banking in Ecuador

jillnsy · 2012-02-14 01:19:55

I have just joined your forum in hopes to get some real answers from real people who feel the same way we do. We are retiring to Ecuador in June 2012 most likely on the ocean (Crucita)or a little south of Manta.We live in Ontario Canada right now. We are in the process of selling off all our goods and home,cars,boats and timeshares. If anyone can help us with banking - especially pensions automatically dep. into Canadian accounts and how to get monies to Ecuador. Recommend a bank in Ecuador that we could deal with. We also have visa and residency questions. If anyone is available to talk this through with us - please contact us.

Harmonie · 2012-02-14 07:57:43

Hello jillnsy and welcome to Expat Blog!

Do not hesitate to browse through the forum, it may help. wink

Harmonie.

Mehrlyn · 2012-02-14 19:07:34

Good day. There are a number of people on this site who will probaubly add to what I am going to write, and some will disagree with what I am writting but as a fellow resident of Ontario (Toronto) I just had to offer my assistance which I hope is of value to you.
Most of the expats on this site are from the Unitied States and have opened accounts in Miami, Fla. I do not know exactly why but I guess it is because Miami is one of the hubs that people fly out of to get here. I still have my accounts in Canada and I can access them via the ATM's that most of the banks have here in Quito. Service charges are the issue as the Canadian banks charge $5.00 per transaction. (at least that is what mine charges.) Using the ATM's is the best way to get money here. If you have your pensions deposited in the Canadian bank then you have no need to transfer money to a bank here.
The only reason to open an account here would be for safe keeping of your cash, or to use the bank as a method of paying bills. I opened an account at the same bank that my employer is using (I am an expat but I am working here untill October.) in hopes that it would make the process of cashing or depositing my cheque easier. It only slightly helps. I still need to show my passport to cash the cheque and access to my money in the account is available through ATM's but with a very small daily limit. Sending money back home is VERY expensive. 5% of the amount being transfered (if it is over $1000.00, or $55 if less than $1000.00) so if you want to use Canadian credit cards add 5% to your bill every time you want to pay it. I do not know if you can get a CC in Ecuador as an Expat.
I do not know the tax implications of having money deposited in Canada and then being brought into this country. You may get dinged with double the taxes? As it stand with me my Canadian income stays in Canada and my Ecuadorian income gets used here. Taxes are paid to both countries but only on the income earned in that country.
BTW, NONE of the Canadian banks have any form of a relationship with banks in this country, and from what I have seen none of the American banks do either. I hope this is a start in your search for information and I hope other expats will be of greater service to you. BTW, look me up when you get down here in June as it would be great to meet a fellow Canadian Expat.
Kind regards,
John

jillnsy · 2012-02-16 01:13:28

So great to hear from you John. You are right - 99 % of what you read is aimed for US citizens. Glad to find a fellow Canuck to share ideas and suggestions. I have contacted ING and their service charges and 2.00 per international transaction. I have also heard the Charles Schwab.com offers ZERO FEES for international transactions. Calling tonight to talk with them. Will let you know the result. Csn'y wait to get there and start the new adventure. Hope to talk soon. Oh by the way, we are from Orillia.Are you there on a work visa? I have read that you need to have an ecudorian acct. to apply for pensioners visa? No anything about this? Have a great day John and. thanks
Jill

Mehrlyn · 2012-02-16 14:53:28

Good day Jill.

Yes I am here on a work visa. The company I work for in Canada is working with a Brazilian company to build the new airport in Quito. I was transfered down here in September and I love living and working here. The country is beautiful and from a job site point of view it is a big change to look at mountains instead of other buildings while you work.
Not sure about the requirements for a pension visa or entry requirements as my company took care of all that. Best advice I can give is to have some other expat recommend a good immagration lawyer and do it that way. Canadian or the US expat, it should not much matter as I suspect it would be the same requirements for any expat.
I know Orillia well, I helped build the condo's at Panoramic Point over look lake Couchaching. My grand father was also raised in Orillia and Leacock's character of "Dean Drone" was loosely based on my great grandfather.
Look forward to talking to you and maybe meeting in June. Good luck with all your preparations.
John

Dispirit · 2012-02-21 17:32:06

Hello my name is Diane and I will be coming over to EC in July.

I have read much on ATM's in Ecuador for getting cash. I was wondering if the banks in Ecuador will cash traveler's checks, or maybe you need an account with an Ecuadorian bank before they would cash them. If anyone has the answer to this question, I would appreciate their experiences.

PETRA_AND_UWE · 2012-02-21 19:54:07

We are also from ontario, Canada and I write a BLOG about our experiences in Ecuador. We just opened an Ecuadorian bank account with Banco Pichincha- they allow you to open an account with a Censo( identity card if staying more than 3 months) .
Please read the Jan.26 entry at the following site

http://uwepetrastravelyear.blogspot.com … count.html

I really think you should try Ecuador first before finally moving here. We have had some friends who became disilusioned after the 4 month honeymoon pereod and moved back home. Please remember that this is a third world country and magazines like International Living paint a very rosy picture.

Dispirit · 2012-02-21 21:27:26

This forum seems to apply to Canadians. If someone from the U.S. has had any experience with cashing travelers checks at an Ecuadorian bank, please let me know. I see from answers in this forum that the banks would not accept a Canadian bank check, I wonder if that is the same policy for American bank checks?
Thank you for any information in this regard,
Diane

Mehrlyn · 2012-02-21 22:27:43

I copied this from the web site "Ecuador-travel.info"

" Changing Money & Checks
As a result of dollarization, we recommend more than ever that you carry both US bills and traveler's checks while in Ecuador. Other foreign currencies can be difficult and in most cases are impossible to change outside of Quito, Cuenca, and Guayaquil. In Quito, the stretch of Avenida Amazonas (Gringo Ave.) between La Patria and Colón and also, more to the north, between República and Río Coca will cover most of your financial needs. There is quite a range of banks, ATMs, "casas de cambio" (money changing houses), and money transfer facilities. In Guayaquil you will find a similar area dedicated to financial services on the first few blocks of Avenida 9 de Octubre near the Malecón 2000 boarwalk and café area which is on the waterfront.

Traveler's Checks
Traveler's checks are a great way to keep track of your funds while away from home. Best of all, if they end up lost or stolen they are relatively easy to replace, though some companies reimburse you faster than others. American Express usually replaces checks within 24 hours, while lesser-known companies can take well over a week.
You should be aware that checks can sometimes be difficult to change outside of big cities. In small towns, unless highly touristed, traveler's checks will be met with blank looks. So it's a real good idea to get them cashed before you go on a side trip ouside of the big city."

It appears that since Ecuador uses the Ameribuck it is not an issue to use travel cheques. I did not see anything about "personal cheques" which may be a different issue as would cheques drawn on a foreign bank, ie company cheques. I just googled "cashing travellers cheques" and this was the first site to come up. Hope this Canadian was able to help. wink

3lckr · 2012-02-22 18:12:59

Everything said here is correct, I'm just going to share my experience with banks here. Open a savings account in Banco Pichincha and look no further, a number of branches and the efficiency of its employees surpass any other bank. They give you a visa check card with $600 per day withdrawal limit. They also have a direct SWIFT code (w/o intermediate banks), so if you wire yourself money from abroad, it will appear on your account quickly.
It is true that if you send money out of Ecuador, anything over $1000 is a subject to 5% tax in addition to money transfer fees. I also opened an account in Banco Pichincha Miami (there is a branch in Quito in 6 de Diciembre and Portugal) and it is a very convenient way to move your money between here and there (or there and here), still $1000 limit applies if you don't want to pay 5%.
Ecuador has a very efficient banking system, to my surprise, much more efficient than Panama, for example.
Good luck to all.

jillnsy · 2012-02-23 13:28:30

So from reading thru this forum on banking, it sounds like it can be as simple or confusing as you make it. We are meeting with RBC today to see what type of package they offer. Apparently this vip plan works well for Cnds. The cost is 30.00/month but you get 2 cnd. accounts, one amer. account and a choice of credit cards (u.s. gold visa is one of them). International transactions are free. Banking in Ecuador looks like it can be done on-line using our Cnd. accounts. It will just take some money shuffling. Don't know if an account in Ecuador is needed? Probably just to pay household bills? and to accept a wire transfer when we purchase a home? Either way, we are still going thru with the plans to relocate/retire and continue to sell of all our assets/possessions. We embrace a new culture and a affordable retirement which is much deserved that we can't get here. If it absolutely won't work for us in Ecuador, we'll move on to the next amazing country. We are out to live our life and exprience Ecuador with all it has to offer. It is still the visa requirements and residency that have us a little confused. Can anyone tell me step by step how to go thru this process? Have a great day all!
Mango7 - we will look into this bank when we get there - it may work too.

PETRA_AND_UWE · 2012-02-23 13:43:28

We got our 6 month visa at the Ecuador Consulate in Toronto- see link
http://www.embassyecuador.ca/english/in … &nro=2
There is also lots of info at that site. Check to make sure you have all required paperwork with you eg criminal check, birth certificate etc. There is a full list in the Embassy web site.

You can also apply while you are in Ecuador using any number of qualified lawyers. Our recommended person is Sebastian Cordova in Quito who can be reached at scordero[at]gcabogados.com

Good luck and hope to keep in touch.

Dispirit · 2012-02-26 02:07:44

Thank you Merlyn: the info you provided with regard to travelers cheques was very helpful. There is so much research to be done before embarking on this journey. So everyone who shares their experiences makes it easier. Thanks to all.

mojo1953 · 2013-01-09 17:33:19

Looking for banking information also! If you had any luck finding out which banks have the least fees and How best to transfer funds from US to Equador banks please respond. Friend moving to Equador in april, I will do the same next year.

Luna2 · 2013-01-10 22:41:06

Mojo,

You can use your atm and credit card in Ecuador to get cash out. Also you can open a bank account once you get your cedula. Wells Fargo is the cheapest way we have found to transfer money.
DO NOT bring travelers checks, they are hard if not impossible to cash!! Read about Ecuador at http://www.atruetalltale.wordpress.com
Will give you a great perspective of life on the ground.

ibokay · 2013-01-14 13:48:36

Travelers Checks are easily cashed at VAZ bank (not the travel agency) at Gran Columbia and Luis Cordero in Cuenca. I also agree that Wells Fargo is the cheapest and easiest way to transfer money to Ecuador. Depending upon your total balance (checking, savings, cd's, etc.)transfer fees are as low as $2 per transaction. After initial set up, it only takes a few moments using your computer to transfer funds. Last time I checked, the limits were $1000/day or $9000/month max. Can either be to cash (picked up without further fees) or to your account at Bank of Guayaquil. BTW - I've heard that Wells has hooked up with some other banks here as well. Check their website.

mojo1953 · 2013-01-15 01:55:10

Thanks for the advise.

Nemesis5 · 2013-01-15 14:12:45

As a Gringo, you can open a bank account in banco the Pinchincha without a shedula. The whole process is easy. Ask to a local friend for their >latest< utilities bill (cable TV, etc), it is one of the documents they will ask you.

Av. Amazonas 4545 y Pereira, Edf. Centro Financiero - Norte - Quito. Talk to Sebastian, he speaks English.

Banco de Guayaquil should avoided, unless you want to discover just how bad things can get here.

Superintendencia de Bancos y Seguros (SBS), if you have a complain/problems about banks in Ecuador, but they really are just a front for the banks and don't do much.

ibokay · 2013-01-15 15:08:44

Sounds like Rawdon may have had a bad experience with Banco de Guayaquil at some point. My initial experience with opening an account there, was more comical than anything else. Because their website definitely indicated that extranjeros did not require a cedula we went armed with copies every other possible document known to man. After entering all our data into their system, we were told, "Sorry", but a cedula is required. Several months later with my brand new cedula in hand, I returned to re-apply. This time I was told that someone with exactly my same name already had an account and unless I could get a certain document from the municipality, I would be denied an account. Some days later with the new document in hand, returned and submitted same. A few moments later, a very embarrassed young lady informed me that they had in fact opened an account for me using the original application that we had submitted some 5 months earlier. We had had an account with zero activity and zero balance all along! What could a person do but laugh out loud....... Anyhow, it's been smooth sailing ever since. Statements are on time and accurate, window service is good, some online banking is available, my Internet is paid directly, and last but not least - my cash transfers from Wells Fargo Bank in the USA are completed online in a matter of minutes. While there may be other banks in Ecuador that give as good or better service, I'm perfectly happy with BdG. Oh - almost forgot - they have opened what are known as Banco del Barrios - a series of "mini banks" located throughout the city in places like tiendas and such where one can pickup a couple hundred in cash, make deposits, etc. - exactly like the supermarket based branches back home.

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banking in Ecuador

#1 2012-02-14 01:19:55

banking in Ecuador

#2 2012-02-14 07:57:43

Re: banking in Ecuador

#3 2012-02-14 19:07:34

Re: banking in Ecuador

#4 2012-02-16 01:13:28

Re: banking in Ecuador

#5 2012-02-16 14:53:28

Re: banking in Ecuador

#6 2012-02-21 17:32:06

Re: banking in Ecuador

#7 2012-02-21 19:54:07

Re: banking in Ecuador

#8 2012-02-21 21:27:26

Re: banking in Ecuador

#9 2012-02-21 22:27:43

Re: banking in Ecuador

#10 2012-02-22 18:12:59

Re: banking in Ecuador

#11 2012-02-23 13:28:30

Re: banking in Ecuador

#12 2012-02-23 13:43:28

Re: banking in Ecuador

#13 2012-02-26 02:07:44

Re: banking in Ecuador

#14 2013-01-09 17:33:19

Re: banking in Ecuador

#15 2013-01-10 22:41:06

Re: banking in Ecuador

#16 2013-01-14 13:48:36

Re: banking in Ecuador

#17 2013-01-15 01:55:10

Re: banking in Ecuador

#18 2013-01-15 14:12:45

Re: banking in Ecuador

#19 2013-01-15 15:08:44

Re: banking in Ecuador

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