Evolution of banking services in Ecuador

What about Expat healthcare insurance in Ecuador. I am paying $1,600 w/$5,000 Deductible, and it keeps rising each year.  Are there better options for Expats living in Ecuador?

@topper4499 Perhaps that would be a question for a new topic, since it doesn't relate to the original post.

@Cheryl

When it comes to technology, banking, etc., Ecuador is a strange blend of old and new.

While larger business often have payment options that include bank debit, or credit card  (haven't seen tap to pay at businesses tho), by and large it's a cash based society, with the $1 coin reining king.  In the states, the smaller 'mom and pop' stores were eventually phased out in favor of WalMart type stores and online shopping.  Whereas there are a few of the 'Walmart' type stores, thankfully the mom and pop's thrive in every neighborhood.  Very few of them except anything except cash, and even with that anything over a $20 is suspect.

Here there a few of the 'big' banks, like Banco Guaquil and Banco Picchincha.  Alongside of them are various cooperatives, which have been in business for decades and IMO are a nicer alternative.  (Big banks don't offer high interest rates on CD's, and they usually require a reference from one of their customers to open an account).  Cooperatives like JEP, Cooperco, CREA, and others are solid financial alternatives.

I have an account with one major bank, and accounts with various coops.  JEP offers the great availability of ATM's, the others are not too far behind.  Many expats like to use these ATMS using their US card, and this does result in a transaction fee of $4-5.  From what I understand their US bank does reimburse the fee, I have no experience with that.  The coops offer nice online bill pay options if you have an account with them.  I can pay my utilities, transfer funds, even recharge my phone using online billpay/transfer services.  Each transaction has a service fee of about .20. 

Mobile access security measures  are VERY strong when using coops and banks.  In fact so much so, it becomes cumbersome.  At least I can't say I worry about using online banking.

I have heard that ATMs can have 'tap to withdraw' feature, but I have no knowledge of that.

My overall recommendation for anyone wanting to live here is that if their circumstances allow:

1. Retain a US bank account as a 'just in case'.  I use mine to receive transfers from PayPal. PayPal isn't used here but I have friends in the states who do use it and it's convenient for them to PayPal me something.  I also have a small pension going into that account.  Not much money in that account but it's nice to have.
2. Open an account with JEP.  Their ATMs are EVERYWHERE. 
3. Buy a CD with a cooperative like Cooperco, CREA, or 23 of July.  They are solid, stable coops, but they pay a much higher interest rate (which by the way you have the option to receive the interest monthly!)
4. Once a month make a cash transfer from one of the coops into your JEP account.  That way, during the month, you can do ATM withdrawals anywhere/as much as needed without any withdrawal fee.

One more thing, banking accounts are almost always savings accounts.  I don't even know of anyone that has a checking account.   I guess it's a matter of semantics, I've never seen a personal check here.  In the states it was all about having a checking account, not so here.

I saw signs everywhere in Cuenca for payment apps offered by Banco Pichincha (Deuna) and the cooperative JEP (JEPfast). I have Deuna on my phone and used it to pay a hotel recently. I scanned the QR code of the hotel employee's phone. I tried to install the JEPfast app as well, but I think since I don't have biometrics enabled, it wouldn't let me.

@Cheryl

i am hoping to read about the latest banking developments from Cuenca ex-pats.  i follow the Gringo Post recommendations and arranged to meet with a highly recommended cooperativa banker to set up an acct while i am in Cuenca next month where i can arrange for my SS benefits to be paid electronically.  Then I read somewhere that only 2  banks, Banco de Gauayaquil and another accept SS retirement benefit payments.  so lets hope that you sent this inquiry to many others who will respond.