Banking

[YANINA BEKKER]

Can anyone recommend an US Bank that is also easy to use in Ecuador? I am with a Federal Credit Union right now, but will be retiring in 4 month and would like to open an account in a bank easily accessible from overseas, so I can travel and spend time overseas (Ecuador specifically).

Thank you,

Yanina

[JAMES STIER]

Hi Yanina,
I have the same question as of right now. I plan to go to Equador very soon and want to open an account here with a bank that I can access easily for use in Equador. I plan to open bank account there too. And for that reason also want an account that can relate to overseas visit or extended time. I will look for an answer to your post as an interested party.

I think this forum is very little used though.

James

[SUSZANNE MILES]

Hi James and Yanina,
I am also interested in finding a bank in the states that will be accessible from Ecuador. From what I read so far there are suppose to be many ATM’s available. If I learn anything I will get back with you.

Thank You,
Suszanne Miles

[SUZAN HASKINS]

As for a US bank, any with online banking capabilities will work — but it’s best to choose one that doesn’t charge foreign ATM transaction fees. For that reason, we personally use Capital One. We’ve also opted not to have a bank account in Ecuador… mostly because we’ve had bank accounts in every country we’ve lived in but rarely used them. Ecuador’s is a cash economy and you will never write a check. We just don’t see the need for a local bank account in Ecuador.

But if you decide that you want one, that’s your choice, of course. My advice is that you not open an Ecuador bank account until you decide where in the country you will live. Not every bank has a branch in every location. And even if they have the same name, not every branch will work together. It would be a mistake to open an account in Quito or Cuenca and then decide you are going to live in Salinas and find out there is no branch bank there… or that you have to go back to the original bank to change your address, close the account, etc.

Also note that only two banks in Ecuador are able to accept direct deposits of US social security checks: Produbanco and Banco de Guayaquil.

[DEBRA PORTER]

Susan,
Thank you for your thoughts on opening a bank account in Ecuador. I agree with you that opening an account there may be unnecessary as most USA account that have online banking and atm card is about all you need.

One question though. I read elsewhere on this site that you need to have a local Ecuadorian bank account to pay your utilities down there or else you will spend all your time driving from one utility provider to another paying you monthly bill if you don’t have them automatically deducted from a local account. What are your thoughts about this?
Thank you,
Debra

[SUZAN HASKINS]

I live in a small town and I go to the utility provider every month to pay my bills. You can also pay them at many banks or credit unions, and in Quito they have a service called Servientrega where you can pay them in one fell swoop.

[Author]

Posts