Best bank for checking/saving account?

You'll need some paperwork to open an account. And it will be a terrific test of your Spanish.

Savings accounts are easier to open in my experience than checking accounts in terms of paperwork burden. Banco de Guayaquil, Banco del Austro, and Banco Internacional Ecuador have lots of branches and ATMs around the country and have $1.25 or free withdraw charges. Each bank has its own rules regarding what paperwork you'll need to set up. Expect at least needing your passport, perhaps a proof of address. In my experience it, a savings account took 2 days, but a checking account took 3 meetings and 10 days. You'll likely get a debit card attached to the savings account . Some banks will let you set up automatic bill pay, but not every bank has this capability, so shop around.

The great rates (8-9.5%) you've read about are for CDs, not simple savings accounts. JEP is the one that most expats talk about. It is a cooperativa, which is similar to a Credit Union. That rate applies to CDs over 360 days.  https://www.coopjep.fin.ec/en/products- … rsionesjep


keep in mind with higher interest rates means higher risk, Ecuador is very high risk of default.  https://tradingeconomics.com/ecuador/rating

Any chance one of those big banks might have an English-speaking person to assist me in Guayaquil? 

I'll be honest, I'm getting pretty scared to death thinking of the possible language problems I'm going to have just arriving there.  I am working on my Spanish, but really just a beginner.

We have been here a year in Salinas and find it very easy to simply go to an ATM and use cash for everything. We do rent rather than own so not as much need to pay bills online. I set up an account with Schwab before we left and use Banco del Austro ATM and have never paid a fee. But this may be an easy solution for the first few months.

Hi BKiser:

There are many different opinions on this topic. A couple of really big banks are Banco Pichincha and Banco de Guayaquil.  Banco de Loja was a good choice because we could open it with just your passport.

CD rates are good here.  You can get 6-8% on a CD.  Beware some of the credit unions here like JEP.  They might not be as safe as the big banks

Doc

If you are coming to Guayaquil, I can recommend a kind bilingual woman who can assist you and facilitate with these kinds of tasks. She is a native of Guayaquil, teaches English and Spanish at the highschool level, and does interpretation and translations.

(Also, did I mention that I lived in Kentucky for over a decade?)

lebowski888, no, you didn't!  Where in Kentucky??

I'd be very interested in getting her contact info, if you wouldn't mind.

What does Kentucky have to do with this? Are the interest rates higher there? 😬

bkiser wrote:

I'll be honest, I'm getting pretty scared to death thinking of the possible language problems I'm going to have just arriving there.  I am working on my Spanish, but really just a beginner.

Do you know any native Spanish speakers you can interact with on a regular basis? What really accelerated my skills in Spanish is the fact that my wife is an Ecuatoriana, & does not speak English at all (except what I have taught her; she can say "I love you" pretty clearly, haha). You might not have that option of someone that close to you, but it very helpful.

Damon.

Does she say, no j**** manganzon? You have to learn the meaning of that lol 😂

norviato1 wrote:

Does she say, no j*** manganzon? You have to learn the meaning of that lol 😂

Luckily she does not say that. I had to look up the meaning, haha! But I am sure if I had actually asked her she would make fun of me at my expense. Hence why I looked it up first...

Damon.

Good, you’re one step ahead of everyone lol

I lived in Quito for 3 years. Don't use a small bank, it's not uncommon to wake one day and hear the news that a bank in out of business and that the president left with all the money in the middle of the night. No joke.

At Produbanco where I had my accounts I was told one day that I either need to speak clear spanish or get out of line. You'll need a local to go and interpret if your Spanish is not fluent.

Some banks went broke in the 90’s. People lost their money and had to immigrate to the four corners of the world. Now in most banks the accounts are guaranteed like in the US but for smaller amounts. That’s why they brake it up into different accounts. Here in the US the money is fairly safe but the interest is so low, you might as well keep it under the mattress lol 😂

oceanboy61 wrote:

At Produbanco where I had my accounts I was told one day that I either need to speak clear spanish or get out of line. You'll need a local to go and interpret if your Spanish is not fluent.

Well that’s very rude. I’m fluent in Spanish since I was born there. I would’ve used some choice words lol Is that bank still around?

Produbanco at mall Jardin in Mariana de jesus. I assume they're still there. The professionals are the young generation. They learn English in school and are fluent but are shy when it comes to using it in their jobs. They usually won't do it. Regardless, I enjoyed living there and miss it very much

Where are you now?

oceanboy61 wrote:

The professionals are the young generation. They learn English in school and are fluent but are shy when it comes to using it in their jobs. They usually won't do it.

Bit of an exaggeration. Ecuador is not a country with a high level of English spoken. Some people will know some, but fluent? That is a tiny tiny proportion.  Those that are fluent, most likely did not learn it at school (unless go to a bi-lingual private school). Those that are fluent are probably part of the Miami set, or had a fluent parent who spoke it at home.

You cannot expect professionals to be fluent in English. They might understand some, but you will need to amend your accent, speak slowly and use words carefully to avoid confusion

If you have problems getting relatively easy stuff done at a bank, use it as a learning opportunity.

Before getting on the end of the queue, fill out your deposit or withdrawal slips correctly.

Figure out where the 'mayores' or seniors wait .. or any system that allows a senior to go to the head of a line, if applicable.

Bone up on any particular words that may apply to your transaction....

savings account          la cuenta de ahorros

checking account      la cuenta corriente   

signature                   la firma

permission                el permiso

manager                    el/la gerente

help, please              ayuda, por favor

how can one...?         ¿cómo se puede (verb)?

bank balance.            saldo (bancario)

teller                            el cajero, la cajera

ATM                             cajero automático

USA

Don't know where you got your information but I lived and worked in Quito 2013-2016. What I stated is what I experienced in Quito.

Never had a problem getting a relatively easy things done at the bank. When there's a problem with the account and you need to discuss technical things that's when you need to be fluent in Spanish.