Banking and dollars

Ecuador adopted the US dollar in 2000. Visitors do not change money. Coins include familiar US pieces and Ecuadorian centavo coins in the same sizes. Bills are US bills. Bring some smaller notes. A fifty can be an inconvenience at a market stall.

ATMs and cards

ATMs are common in cities and scarce on back roads. Tell your bank you are traveling. Withdrawal limits are often modest, so people take more than one transaction and pay more than one fee. Credit cards work in hotels, supermarkets, and larger restaurants. The Saturday market in Otavalo is still a cash place.

Supermaxi is the supermarket chain you will see in cities. It is not a secret. It is simply where imported goods and local ones share an aisle, at city prices.

Opening an account

Major banks include Banco Pichincha, Banco Guayaquil, Produbanco, and Banco del Pacífico. A local account usually requires residency and a cédula, the national identity card, plus proof of address. Requirements differ by bank and by year. A tourist should not build a plan that depends on opening one in the first week.

Keep your US account. Use it for cards and for savings you do not need in cash. International wires are possible and often clumsy. A transfer service is what many residents use for the monthly move of living expenses. Compare the fee yourself.

Ordinary caution

Counterfeits exist, as they do anywhere dollars circulate. Glance at larger bills. Do not carry a month of cash because an ATM felt far away. The cost of living chapter explains where money goes. The renting chapter is the warning about deposits: never wire one for a home you have not seen.