Please Recommended a Few Banks and List Why?

I've never seen a bank in any country that would let you open an account without making a deposit.
Can't imagine why Ecuador would be different.

And it would also depend on where you are and what banks are easily available for your common local needs.

Perhaps if you listed the banks which are readily accessible in your area, it could be narrowed down better.

Here are some reasons why I bank with Banco de Guayaquil and like it....

1.  There's a branch within walking distance of my condo.

2.  There's lots of branches all over town.

3.  It allows me to receive direct Social Security payments from the U.S.

4.  It allows me to pay IESS health care premiums automatically each month.

5.  They always have one or more security guards near the entrance.

6.  The lines inside the bank are not usually long, typically 2-8 minutes.

7.  I can check my balance online easily.

8.  I can get cash for a fee of 50 centavos (for up to $100) at the ATM, and the machine at my branch typically works.

9.  The branch is open till 5 p.m., which is later than some banks.

cccmedia in Quito

cccmedia wrote:

Here are some reasons why I bank with Banco de Guayaquil and like it....

1.  There's a branch within walking distance of my condo.

2.  There's lots of branches all over town.

3.  It allows me to receive direct Social Security payments from the U.S.

4.  It allows me to pay IESS health care premiums automatically each month.

5.  They always have one or more security guards near the entrance.

6.  The lines inside the bank are not usually long, typically 2-8 minutes.

7.  I can check my balance online easily.

8.  I can get cash for a fee of 50 centavos (for up to $100) at the ATM, and the machine at my branch typically works.

9.  The branch is open till 5 p.m., which is later than some banks.

cccmedia in Quito

Excellent list.  Perhaps one more item, especially if you are going the $25,000 investor visa route, is to make sure the institution has deposit insurance like FDIC in the USA.

gardener1 wrote:

I've never seen a bank in any country that would let you open an account without making a deposit.
Can't imagine why Ecuador would be different.

And it would also depend on where you are and what banks are easily available for your common local needs.

Perhaps if you listed the banks which are readily accessible in your area, it could be narrowed down better.

Last three bank accounts I opened (France, Dubai and Mauritius) didn't request any deposit at opening.  They did ask how much the first deposit will be, from where the money will come from, but that's it.

They sent me the bank account details by email once the account was opened and I just wire money after that.

One question I would like to ask is if it's possible to open a multi-currency account in Ecuador (USD, CAD and EUR) and if so, are the currency exchange rate providing by the banks are similar to the ones we find in North America?

yulrun wrote:

I would like to ask if it's possible to open a multi-currency account in Ecuador (USD, CAD and EUR) and if so, are the currency exchange rates provided by the banks similar to the ones we find in North America?

"Multi-currency portfolios held outside Ecuador offer better retirement safety," writes Gary A. Scott, who got burned in his "government guaranteed" $30,000 account during the Y2K bank closures here.  He no longer trusts Ecuador with his money.

He accepted the EC government's offer to settle immediately at 60 cents on the dollar -- losing $12,000 in the process.

The lesson he learned:  "Do not trust Ecuador's bank guarantees."

Scott, who used to own businesses in Cotacachi, EC, and has recommended multi-currency accounts for decades, says:

"We always recommend:  Love Ecuador.  Live in Ecuador.  Do business in Ecuador.  Keep your savings in other countries."

cccmedia in Quito

Gary A. Scott's comments appeared at the Ecuador Living website -- a site he recently announced he was merging into garyascott.com

cccmedia wrote:

Here are some reasons why I bank with Banco de Guayaquil and like it....


8.  I can get cash for a fee of 50 centavos (for up to $100) at the ATM, and the machine at my branch typically works.



cccmedia in Quito

Wow! I'm surprised to read that you have to pay an ATM fee for your own bank, and only $100? What if need more?

wlae84 wrote:

Wow! I'm surprised to read that you have to pay an ATM fee for your own bank, and only $100? What if need more?

Easy now, it was only 50 centavos

If you need more money, enter any branch of your bank with your cedula and your bank book, fill out a withdrawal slip, and visit any open teller to access the cash.

If you want more than $100 from an ATM, use your USA-issued bank card.  The fee(s) you pay will probably be a lot more than 50 centavos, however.

cccmedia in Quito



                                                                            .

We currently bank with Banco Pichincha and aren't charged a fee for withdrawing funds from the ATM. (They also don't charge of fee to non-account holders, interestingly.) While it's true you probably shouldn't leave more funds in an Ecuadorian bank account than you can afford to lose, the larger banks are a bit more reliable. If a bank is offering unusually high interest rates, it's probably having liquidity problems, so that can be a red flag, even though it's tempting. There are a few blogs out there that give a run down of the larger banks and their pros and cons...but I can't find the link. (Sorry, so not helpful!)

I have to agree with the suggestions that you find something nearby, with easy access and a safe environment. (Better safe than sorry, as they say.) Convenience will be a hallmark of your satisfaction level.

Good luck!

PEI Red wrote:

I have to agree with the suggestions that you find something nearby, with easy access and a safe environment.

James, the Expat-Blog Expert who lives in Brazil where people get followed out of a bank and ripped off on a frequent basis, posted six tips on bank-related safety on an Expat.com thread recently.  I also posted some tips there.

You can access that thread by typing the first four words of the thread titled "Robbed of Big Bucks in Broad Daylight While Leaving a Quito Bank" into the Search Expat.com box at the top of this page, and then clicking on the search icon to the right of said box.

The tips are on that thread's Reports #5 and 10.

Here is just one of the tips:  When withdrawing a large amount of cash, keep an eye out for "malditos" who are hanging out with no apparent bank business to conduct, and who may be inclined to communicate by cell phone to an accomplice about your activities.

cccmedia in Quito

Hello from Cuenca, Ecuador.

When I was going through the rat maze of "functionaires" to obtain my residency visa, my abogados told that me that the 29th de octubre credit union on Luis Cordero, is one of the more "trustworthy" banks here in Ecuador. The staff there are unbelievable.  Go WAY out of their obligation to just deal with bank issues.  There is even one staff member, Andres, who speaks fairly good english, and he has helped me in many ways.

The other banks that have been mentioned in this blog, are also good choices. Stay away from extremely high interest rates for your deposits. My bank gives 7%, the others typically give 2 to 4%, and then there is one that is giving 10%.  Now thats what you need to take care!

Hope that helps!

CanGringo wrote:

When I was going through the rat maze of "functionaires" to obtain my residency visa, my abogados told that me that the 29th de octubre credit union on Luis Cordero, is one of the more "trustworthy" banks here in Ecuador. The staff there are unbelievable.  Go WAY out of their obligation to just deal with bank issues. My bank gives 7%, the others typically give 2 to 4%....
Hope that helps!

Bingo, Gringo!

And if I ever drop the Elvis tribute-artist sideline, I'll be naming my next band:
                      Rat Maze and the Functionaires

That is way too funny...I am still laughing!  Couldn't be any worse than Doug and the Slugs (Canadian band from Vancouver)

I still vote for the 29th de Octubre in Cuenca on Luis Cordero.  For reasons unknown to me I am trusting the advice of my lawyers!

In Colombia they have words for those who do the ATM robberies of persons withdrawing cash    - the crime is "un fleteo" and the low-lifes are "fleteros".  It pays to be vigilant, travel with a group if possible, and pick an ATM maybe inside a mall or where there is a guard.

I use Banco Bolivariano and have had no problems. They hold the CD I use for my visa, on which I receive 6.5%

I would share with you the following. The most recent "catastrophic" failure was Coopera. I offer what is actually a pretty good summation of what happened and what resulted http://cuencasbestproperties.com/blog/2 … lie-to-me/

COSEDE is the Ecuadorian equivalent to the US FDIC/SPIC insurance programs. The above reference article has the value at $28,000, but currently is $31,000. Their site is http://www.cosede.gob.ec/?p=3237. Just click on Ver Listado (or use link http://www.cosede.gob.ec/wp-content/upl … 3sitos.pdf) and it will take you to the listing. It's short. Without doing the research, it also appears (for the banks) to be in order of financial size.

Just as an aside, I wouldn't do anything without being in Ecuador and personally investigating the financial institutions. My visa lawyer highly touted Coopera to me as the place where to get my CD... of course that was before he lost $250K there when it was seized.

HTH

symo

rsymington wrote:

I wouldn't do anything without being in Ecuador and personally investigating the financial institutions. My visa lawyer highly touted Coopera to me as the place where to get my CD... of course that was before he lost $250K there when it was seized.
symo

Finally, we understand symo's straight-jacket.

You need to supply more info as there are many factors to consider and every bank has it's own rules.
Are you retired and over 65 ? Do you have a cedula ? Where in Ecuador do you live ? Do you have a checking account in the U.S. ?
I can go to one bank and get my balance printed out at the ATM at no charge. I may go to another bank and have to get my balance from a teller or pay a fee at the ATM. One bank will take my personal check drawn on a U.S. bank, another won't. My U.S. bank will not wire money because of U.S. government scrutiny. One bank requires a referral to open an account while another doesn't.
If you want my advice please let me know your status and I will respond from my personal experience.

cccmedia wrote:

Finally, we understand symo's straight-jacket.

No kidding... thank goodness I already had my Banco Bolivariano account when it was time to do the CD :-)

Although the lovely Mrs. symo had presented me with it long before I even thought about moving to Ecuador...

symo

Myself as a rule, I don't trust any financial institution. However carrying my funds around in a duffle bag gets challenging at times.
I keep a majority of my funds in Wells Fargo in the U.S. I can make four (4) with drawls a month for free. My pension goes there also. I have accounts at several banks here in Quito, but leave the minimum to keep the account open, so I can use one for a wire transfer if needed. I have done this with Banco Pichincha, and Produbanco with minimal red tape. As far as opening a new account I believe I had to be in EC for 30 days and make a deposit at opening, I think one asked for the cedula but I can't remember which, I would have to look through my records to be sure.
The road ahead is not looking very good for EC due to the import taxes and a few other issues I would rather not speak to here.
Suffice it to say I would not, put all my eggs in one basket here in EC. When and if, exfil is required, sorry (EXFIL) short for exfiltration, Milspeak, for get of dodge, should occur things will be chaos at best. To pick up and leave would be hard enough, to do this with your funds not available would be a disaster.
You always need a plan "B".