Banking

Having a local bank in Ecuador solves at least a few problems --

1.  It’s a backup if you are having trouble with your North American credit/debit card(s).

2.  You can receive your government or monthly income checks in EC automatically, usually set up for USA citizens through the Embassy in Quito.

3. If you are making a large purchase, you can avoid carrying cash or paying a convenience fee by directly transferring the payment(s) into the vendor account.  For instance, I had Corian countertops installed in my condo last year.  The countertop company’s salesman went with me to my bank and I did a direct payment of the balance into the company’s account.  That saved me 8 percent of the cost of doing business with the company compared to using my U.S.-based bank card.

cccmedia

What you need to obtain an account with an Ecuadorian bank....

Once you have a residency visa, you can get the national ID or cédula a few days later.

Almost all the banks require the ID.  However, the Banco de Fomento may be an exception, in which case they would require references and/or other documentation instead.

Someone buying property or investing in a bank CD for a visa application may be able to do so directly or through his/her attorney’s accounts, instead of opening a non-resident account.  I purchased my Quito condo in installments from the U.S. by wiring funds directly into the seller’s Ecuador account.

cccmedia

USA citizens are advised to keep most of their bank savings in the States.

1.  Ecuador maintains a limit, per bank account, of about $32,000 which is insured by a government agency.

2.  Wire transfers out of Ecuador are subject to a 5 percent penalty.

cccmedia