Since 2000, Ecuador has used the US dollar as its official currency in place of the now defunct sucre which lost 67% of its value in 1999 alone. The year prior to Ecuador’s big currency switch was marked by deep recession and widespread banking failures.
The majority of Ecuadorians still support the transfer to the dollar, and the economy is far more stable than it was before. Incomes have risen and poverty has decreased, helped to some extent by the stabilisation of Ecuador’s currency.
Banks in Ecuador
Citibank is the only major international bank operating in Ecuador, though there are a fair few large, reliable Ecuadorian banks to choose from, all with plenty of branches. These include Banco Pichincha, Banco del Pacífico, Banco de Guayaquil, Produbanco and Banco Internacional.
Opening an account
Anyone can open an account in Ecuador, including foreigners, though you will need to bring quite a few documents (plus photocopies) when you go to open an account.
It’s worth shopping around before deciding where to open your account so you know your options and what will suit you best. If you don’t speak Spanish, it’s a good idea to bring along somebody who does when opening your account as the bank clerks are not likely to know much English.
As a foreigner, you’ll generally need to bring the following when opening an account:
- An opening deposit of USD$300
- Colour copies of your passport (must not be black and white)
- A residence card or ‘censo’, plus colour copies
- A utility bill less than 60 days old with your Ecuadorian address written on it.
- A letter of recommendation from someone who also has an account at the bank.
- A copy of your work contract (if you have one).
Most banks in Ecuador offer online banking with your current account. Banco Pichincha and Produbanco both offer a euro account with instant access.