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Is residency required to open account

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slowmover

I know that I will be trying for residency. 
During the process can I open an account with out the residency card?
Does anyone know if the bank in Miami will open an account that money can be drawn out of in Quito.

Any info on this will be appreciated.

3lckr

Legally they can, I know for sure that Banco Pichincha Ecuador, Panama and Miami, all opened accounts in the recent past with only a passport. However, if you don't know anybody, most likely they'll brush you off. If that happens, try Banco ProCredit and Banco Internacional - both opened accounts with only a passport in the past. It would help if you present something from Ecuador beside your passport: utility bill (not on your name is fine), lease agreement etc.
Good luck.

slowmover

3lckr

Thanks for your info,  I wanted to deposit in USA and withdraw as needed in Quito.  I hope to be in Miami next week and visit the Banco Pichincha and the Embassy. I'll bring my passport if I am lucky enough to open an account.
Do you know if Banco ProCredit or Banco Internacional are in the USA?

rieokg75

Banco Pacifico has a branch in Miami for sure, Banco Pichincha have some information about opening an account that is based in Miami on it's website.

I've only just opened my own account (separate to the joint account with my wife) and Banco Pichincha. For savings accounts (cuenta de ahorros) the requirements are lower and non-residents can open accounts here though seemingly only if you are working for a company here.

There are personal accounts given to people investing here too but your visas will need to reflect that status.

Of the four banks I'm aware of that allow non-residents to have an account they all ask for certificado de empoderamiento now which is a paper which has replaced the old censo system (still used with existing holders) which is provided through the immigration department after you have arranged your visas. As far as I know this certificate is not available on a tourist visa.

Current accounts are more difficult to open and you must have personal references or existing bank references translated to spanish, plus a minimum income going through the account.

I have lived off a British bank account for 5 years and just paid the fees for withdrawing via debit card in a cash machine. Though Ecuadorian banks will provide you with an 'international' debit card I haven't been able to use my card on visits to the US.... just didn't work in the ATM's.

Also bear in mind that all the banks just put up their minimum opening balances. Banco Pichincha used to be $50 and is now $300.

slowmover

Adamskiec
Thanks for the info.  I will find out more first week of Sept when I go to the embassy and banks.
I will definitely let y'all know what I have to go through.

Mehrlyn

One thing that no one has mentioned yet is that you can bring money into Ecuador, via ATM, but you can't send it out with our paying a "service charge" which was recently raised to 5% for all amounts over $1000.00 and $55.00 for ANY amount under $1000.00.  I opened an account here because I thought I needed one to cash my allowance cheques, but I just go to the bank that they are drawn on and show my passport and it gets cashed with no service charge.  I have just let my  bank account go dormant and I will close it just before I leave the country.  If I ever need extra cash I with draw on my Canadian account via an ATM or use my Visa card.  Unfortunately my wife has to pay that bill because I can not send her money to cover it with out it costing money.

My advice is to open a regular account in your home country and have what ever moneys that are paid to you outside of Ecuador go to that account.  Buy a good safe and keep all your Ecuadorian income in it.  Also makes leaving the country a lot easier should you "have" to.

3lckr

True about ISD (Impuesto de Salida de Divisas) of 5% on any amount leaving the country, pretty annoying to say the least. Bringing money in is not a problem, taking it out will cost you. I'd question the need to have an account in Ecuador. You can withdraw from some US banks here for just $1.95 per withdrawal. When I bought my car here I wired money from US directly to the dealership's account. Many places will accept your debit/credit card.
But, I suppose you can open an account in Banco PIchincha Miami, their website is https://www.pichinchamiami.com
There is a branch in Quito in 6 de Diciembre and Portugal, you can withdraw in cash all you want.
Good luck!

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