Ecuador Expat Forum

looking4answers
Joined 2012
Posts: 3

2 years ago

Summary & details questions

2 years ago

Gracias... Gerat4, Gyuris, Miramar, Fltpath

Questions from start to finish, earn higher interest (not greediest extra 0.1% but considerably above world average), legally, and help local economy:

1. Sending funds to EC
(a) . Why not wire transfer using SWIFT system? Are co-ops on SWIFT or only banks?
(of course there is a fee, but do not lose time of 2+ weeks/14+ days interest)

(b) which Bank (if choose only one) is big, efficient, language no problemo, online website works well/ doesn't crash, interest rate can be moderate?
Consider sending funds to one Bank, then partition those funds to some Coops

2. Bank and Coops documentation. Is it same info to open accounts at Coops and Banks?
Any differences of info at Banks or something not written that they want?

3. Residency.
(a) In 2021, did you need to show Residency?
(b) what is required?
i. Cedulla?
ii. utility bill .... and how explain using friend's place? did they ask a note from friend to say you reside there?
iii. rental contract?
(c) how long did it take to get Cedulla? use lawyer or mailing box address?

4. Wire transferring funds out of EC to abroad and Currency Exit Tax.
(a) does the bank withhold the tax? or some other method/place to pay?
(b) i read that the % was scaling down each year
2021 2%
2022 1%
2023 0%
When in 2023 is it 0% ...january 1 or december 31 ?

(c) this is written in law. Any talk of re-introducing the 5%?

5. Crypto. Can funds from Bank account be used to buy it?
Is it being used to move funds internationally?
Just brief answer on this, don't want a big discussion on philosophy or something.

Thanks !

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