into a foreign bank?

Thanks for your help clearing up these confusing financial and document issues.

Top Cat,

As you suspect, the lack of an Ecuadorian ID or cedula is going to prevent you from arranging such SS direct deposit beforehand, because you won't be able to open an EC bank account from outside the country.

The scenario you paint is accurate.  To set up the direct deposit, you will have to come to Ecuador and go through the steps you described.  Indeed, you will live for months off ATM withdrawals, the cash (up to 10K allowed) you brought into Ecuador, and any income derived in EC itself. 

As for wire transfers, I have done a lot of research on this and even set up one from Ecuador with a major U.S. bank.  However, they're tricky.  Some U.S. banks require you to send the first wire while within the U.S.,
which posits even more logistical problems.  I wouldn't recommend counting on wires;  you'd need to get real clear with your bank(s) before  leaving for Ecuador.

Highly recommended:  bring at least two credit and-or debit cards.  The possibility of a loss or theft or one of the cards being blocked for security reasons could leave one high and dry for weeks if something goes wrong with one card.  Also, if you have a family member or loved one you trust back home, you might set up a plan to wire you some emergency money if it comes to that.  What that plan might entail depends on pertinent personal details.

Yes, it is all more complex than it seems at first glance.

As to the carrying cash part, I've given that a lot of thought too. Although I would like to leave the US with the unreported less that $10,000 per person, the problem is - what to do with such cash when we get to Ecuador?

We can't put it in the bank because we can't get a bank account until all the Ecuador documents are processed and received. We would be staying temporarily somewhere, in rooms or perhaps a serviced apartment, where the hell do you stash ten thousand dollars or so in a temporary room?

If you go through Nards Barley's posts a few months back, his shiny new Cuenca apartment was robbed and now he keeps all his valuables locked in a vault he constructed in his apartment. I daresay most hostal rooms are not equipped with such vaults.

I ponder these problems endlessly.

And here's another day brightener for the global computerized banking/payment/transfer system:

Officials warn 500 million financial records hacked
http://www.usatoday.com/story/news/poli … /17615029/

CCCMedia et al,

Thank you so much for all the information.  I was pretty sure that Banco Guayaquil, and one other bank can be set up with direct deposit, but unable to find any confirming information on-line.  CCCMedia, did you have your account at Guayaquil set up before you went to the consulate?  We already have an account at Pichincha, but pretty sure they do not do direct transfers from the USA.

I will start with the consulate.  They send some folks up here to Cuenca from Guayaquil once every other month, so I will watch for that and start there.  We are getting very weary of playing the ATM game, even having to file complaints now on two occasions where they took the money out of our account, but did not give us the cash.

Mary

gardener1 wrote:

As to the carrying cash part...We would be staying temporarily somewhere, in rooms or perhaps a serviced apartment, where the hell do you stash ten thousand dollars or so in a temporary room?

You don't.  Just bring the cash you're comfortable with and a couple of cards for ATMs.  Travelers checks were once a solution but most of the banks have stopped dealing with them.

If you're working with an immigration attorney toward a residence visa, maybe the attorney has a plan.  I used to wire goodly amounts to my Quito attorney toward my condo purchase and the money went temporarily into the EC equivalent of an escrow account.

MByerly wrote:

CCCMedia, did you have your account at (Banco de) Guayaquil set up before you went to the consulate?

Mary,

You must acquire the bank account before going to a U.S. Embassy or Consulate.  Your bank account number is a vital piece of information that Social Security Admin. will need to set up your direct depositing.

CCCMedia,

That's what I thought.  Thank you.

Mary

Guayaquil Bank gave me a hard time flipflopping, so I use Produbanco, which is the second bank that is used by SS, and I am very pleased with it, as I also used it for accepting wiring for purchase of an apartment with no problems  Also, I learned everything is easier with a good attorney... and living in Quito makes it much easier to get to the US Embassy,

Andrelitta,

Thank you so much.  I knew I had heard of another bank besides Guayaquil.

Mary

Mary;
Just keep your SS deposits in your North American bank and use the ATM card. I have an account with Banco Pichincha but I would not trust the electronic transfer from SS, so I keep my Schwab account and live off of my Schwab ATM card.
Malcolm Reding

Any resident Expat in EC relying on a single U.S.-based ATM card should keep several weeks' worth of cash on hand.

It typically takes about two weeks for a replacement card to arrive, and there are numerous problems you can encounter from time to time with any card (e.g., lost or stolen, damaged, ATMs won't process it, bank places a hold due to security issue).

Luckydawg,

Thank you for the advise.  That is exactly what we have been doing for the past 1 1/2 years, however, we have been running into increasing difficulties getting cash from the ATMs (they pull the money from our account in the states, but don't give the cash), which leads to calling our bank in the USA and fighting for the money we should have had.  I, too, have an account at Pichincha, and have only had occasional ATM troubles using their ATMs, but often they are not where we are. 

I know that having SS direct deposited is safe (not electronic transfer).  It is just a matter of which banks (not Pichincha) and getting the paperwork done, which means opening another bank account at either Guayaquil or Produbanco.  Still working on it.

Mary

Is Wells Fargo the only us bank that deals with Ecuadorian banks? i haven't heard of any other.

margomurdock,

For what?  Wire transfers?  I haven't tried, but I suspect most banks will wire transfer with the required information - for a fee.  Mine tells me they will, but I have yet to ask them to.  Some require you to be present for the first transfer, however - hard to do if you live in Ecuador.  Direct deposit is directly from Social Security into the bank account.  No transfer fee. 

Mary

I was referring to the direct deposit of the social and the fact that they were your bank of record in the states.  everyone i have spoken to mentions wells fargo as the starting point.   i have my social deposited into a state bank not a national or international bank so my question would be, do i need to first transfer into some sort of national bank like wells fargo or banking with capital one? has anyone had their social deposited into its banking system.  Thanks for the quick response.

margomurdock wrote:

i have my social deposited into a state bank not a national or international bank so my question would be, do i need to first transfer into some sort of national bank like wells fargo or banking with capital one?

If you're not sure about this, you can email the Federal Benefits Unit at the U.S. Embassy in Quito, [email protected], before going to the Embassy to fill out the relevant Social Security paperwork.  You will need an EC bank account to do that paperwork.

Thanks. This is prep work. Coming down at the end of the month for 2 months for a longer test drive. Just collecting as much info for a potential move. Vilcabamba doesn't even have a bank, just atm's. One is banco Guayaquil.  Can't afford screw ups after the move. Thanks

margomurdock wrote:

Just collecting as much info for a potential move....Can't afford screw ups after the move.

Amamos Ecuador, but...

Screw-ups now and again are a part of life here.

When it comes to maintaining access to your funds, I say do what you are talking about -- collect as much info as you can -- and then make at least one backup plan.

cccmedia, Quito

Thank you all!

Wow a long string here on ATMS etc. So quickly, I am coming to Ecuador(Cuenca) for 12-2 to 12-20 to look at possible retirement. SM60.

Are some saying my BOA Debit cards will not work in Ecuador? My code has 6 numbers.  I heard I may have to change it to 4?

On SM60 would Quayaquil, Quinto or Cuenca be better for single male who may want to meet someone?

Bill

Why not contact the banks in Ecuador directly?

This is a Blog and therefore the information given is not always correct or up to date. Get the information from the "Horse's Mouth" as it were.

Regards .... Tom

Bill Woods wrote:

Are some saying my BOA Debit cards will not work in Ecuador? My code has 6 numbers.  I heard I may have to change it to 4?

On SM60 would Quayaquil, Quinto or Cuenca be better for single male who may want to meet someone?

Bill, I have debit cards from two U.S. banks and they work here in EC (although sometimes you will encounter ATM machines that don't read individual cards).  Over the years since 2001 I have used various U.S.-based credit and debit cards here and never had to change my PIN code.  Let your banks know you'll be in EC or they may put a security hold on your card;  you can confirm the PIN will be good during those calls.  (Relying on a single card is gambling, IMO.)

As a single male, you should know that Cuenca has a lively Expat community with events going on all the time and plenty of social opportunities along those lines.  Here in the capital, we have fiestas and field trips each month courtesy of such groups as South American Explorers and Internations;  Expats and Ecuadorianos alike participate.

Unless you have a loved one there, avoid Guayaquil.  It's hot, humid and not even at the beach.  Don't get me started on their "secuestro express" problem.

cccmedia, in "Quinto"