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Ecuador Money
Ecuador money: US dollars, the currency used in Ecuador.
Ecuador money: a branch of the Banco Pichincha bank
Ecuador money: US dollars, the currency used in Ecuador, on a map of the country
Ecuador currency: some US coins and the Ecuador equivalents - both legal currency within Ecuador
Ecuador market, where cash is the only form of money accepted
Ecuador Money: the currency is the US dollar.
Sending money to Ecuador is not always easy and cheap international money transfers to Ecuador are hard to find.
To transfer money abroad from Ecuador incurs taxes as well as bank fees.


Ecuador Money

Ecuador Currency

Money in Ecuador: Ecuador uses the US dollar as currency.  US dollar bills are the only paper money accepted.  Ecuador produces its own coins and accepts both those and US coins.  (Don't try to use Ecuador coins in the USA, they won't be accepted).  It's easy to check the dollar exchange rate online and there are many options to buy dollars overseas outside Ecuador.
Small change: note that in rural areas, most vendors will have trouble finding change for a small purchase from a $20 bill (and may well be hesitant to accept one, as they are aware of the danger of forgeries).  Most places will not accept $50 bills under any circumstances, regardless of how much you spend. If at all possible, travel with small denomination bills (no larger than $10) in rural areas.  Don't even consider taking $100 bills to Ecuador - banks will not change them for smaller bills (they are not allowed to, only the central bank can do this), so you will not be able to spend them at all.
Cash machines (ATMS, or "cajeros automáticos") are available in cities and larger towns and are by far the easiest way to access your Ecuador money as a tourist.  Check with your bank before leaving home, to be aware of any fees they charge, and warn them you will be in Ecuador, so that they don't panic and block your account.  Travellers' cheques are not widely accepted in Ecuador, you will almost certainly have to exchange them at a bank, which will be time-consuming. Many rural areas do not have a bank, or a cash machine, so you will need to plan ahead if you travel off the beaten track or away from larger towns. 
Sending Money to Ecuador
Sending money to Ecuador is surprisingly difficult, considering the technology available for international money transfers, especially if you are sending it to an Ecuadorian national.  PayPal will not work with Ecuadorian banks, and many services for sending money overseas will either not send to Ecuador, or else charge huge fees.  (To be fair, Ecuadorian banks are such a bureaucratic nightmare that you can't really blame them).  So, you need to be specific when you search online.  Search for "international money transfer" or "sending money overseas" and you will find lots of cheap, fast, simple services.  Specify that you need to send money to Ecuador and you will find that your options are considerably reduced, and a lot more expensive.
Sending Money to an Individual in Ecuador
Sending money to an individual in Ecuador is reasonably straightforward, if costly, using the various instant international money transfer services such as Western Union, which hand over the cash on presentation of the appropriate passport and secret code, which you will have emailed to the recipient.  Don't try to surprise your friend in Ecuador - they will be grilled as to the amount of the payment, and who it is from, and will not be given the money if they don't know.  So make sure you give them all the details you gave the money transfer service, for example include your middle name, and give them the exact figure you sent.  This option is not available for sending money to organizations, so paying for goods or services in Ecuador from overseas is not possible with an instant cash transfer.  Foreigners in Ecuador who have a bank account elsewhere may find that the best option is to receive payments into a PayPal account, make an online transfer from PayPal to an overseas bank account, and then withdraw the cash from an ATM in Ecuador.
Sending Money to a Business in Ecuador
To send money to an Ecuadorian business, an international bank transfer is probably your best bet, and you will need to contact your bank, probably in person.  Your bank may well be confused or even thwarted by the fact that most banks in Ecuador do not use sort codes, as some automated systems for sending money overseas will not operate without an entry in the sort code field.  The bank in Ecuador is quite capable of refusing to accept the transfer, and if they accept it will probably charge the accountholder a fee in addition to what you have already paid.  To have the best chance of your bank transfer to Ecuador being accepted, make sure you have the account holder's name (in the exact form in appears on their account) and statement address, along with their account number, the address of the bank, and the SWIFT/BIC code.
A bank transfer to Ecuador from overseas will cost the sender probably around 25 GBP or 30 to 40 USD.  Many banks, especially in smaller countries, do not have a direct contact with Ecuador, and so will route your international money transfer through a third-party bank, probably in the United States.  Of course, this bank will also take a fee from your money, perhaps around $25.  In practical terms, it is simply not worth sending less than about $100 as a bank transfer to Ecuador, as there will be so little left after the fees.  Make sure you confirm with the receiving party in Ecuador the amount that needs to arrive with them, and whether you need to cover their account fee for receiving the transfer.  Bear in mind that you may not always get the best exchange rates using this method of money transfer.
Sending Donations to a NonProfit in Ecuador
Sending donations to charities in Ecuador is the most difficult of all.  The current government appears to be trying to push nonprofits out of existence.  One of the methods they are using is making it extremely difficult for nonprofits to receive donations from overseas.  PayPal is not an option, as mentioned above.  Bank transfers are not feasible for small amounts.  Online donation platforms suffer from all the problems of bank transfers, plus they have to cover their costs as well.
For example, a charity in Ecuador experimented with receiving donations on an online giving platform.  Of $100 aggregated from various small donations, the platform took $5.  Their bank took a $30 transfer fee.  Then the money went via a bank in the USA, which took another $25.  When the money arrived, the Ecuadorian bank took a $7 fee for receiving it.  Of the original $100, the charity was left with just $33.  To discover the amount received, someone had to queue for 45 minutes, since the bank won't divulge this information over the phone. When you factor in all the administration work involved in promoting the charity online and encouraging these overseas donations, you can see how little benefit there is for a small nonprofit.
Sending Money Overseas from Ecuador
Sending money overseas from Ecuador incurs a tax, in addition to the investment of quite a lot of time queuing in banks.  Banks in Ecuador usually insist that in order to send money abroad, they need many details which you won't have, and which may not even exist.  For example, IBAN codes are only for entities within the EU, but an Ecuadorian bank may try to demand one for a transfer to another continent.  If you are in Ecuador but have a bank account overseas, the easiest method is probably to make sure you have a PayPal account set up and make payments from that, so that the money does not actually enter Ecuador.  If you are sending money overseas to an individual, you have the option of the (expensive but effective) instant cash transfer services.  Resign yourself to a slow, costly process if you need to send an international bank transfer from an Ecuadorian bank. 

Ecuador Money
The currency of Ecuador, international money transfer options. Sending money to Ecuador, sending money overseas from Ecuador. Note that no responsibility can be taken for the content of external links or for reliance on any of the suggestions on this site.  






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