Buddhaland
10/7/2016 12:02 EST
Does anybody know where I can cash several checks drawn on U.S. banks here in Ecuador? I recently moved from Seattle, WA to Guayaquil and will soon have my resident visa. My Ecuadorian partner has accounts at Banco Boliviano, and I thought I could endorse the checks over to her for deposit in her account, but they would not allow that. Is there a bank in Ecuador, perhaps one with a branch in Miami or New York, that would allow this?
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kmoriarty45
10/7/2016 14:08 EST
I was waiting to see if anybody had a more encouraging answer than I have. I hope somebody does.
In my experience it is nigh on impossible to cash a check from another country, here. If you have an bank account - of your own, not your partners - you can, as I've done, deposit the check into your account BUT be prepared to wait up to 31 days for it to clear into your account. It may only take 5 working days to clear your U.S. bank but the banking laws here are different and you will still have to wait the additional time for them to credit your account and let you use the funds.
The time may have been shortened to 15 days now in some of the major banks. You'd have to check ( pardon the pun).
I have any monies ( incl. Social Security pension, etc. ) direct deposited into my U.S. bank, then use my ATM Visa Debit card or Western Union funds to myself from my account ( cheaper than the ATM route ).
Good luck. I wish I could be of more assistance.
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Kimac
10/7/2016 14:11 EST
I gather the only such bank is Pichinchi, which does indeed have a branch in NYC, in which it does all sorts of Big Kid financial stuff.
I've been with a friend when he's deposited relatively large checks drawn on US banks and funds availability is per US practice: immediately if your balance will cover it, or otherwise within a week or so.
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Kimac
10/7/2016 14:16 EST
PS::::::
This assumes you have an account there, which like other Ecuadorean banks takes a bit of effort to open.
You need a (real) local address, a reliable land-line telephone number (your landlord's will suffice), and a "reference," where the standard can apparently vary. I used my landlord who also has an account there.
Of course, you need to drop some $$$ into the new account, but you get a ATM/CC and all works as it should.
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Kimac
10/7/2016 14:20 EST
PSS::::
ALSO, you will need your passport and your cedula. OR, instead of the cedula you can use the Certificado de Empadronamiento which is the document issued to clear you for the Cedula. (e.g., you should be receiving your cedula within a few days anyway if you are getting after things).
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cristos7
10/7/2016 15:47 EST
Thanks for the info Kim. (If I were in NY I'd try opening an account at Pichincha...) Does anyone have first-hand experience with Ecuador Banks accepting US Bank Cashier's Checks?
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Buddhaland
10/7/2016 20:01 EST
Thanks, Kimac, for the info. We own our house here in Guayaquil, have a landline, and a reference should be no problem. I have to check to see if I can open the account before my resident visa comes through. I lived in Thailand a while back, and they were very picky about the date on checks, and I had one refused that I had been sitting on for too long - about three months past the date the check was written. That is my main concern here as well.
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dumluk
10/11/2016 09:57 EST
Is it still possible to open a new acct with Pinchincha without residency? With just a passport and the other items covered? Or becuz of FATCA is it a big deal now?
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