Ecuador Expat Forum

realfortin
Joined 2014
Posts: 55

9 years ago

Money from Canada to EC

9 years ago

I was wondering what methods people use to 1) reduce exchange rate loss/fees from CAD to USD and 2) reduce wire/transfer fees from Canada to Ecuador.
My current plan will be to get my pension deposited to my Canadian bank in Canadian funds. I will then deposit it to my trading account and as needed withdrw from my trading account in USD and deposit it to my USD account (in my case it is bank of Montreal). That gives me extremely favourable exchange rates and I can exchange it electronically anytime. My biggest concern is reducing fees getting it to an Ecuador bank account or reducing ATM fees on both ends if just withdrwaing it from an ATM without an Ecuador bank account. Do people pay fees if depositing a USD cheque from Canada to an Ecuador bank? Are there realtively cheap wiring methods?
Thanks everyone.

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Help others in Ecuador by answering questions about the challenges and adventures of living in Ecuador.