Banking in Ecuador

Ecuador uses the US Dollar as its official currency, which simplifies banking for American expats—no currency exchange concerns or fluctuating exchange rates.

Opening a Bank Account

Requirements vary by account type:

Savings Account (Cuenta de Ahorros):

Valid passport (6+ months validity)
Temporary or permanent visa (some banks accept tourist visa)
Proof of address (utility bill, lease, or residence certificate)
Initial deposit: $50-200
Some banks ask for proof of income or bank reference letter

Checking Account (Cuenta Corriente):

Requires permanent residency OR
Property ownership in Ecuador OR
Investment of at least $25,000 in Ecuador
Notarized property deed or investment proof

Major Banks

Bank	Notes
Banco Pichincha	Largest bank, established foreigner protocols
Produbanco	Major bank, stricter requirements for foreigners
Banco del Pacífico	Good coverage, government-owned
Banco Guayaquil	Strong in coastal areas

Credit Unions (Cooperativas):

Often more flexible with foreigners
Cooperativa JEP (Cuenca) well-regarded for expats
Require Ecuadorian residency for most services
Cannot use foreign passport alone at cooperativas

Important Considerations

Deposit Insurance:

Government insurance up to $35,000 per customer (not per account)

Language:

Most transactions and documents in Spanish
Basic Spanish helpful; bring a translator if needed

Debit Cards:

International cards (Visa, MasterCard) work at most ATMs
ATM withdrawal limits: $300-500/day typically
ATM fees: $2-5 per transaction for foreign cards

Wire Transfers:

SWIFT transfers available
Expect 3-5 business days
Fees: $25-50 incoming, $30-60 outgoing
Wise and Remitly popular for transfers

Practical Tips

Keeping US Accounts:

Many expats maintain US bank accounts for:

Receiving pension/Social Security
Online payments
Investment accounts
Credit card benefits

Charles Schwab popular for no foreign ATM fees.

Tax Reporting

FBAR/FATCA for Americans:

US citizens must report foreign accounts over $10,000
File FBAR by April 15 each year
Ecuador banks do report to IRS under FATCA

Cash Culture

Ecuador remains somewhat cash-dependent:

Many small businesses prefer cash
Always carry small bills ($5s and $10s)
$50 and $100 bills sometimes refused at small shops
Credit cards accepted at larger establishments

Pro Tips

•Banco Pichincha and cooperativas are most expat-friendly
•Keep a US account for receiving payments and pension
•Charles Schwab refunds ATM fees worldwide - useful backup
•Bring small bills ($5, $10, $20) - large bills often refused
•Credit unions (cooperativas) require residency, not just passport

Banking