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Money in Ecuador

 

Tipping in Ecuador
In Ecuador tips are generally given in restaurants, to supermarket bag boys, and parking lot guards. How much depends on the person doing the tipping and how satisfied they are with it. Generally it varies between 20 cents for parking and bag boys up to $5.00 in restaurants.

Discounts
In some shopping centers, you may find discounted products and are generally on sale for 5% to 50% off. Other discounts may incur when you buy two products for the price of one.
In certain stores like Supermaxi, bookstores, pharmacies, and others, you can obtain a discount with the local card. The percentage of the discounts depends on the store but if you can obtain a card, you can save a lot of money.

Bargaining
This is generally possible in handicraft markets, small stores, open-air fairs and markets. If the travelers wants to buy typical handicrafts from Ecuador, you can visit the different Handicraft Markets in Ecuador and find great discounts from the original price.
In these kinds of places, there are no set prices and the buyer and seller “fight” to reach a price, or bargain. You should never accept the first price that the seller tells you because you could lose other opportunities for less cost. A typical question that a buyer asks when he sees a product is: how much will you sell it to me for (en cuánto me deja?) and then the bargaining begins until a price is agreed upon.
We recommend you bargain because when the merchant seeds a foreigner, he thinks he’s going to get a lot of money from you, so the ideal amount to begin bargaining is from 15% to 40% less than the asking price.

Student Cards
National children that have a student card get small discounts when they travel to the Galapagos and they pay 50% of the entrance fee into the National Park. Other discounts can be obtained with this card such as discounts for transportation, movie tickets, and museums. However we should mention that if it is a foreign student, it is almost impossible to obtain these discounts.

Taxes - 10% service and 12%
In places like Hotels and Restaurants, additional taxes will be added to the prices established by the business. The sales tax (IVA) is12% and taxes for services are 10%. But the IVA is everywhere except for basic need products, books and medicines.

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