View source for Sending Money to Ecuador

{{Infobox
| title  = 💸 Sending Money to Ecuador
| label1 = Currency
| data1  = US Dollar (USD) — no conversion needed from USD
| label2 = Best services
| data2  = Wise (formerly TransferWise), Western Union, Remitly
| label3 = Main challenge
| data3  = Receiving into an Ecuadorian bank account
| label4 = Cash pickup
| data4  = Western Union, MoneyGram widely available
}}

ECUAWIKI › THE PENINSULA › LIVING & PRACTICAL › BANKING

Since Ecuador uses the US Dollar, transfers from the US arrive without currency conversion. Transfers from other currencies involve a USD conversion, which the transfer service handles.

== Options for Sending Money ==

=== Wise (formerly TransferWise) ===

Wise is widely considered the most cost-effective method for international transfers. It uses mid-market exchange rates and charges a transparent fee. For transfers from USD there is no currency conversion cost. To receive via Wise you need a Wise account (or your recipient needs one), or you can transfer to a local Ecuadorian bank account using your recipient's account details.

* Good for regular transfers (monthly remittances, salary transfers)
* Requires both sender and recipient to have accounts
* Transfers arrive in 1–3 business days

=== Western Union ===

Western Union has a wide network of agents in Ecuador including on the Santa Elena Peninsula. The recipient can collect cash in person with their cédula and the transfer number.

* No bank account required for recipient
* Pickup points in La Libertad, Salinas, Santa Elena city
* Fees are higher than digital services but the cash pickup option is valuable
* Good for sending to people without bank accounts

=== Remitly ===

Similar to Wise; competitive exchange rates and fees for transfers from the US, UK, Canada, EU. Can deliver to bank accounts or to Western Union-affiliated pickup points.

=== MoneyGram ===

Similar to Western Union for cash pickup. Available at many Ecuadorian banks and offices.

=== Bank Wire Transfer (SWIFT) ===

Possible to any Ecuadorian bank account. Requires full account details (account number, bank SWIFT code, account holder name, branch address). Fees are typically $25–45 on the sending side and sometimes on the receiving side too. Slower (3–5 business days) and more expensive than Wise or Remitly.

Use SWIFT for large amounts where the flat fee is small as a percentage.

=== PayPal ===

Functional in Ecuador but limited — not all Ecuadorian banks connect to PayPal easily, and withdrawal to a local bank account can be complex. Not recommended as a primary transfer method.

== Practical Notes ==

* '''No currency conversion if sending from USD''' — Ecuador is dollarized, so USD-to-USD transfers have no FX risk
* '''Declare large amounts''' — Ecuador has reporting requirements for transfers above $1,000 USD. Legitimate transfers are fine but be aware that your Ecuadorian bank may ask the purpose of large incoming transfers
* '''Bank account requirement''' — to receive directly to a bank account, the recipient needs an active Ecuadorian bank account with a valid cédula. [[Opening a Bank Account]] explains how to get one.
* '''SENAE (customs)''' — money transferred internationally is not subject to customs duty, but physical cash brought into Ecuador above $10,000 must be declared at the border

== Receiving Money Without a Bank Account ==

Western Union and MoneyGram cash pickup is the most practical option for people without a local bank account. You need:
* The sender's name and the transfer control number (MTCN for Western Union)
* Your cédula or passport
* Pickup at any participating agent

== See Also ==
* [[Opening a Bank Account]]
* [[ATM Safety]]
* [[Cash vs Card on the Coast]]

[[Category:Living & Practical]]
[[Category:Banking]]
[[Category:La Peninsula]]