banking

[ANDREW & SHARREL KLINE]

How is access to cash? We’re opening an LLC and bank account in Belize, but we’re looking in Ecuador as a potential home base, partly because of the excellent health care we’ve already experienced.
If our money is sourced from another country are we going to have continuous problems? I’ve heard rumors of limits on cash withdrawals, and it’s not like we can use a debit card everywhere.

Andy

[COUNTRY EXPERT – WENDY DECHAMBEAU]

You shouldn’t have any issues accessing cash here in Ecuador. Most people simply use their ATM cards to withdraw money from out-of-country bank accounts. The daily limit would be up to your bank, not the ATM machine. Most banks cap your daily take at $300-$500. If you need to wire money Ecuadorian banks accept international wire transfers, so again unless your bank in Belize is uncooperative, you shouldn’t have any problems.

Most expats here source their funds from other countries (primarily the U.S. or Canada) and have no problems whatsoever.

[ANDREW & SHARREL KLINE]

Thanks for the info. Is there difficulty or hoops to jump through in opening an account at say, Pichincha (sp?)
What are the local requirements?

[COUNTRY EXPERT – WENDY DECHAMBEAU]

It’s fairly straightforward to open an account. I believe the bank will ask to take a copy of your cedula (your government issued ID card), they’ll want your phone number, e-mail, and address. They may also ask for a utility bill to verify your residence.

But, you can actually have an account set up before you get your residency visa. It’s best to consult with an attorney on how to do this, but I believe that if an attorney verifies that you’re in the process of applying for your visa the bank will go ahead an open an account.

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