Despite facing a lot of migration and economical problems Ecuador supports tight cooperation with the United States. Deep historic and diplomatic relationships encourage active trade and travel, with Ecuador being a great country for US expats.
Whether you are a business owner, a traveler, or a member of one of the thousands of mixed families you probably look for the best ways to send money to Ecuador. Today we will discuss the reasons to transfer funds from Ecuador to the US along with the related issues of this process and ways to solve them.
Why Do People Send Money to Ecuador from the US?
The reasons for money transfers from the US to Ecuador are rather complex, so it’d be a good idea to dive a bit deeper into the geopolitics.
Stats and Facts
COVID-19 was a menace to the whole world, but it hit even harder in South America, especially in Ecuador. The pandemic damage only encouraged voters in 2021 to choose one of the most pro-business presidents in decades.
The US dollar has been Ecuador’s national currency since 2000, but the partnership only seems to become tighter. The country has chosen to shift its course toward increased cooperation with the US which led to growing investments from American partners.
Active investments have resulted in business development, but, unfortunately, that hasn’t solved most of the inner Ecuador problems.
Ecuador Community in the US
Corruptible state institutions, the drug industry, and the pandemic impact are the main reasons why Ecuador faces yet another wave of migration. In 2022 around 438 500 Ecuadorians live in the US and the numbers only grow higher.
Corona and Jackson Heights in New York are the locations for the largest Latino communities and Ecuadorians aren’t exceptional in this matter. Many come here after job loss seeking a higher quality of life and career opportunities.
Issues & Problems with Sending Money to Ecuador
The US and Ecuador are partners with the same currency, but financial operations still come with a lot of issues like:
The Complicated Procedure of Bank Transfers
Bank transfers to Ecuador bring the same problems as most international transactions. Smaller transfers could take minutes, but larger ones usually take up to several days, requiring copies of passports, emails, and written explanations about their purpose. The fees differ depending on the selected bank, but they usually are quite expensive.
USD to Ecuador Currency Exchange
The United States dollar is the official currency of Ecuador and the Galapagos Islands, making life easier for American travelers and businessmen. The state has no currency restrictions for entry to or exit from the country, but there are some nuances.
Firstly, Ecuador’s banking systems don’t accept $100 bills. It gets even more complicated with smaller vendors, as they usually don’t have large bills in change. In most cases, we recommend bringing nothing larger than 20$ bills while traveling. Ecuadorian sucres are obsolete, but may still be in use around the country.
Secondly, cash rules in Ecuador, so traveler cheques are not recommended in Ecuador. There are a few places where you could change them, but you might face fees and weird exchange rates.
Money Withdrawal in Ecuador
The main money issue that you might face is that you can only withdraw a maximum amount of 500$ per day. Some banks have even lower limits like 300$ or 400$. Moreover, you’ll also face ATM fees ranging from 0,5$ to 2$ as well as your bank charges. This sure is inconvenient, as even some tourist sites and restaurants only take cash.
IPSIPay as the Best App to Send Money to Ecuador
No matter what country you are sending money to, you’ll probably face transfer fees and low transaction speed. The ultimate solution is to send money online with a reliable delivery method like IPSIPay’s mobile app. Forget about all the related issues, IPSIPay is a simple, fast, and secure method to send money anywhere around the globe.
Download the app, add your address and phone number and you’re done!