Ecuador Forum

JP55301
Joined 2009
Posts: 737

14 years ago

Banking in Ecuador

14 years ago

Here is some info I found in another site that may be useful to some.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Here are some Ecuador banking notes sent by subscribers.
You can add recent experience to your banking info that you can write a check on your US account and send it to an Ecuadorian bank for deposit. Normal mail takes about 5 days to Quito. BUT, you can’t make it payable to the bank with instructions to credit your account. Nope. You have to make it payable to yourself and then, get this, endorse the check. You cannot do, as you would in the US, add “Deposit Only to Acct 12345? — So, you are sending an endorsed check through the mail. This means it is just like cash. This is completely different from anything I have ever seen in the banking world. Then it takes about a month for them to clear the check. Your alternative is to pay about $40 to wire the funds, and the Ecuadorian bank will charge to receive them. Or, you can get a cashier’s check and FedEx.
Before we look at these Ecuador banking notes, you should be aware that non residents cannot open checking accounts at an Ecuador bank. They can open a savings account.

Ecuador banking like in every country, has its peculiar glitches including with ATMs. Here is another sent by a reader.
We have been lucky enough to find Cuenca to be our perfect Ecuadorian home but I did want to pass on a heads up based on your information today about banks in Ecuador…
When using ATM’s and cash cards in Ecuador, make sure you get your cash from a machine that is in, or at the front door of an open bank. As you receive your cash, check it for smooth feeling bills.
Last November we had the disappointing experience of getting 5 counterfeit $20 bills in our ATM withdrawal of $200. We were using an ATM at the “Parque Calderon” in the center of Cuenca, one of the most visited ATM by tourists in the city. Not imagining that there was any risk we pulled our $200 cash out and proceeded to Spanish class. It was there we were told five bills were fakes (all Ecuadorians who work with money are extremely aware of counterfeit bills as they have to cover the loses from their own pay) We were flabbergasted, especially when the woman at the school told us this had happened three times in the last month.
We called the card provider ( a Credit Union in Colorado) and they told us that as it was not in the US, there nothing they could do.
We went to the bank that owned and stocked the machine eight days in a row (each day we were told the person to see would be in the next day) trying to talk to someone who could/would do anything. It was not until we started using the word “Falsos” rather loudly in front of the crowd in the waiting line (usually about 50 people in Ecuador) that we were finally sent to a manager. The manager set us up with another manager who did not show up for our meeting either, and then another who blamed it all on the main office in Guayaquil. Finally we just marched in and went straight to the top, the bank director who kindly spent an hour showing us that the problem could not have ever happened and that the fakes must have been put in when the bills were packaged in Kansas City by the US Federal Reserve.
Knowing that a $100 loss would be devastating to a typical Ecuadorian family where teachers and policemen make $150 a month, we decided to bring charges against the bank, if only to catch their attention.
Needless to say the case is making its way agonizingly slowly through the Ecuadorian Justice system and we don’t ever expect to see our money back, but we can warn others.
-Avoid cash machines not attached to banks.
-Pull your cash out in a very visible place, preferably with the bank guard watching.
-Rub the bills between your thumb and fingers to feel for a different texture (fake bills are smooth like copy paper).
-If you think you feel any difference, immediately take it to the guard or teller and demand new bills.
Ecuador is an amazing place but even and especially the locals trust the banks and bankers about as far as they can throw them. As you say once bitten twice shy.

Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Living in Ecuador Guide

Expats in Ecuador share some of the pros and cons of living in Ecuador. Topics covered include where to live, the bureaucracy, the people and more.

Ecuador Forum
Join our Ecuador forum to meet other expats and talk about living in Ecuador.

Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Ecuador.

Best Places to Live in Ecuador

If you're dreaming about living in Ecuador, here are the 15 Best Places to Live in Ecuador in 2023.

Healthcare in Ecuador

Expats in Ecuador share their experiences with healthcare and overseas medical insurance in Ecuador.

Cost of Living in Ecuador

Expats offer insight into the cost of living in Ecuador.

Moving to Ecuador Guide

Expats in Ecuador offer advice to newcomers and people considering a move to Ecuador about clothing, sunscreen, renting before buying, gringo pricing, Ecuadorians politeness and much more.

Real Estate in Ecuador

Real estate listings in popular cities and towns in Ecuador.

Pros & Cons of Living in Ecuador

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Ecuador.

Retiring in Ecuador

Advice for people retiring in Ecuador.

10 Tips for Living in Ecuador

If you've recently arrived in Ecuador, here are 10 tips for digital nomads living in Ecuador.

Additional Information:

Visit our Ecuador Index for a Full List

Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

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