Banks and ATMs in Ecuador

V!VA User‘s Description

Travelers in Ecuador should have no problem withdrawing money from local banks using a debit or credit card with VISA, Mastercard, Cirrus or Maestro representation. Travelers checks can be difficult to exchange, even in major cities, so it´s a good idea to always have an emergency stash of cash. Most travelers find it best to bring a combination of cash, credit or debit cards and travelers checks.

There are several banks in Ecuador that can help with international transfers, wiring money, and the easiest and taking money from an ATM. Always use ATMs located inside banks or malls with a guard bearby. There have been several reports of theft from outdoor ATMs.

ATM Warnings and Advice

The bank in your home country will likely charge a hefty amount for each time you use an ATM in Ecuador - even if you are just looking at your balance, so be sure to check with your home bank before going nuts. Also - at times the bank will not get a good connection to your home bank and will tell you that you have insufficient funds. Sometimes this is true, but often it is not, so before making an expensive and frustrating international call you your home bank, try another ATM or wait a day. In general, however, using ATMs are the easiest way to stay supplied with cash in Ecuador. If your country does not have the US dollar, an exchange rate fee will also be charged to your account as the ATMs in Ecuador only deal in dollars.

NOTE: Be warned that criminals sometimes target foreigners at ATMs.  Be very careful after dark or in very busy or very deserted areas.  If someone is standing too close to you, he or she may be trying to look over your shoulder at your PIN code.  When in doubt, walk away and use another machine later.  Some ATMs in tourist areas, such as Quito Mariscal, are manned by security guards.

Travelers' Checks

It is a good idea to come with an emergency stash of travelers' checks. Most hotels accept traveler's checks (American Express is best, VISA is not always accepted) even in remote areas where you have to travel for hours to reach a bank. While hotels may except them, you are likely to have a difficult time trying to cash travelers checks at a bank in exchange for dollars. Always bring your actual passport and even then it might be difficult. Banco de Guayaquil is your best bet for cashing such checks, but be prepared to pay a higher-than-average exchange fee.

Wire Transfers

Money Grams and Western Union wires are fairly common in Ecuador, as they form alliances with local banks around the country. Fees vary and tend to be high, so this option is best for emergencies.

Credit Cards

All international hotels and most higher-priced hotels and restaurants accept Visa and Master Card. Many also accept Diners Club and American Express cards. Beware: an extra 10% is often added to your total bill if you pay with a credit card. Depending on the price, you may be better served withdrawing the cash from an ATM and stashing the credit cards. In general, most Ecuadorian shops do not accept credit cards: some exceptions are mall stores and high-end gift and artesanía stores.