Cash
The official money in Ecuador is the American Dollar.
The bills are the same as those used in the United States
but the coins are printed in Ecuador with the images of
historical personalities in Ecuador but they remain the
same in size, weight, workmanship and color as the US
coins but they are only valid within the territory of
Ecuador. If you bring dollars, you will not have any problem
in using your money within Ecuadorian territory. Read
more about Dollarization in Ecuador.
Bills that circulate in Ecuador are the 5, 10, 20, 50
and 100 and the coins are 0.01, 0.05, 0.10, 0.25, 0.50
and 1 dollar.
If the traveler has brought the official money from their
country, you should visit the exchange houses to obtain
dollars. We suggest you visit the web site www.oanda.com/convert/classic,
to consult exchange rates.
Exchanging checks
To change traveler’s checks you will need to go
to the exchange houses or to any bank. The commission
charged by the exchange house or bank for cashing the
check varies between 1% and 4%.
Traveler’s checks
If the traveler has problems changing national money into
dollars (the current money in Ecuador), it is recommended
for you to use traveler’s checks. Another advantage
for using these is that you can traveler with greater
security with a large sum of money because if you are
robbed or they are lost, you can be reimbursed for the
check.
ATM’s
ATM’s in Ecuador are compatible with international
credit cards. If you have a Visa credit card, you can
go to the banks of Guayaquil, Pichincha, Produbanco and
Pacífico. However it should be mentioned that each
ATM shows the logos of which cards can be used on that
machine. The advantage to using an ATM is that you can
access them 24 hours a day, they also offer quick service
and you can avoid long lines in the bank.
Users of these services are recommended to take certain
precautions like: make sure that your password is not
available to anybody, observe the people around you, make
sure the machine is working correctly. If you note any
irregularity in the surroundings as well as the functioning
of the machine, do not put your card in and move away
from the area. The safest ATM’s are those that are
found inside shopping centers.
Credit
Cards
Credit cards are very useful for buying things, particularly
if the price is very high. Places that are recommended
for the use of credit cards are first class restaurants,
hotels, gift shops, shopping centers and travel agencies.
You should take into account that not all places will
accept credit cards and if you are in doubt, ask the person
in charge of the business before buying.
The most widely accepted credit cards in Ecuador are Visa
and MasterCard. Some businesses add a value between 4%
and 10% to the value of the product in order to cover
the cost of the bank transaction.
Money transfers
A bank transfer takes at least 3 working days. Some Ecuadorian
banks work with foreign banks, facilitating the transaction.
Some of the international banks that Ecuadorian banks
work with are: Bank of America, Bank of London, Bank of
South America and Banco del Pacífico. For this
type of transaction, you should contact family members
that are in your home country or directly with the bank
manager. The bank sending the money charges a commission
for the transfer.
Western Union offers quick and efficient money transfers
but this means that it is more expensive. For example
if you are going to receive $1000 in Quito, it will cost
$85 to send.
