May 15, 2024

Banking in Ecuador as an Expat

By In Country Guides

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As an American expat, I am pleasantly surprised at how easy banking in Ecuador is. The transferencia system is straightforward and superior to Zelle or other American bank attempts at person-to-person money transfer (but not including PayPal). On the other hand, the bank’s system will not be available for hours or days at a time, leaving you highly frustrated. Additionally, Ecuador is incredibly nosy about where you get your money from due to drug trafficking and money laundering.

This article will discuss my banking experiences in Ecuador as an Expat. I have Ecuadorian Temporary Residency, so I have a cédula (ID) number, which is critical for most functions. If you don’t have Ecuadorian residency, your foreign passport can be used at the big banks (bancos), but not at the credit unions (cooperativas).

Airport advertisement in Santiago de Chile for Banco Santander.
Banco Santander is well-known throughout Latin America and Europe, as shown in this airport advertisement in Santiago de Chile, but not Ecuador.

Why do you need an Ecuadorian Bank Account?

If you will be living in Ecuador for some time, having an Ecuadorian bank account will be beneficial. By far, the main benefit of having a local Ecuadorian account is to use the country’s transferencia system to transfer money to other people. Using a local bank account is also easier and cheaper to pay bills, such as electricity and Internet bills. Also, Ecuador’s interest rates are far higher than U.S. interest rates, so the most adventurous investors may want to invest in bank CDs for higher interest rates.

Interestingly, Ecuador uses the U.S. dollar as its official currency, so you won’t have to worry about currency devaluations or foreign exchange fees if you already bank in U.S. dollars. In fact, Ecuador switched to using the U.S. dollar in January 2000 due to the 1998-1999 Ecuadorian banking crisis. I read the most fascinating interview about the banking crisis and Ecuador’s dollarization recently. You can read the transcript or listen to the podcast on Spotify at this link: https://cpsi.media/p/why-dollarization-works-in-ecuador

Ecuador’s Transferencia system

Transferencia simply means transfer in Spanish, as in you are transferring money. Almost all Ecuadorian banks are connected via the transferencia system, so you can pay people throughout the country, regardless of their bank. Here is why I like Ecuador’s system better than Zelle in the U.S.:

  • Instant account verification before sending: Because the system is at the bank level instead of a third-party like Zelle, you can simply type in the recipient’s bank account number into the app and verify the account holder’s name. The verification also ensures you typed in the bank account number correctly.
  • Everyone is eligible to receive money: In the U.S., your bank has to be a member of Zelle’s network. You personally have to sign up for it to send or receive money. But in Ecuador, the transferencia system is built into the existing bank infrastructure, so almost everyone can send and receive money using the system just by having a bank account.
  • No credit card? No cash? No problem.: Since almost everyone is eligible to use the transferencia system, it is very common to see businesses and small vendors post their bank account information in public. If the vendor doesn’t take credit cards and you don’t have cash, you transfer the money instantly using your phone. Many vendors even have QR codes to make the process even easier. I’d rather do this than worry about taking cash with me.

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However, there are some downsides to the system:

  • Interbank transfers have a small fee: Transfers are free if you and the other person have accounts at the same bank. However, if you use different banks, there is usually a small fee. The 50-cent fee is not burdensome on one transaction but can add up over multiple transactions. This is especially true for small transactions, where the fee can be a high percentage of the money transferred.
  • Hopefully, the system works: One of my general frustrations with Ecuador’s banking system is that the system can go down randomly. For example, we had to pay $25 to the government in 2023 for a document. It took us about a week to make the payment because the government’s bank couldn’t accept the payment. In general, I can transfer the money on the first attempt; other times, I may need to wait a couple of hours and try again.

Nonetheless, I really like the system and have used it way more than I thought I would as an expat.

Paying Local Bills

You’ll need a local bank account to pay utility bills, such as electricity and the Internet. We also own a condo and need a local bank account to pay our monthly HOA fees. Our Internet provider auto-debits our account monthly, but I must manually pay our electricity bill. However, our bank has the electricity provider integrated into the app, so I get the bill and can pay it all through our bank’s app. For the HOA, I pay via transferencia.

Banco Pichincha's Banca Movil app screenshot.
Banco Pichincha’s mobile app allows you to pay utilities, transfer money to others, and use QR codes to pay vendors.

It is also easier to pay government fees using a local bank account. Before banking in Ecuador, we had to withdraw cash from an ATM using our U.S.-based debit card and then go to the local bank and pay the government at the teller window. Not only was this a hassle, but we couldn’t even pay a couple of times because the system was down. Talk about a huge waste of time!

We haven’t had many problems using our international credit cards in Ecuador. However, a handful of companies only accept Ecuadorian-based credit and debit cards. Using our local bank’s Visa debit card helped for those companies. Note that when you open your bank account, you’ll have to pay around $5-8 to get a debit card issued. Unlike the U.S., the banks do not give out free debit cards.

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High Interest Rates

Ecuador’s interest rates on Certificates of Deposit (CDs) are quite a bit higher than those in the United States. Since 2010, we have seen around a 3-5% spread between CD rates in the U.S. and Ecuador. For example, if a CD in the U.S. is paying 5%, the same CD in Ecuador will generally pay 8-9%. Especially if you are retired on a fixed income, this boost in interest income – combined with the far lower cost of living in Ecuador – can greatly enhance your quality of life.

Much like the U.S., it pays to shop around. Our first CD was with one of the largest banks in Ecuador, and we got an 8.8% rate for two years. For our second CD, we asked for the same two-year time frame with the same deposit amount and got a 9.6% rate from a smaller bank. That’s quite a difference.

Screenshot of Banco del Pacífico's website showing CD rates up to 8.95% in July 2024.
Banco del Pacífico’s website advertised CDs up to 8.95% in July 2024, as shown in this screenshot.

Besides shopping around, you need to ask the bank at what dollar amounts the rates change. For example, a CD with $10,000 to $30,000 at one bank got one rate. But that rate jumped 0.3% if you deposited more than $30,000. The person we spoke with said she advises clients to deposit $30,001 for a higher rate instead of $30,000. It sucks to miss out on a higher interest rate over one dollar.

Another consideration is the length of the CD. For starters, CDs lasting more than six months are exempt from Ecuadorian income tax as of 2024 (Ecuadorian tax laws change constantly, so always consult an Ecuadorian tax professional). But the best rates will be for CDs lasting more than one year. We went with two years to get the absolute best rates and felt comfortable locking up the money. You may not feel so comfortable locking your money for two years.

Note that Ecuador banks generally do not have any mechanism for taking your money out early. Whereas in the U.S., generally, you can “cancel” your CD with a three-month interest penalty, Ecuadorian banks have no such provision. If you want to invest in a CD, you must ensure you won’t need that money for a long time. Furthermore, if you intend to transfer large amounts of money to Ecuador, there is a 5% exit tax if you send any money back out of Ecuador. Thus, if you are investing the money in Ecuador to use the interest money outside of Ecuador, you must account for the 5% exit tax and international bank transfer fees.

Note that as the U.S. Federal Reserve lowers interest rates in the United States, bank CD rates in Ecuador fall. Below is a chart I made of the average Ecuadorian CD rates over the past three years compared to the Federal Funds interest rate. You can see data going back to 2007 at the Ecuadorian Central Bank’s website here.

Chart showing the average Ecuador CD rates from 2021 to 2024.
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Downsides of Banking in Ecuador

Banking in Ecuador has some downsides compared to the U.S. or Europe. I wouldn’t use Ecuador as your primary bank account; you should maintain bank accounts in other countries (and properly disclose them to Ecuador if required). Here are a few things to watch out for:

Limited Bank Deposit Insurance

In the next section, I detail Ecuador’s bank deposit insurance scheme. However, it caps out at $32,000 per depositor (and can be as low as $1,000!)… compared to at least $250,000 in the U.S. Furthermore, bank deposit insurance isn’t a blank check. Ultimately, if there are massive bank failures, can Ecuador’s government and financial institutions bail out everyone simultaneously? I ponder this potential situation considering the current electricity crisis in Ecuador, which is leading to debtors not paying their bills.

As of 2024, these were the levels of bank deposit insurance offered by COSEDE.
As of 2024, these were the levels of bank deposit insurance offered by COSEDE.

You can check how much deposit insurance your bank or co-op has at COSEDE’s website here. Just start typing the name of the bank into the field – don’t press enter. When you find your bank’s name, click the little padlock icon to the left of the name, and you’ll see the insurance amount in the pop-up window.

So Much Paperwork

Below, I discuss how to open an Ecuador bank account. Be prepared for a lot of paperwork and a lot of questions. Banks will want to know how you make your money, how much money you make, where you put that money, and how much of it you have saved elsewhere. They also want to know about your taxes, your job, and the names and phone number of local references. Supposedly, all of this is to fight money laundering and drug trafficking. But if you like to be more private or don’t want the government and the banks knowing about everything you do, then Ecuador isn’t the place for you.

And if you are young enough not to know what a landline phone is, Google it before arriving.

Poor Online Infrastructure

We have two of Ecuador’s largest banks, and neither of the online banking websites is great. In fact, Banco Pichincha’s mobile app is far better than the online banking website (I have almost only used the app). Furthermore, be prepared for the app or website to go down or to randomly get errors when you try to perform a transaction. Just be patient and try again later.

Exit Tax

This is a big one, and it’s weird if you come from the U.S. or Europe. Ecuador’s government charges a 5% tax on any money you send outside Ecuador. So, to transfer $10,000 from Ecuador to the U.S., you must pay $500 in tax plus bank fees. Keep this in mind if you intend to use interest money to pay for bills outside of Ecuador. The previous President had vowed to eliminate the tax in 2025, but President Noboa reversed that decision after Ecuador needed to raise money to fight the violent drug gangs on the coast.

Long Lines

Because online banking is so prevalent in the U.S., banking with a teller is somewhat old-fashioned. However, in Ecuador, banking with a teller is very much in fashion. Be prepared for long lines if you need to use a teller in person unless you go early in the morning. Lines are especially long during lunchtime and towards the end of the day.

Ecuadorian Bank Deposit Insurance

Before depositing large amounts of money in Ecuador, know how much deposit insurance you’ll have, especially with smaller banks. In Ecuador, bank deposit insurance varies from $1,000 to $32,000 per depositor, depending on the bank size. All private banks – Banco Pichincha, Banco Guayaquil, etc… – have $32,000 of deposit insurance. The same is true of larger co-ops, such as JEP and Andalucía. However, many smaller co-ops may only have $1,000 or $5,000 of deposit insurance.

COSEDE is Ecuador’s deposit insurance organization, akin to FDIC in the United States. You can read more about Ecuador’s deposit insurance at this link. You can also search for any bank or co-op in Ecuador on COSEDE’s website to see how much deposit insurance the bank offers. We found that extremely useful.

Many banks have these large signs explaining bank deposit insurance from COSEDE.
Many banks have these large signs explaining bank deposit insurance from COSEDE.

We are married, so we asked our bank if we got $64,000 in deposit insurance because we are joint account owners. The answer is no. Our banker said we could create two different accounts, with each of us being the primary owner (titular) of one account. That way, we’d be each covered for $32,000. But if you are married, you don’t get twice as much deposit insurance simply because it is a joint account.

Ultimately, deposit insurance is only as good as the entity insuring the deposits. While we trust Ecuador’s government more than other governments, we also need to ask whether the government – via COSEDE – could really cover deposits if there was a large bank failure. Ecuador has been running a large budget deficit and needed IMF help as recently as this year (2024). Then add the current electricity crisis into the mix. As such, we are only putting money into Ecuador for CD investments that we are comfortable with not having access to. Diversification is key!

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How to Open an Ecuadorian Bank Account

Opening an Ecuadorian bank account is not for the impatient. It took us around two hours each time to open a bank account, and we had to come back twice for different reasons on both accounts. You’ll also be asked very private questions and need to submit a ton of paperwork. Ecuador is very sensitive to money laundering and drug trafficking, which is why the government is so nosy.

Here is an incomplete list of what you may need to bring – note I said “incomplete” because you will always need to bring more paperwork:

  • Ecuadorian cedula (ID Card)
  • Electricity bill showing your proof of address (it does not have to be in your own name)
  • U.S. Passport if you are a U.S. Citizen, and you’ll need to fill out a W9 too.
  • Paystubs showing you are earning (the bank may ask for these to be translated into Spanish)
  • Bank statement showing where you are transferring the money from (also may need to be translated into Spanish)
  • Contact information of two Ecuadorians who can act as references for you (phone number, email address, and physical address). We used our immigration lawyer and our landlord as our two references and asked them beforehand.
    • One bank asked us for a written letter from the references saying they would vouch for us. This same bank also said they didn’t accept a cell phone for the references; it had to be a landline. But the other bank said they didn’t care; they just needed two verbal references. ¯\_(ツ)_/¯
  • Knowledge of Spanish or bring someone who can translate for you.
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When you get to the bank, you’ll need to complete a bunch of paperwork. But don’t be surprised if they ask you for more information. The landline request from one bank sent us into a spiral, but fortunately, both of our references somehow had landlines. And even after you open the account, don’t assume the paperwork stops there. One bank asked for additional paystubs and bank statements two months after we opened our account!

One question you’ll most likely get is about your “patrimonial” or your net worth (don’t equate it to patrimony in English, but probably where the word originates). You’ll want to be truthful with your assets. Note that if you are an Ecuadorian resident with a net worth of over $200,000 as a single person, or $400,000 married, you’ll have to file a summary of your net worth every May. And be very careful with this – they want to know everything you own, including everything outside Ecuador, too!

Photo of a branch of Cooperativa Crea in Quito, Ecuador.
Photo of a branch of Cooperativa Crea in Quito, Ecuador.

Types of Ecuadorian Bank Accounts

In Ecuador, the main day-to-day bank account is a savings account (cuenta de ahorro), not a checking account (cuenta corriente) like in the United States. Checking accounts are for businesses. Here are the main bank accounts in Ecuador:

Cuenta de ahorros transaccionales

This is a “transactional” savings account and will be your main bank account. You will pay bills, perform transferencias, and have a debit card linked to this account. In other words, it is like a U.S. checking account in all but name (and without checks).

Cuenta de ahorro programado

Many banks offer this type of savings account designed to help you save for a big purchase. You agree to contribute a certain dollar amount per month and not touch the money for a certain period of time. In exchange, the bank gives you a higher interest rate than a regular savings account.

Cuenta corriente

This is an actual checking account. However, most people won’t need this; it is primarily for businesses. Also, personal checks are not a thing in Ecuador, so don’t even bother. If you truly need a check, you’d ask for a cashier’s check using the money in your savings account. For example, we needed a cashier’s check when we purchased our condo.

Depósito de plazo fijo/Inversión de plazo fijo

This account is a deposit or investment of a “fixed term,” which in the U.S. we associate with a CD. Many banks consider CDs to be investments. Note that a CD is different than ahorro programado because with a CD, you invest the full balance upfront. With ahorros programados, you invest small amounts per month. Also, note with CDs to request that the interest be paid to you monthly. Some CDs pay out all of the interest at the end, and generally, you wouldn’t want this.

If you want a simple bank account to pay bills and get local services, get a cuenta de ahorro. If you want a CD to earn interest income, get a depósito or inversión de plazo fijo.

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Examples of Ecuadorian Banks

One thing to note is that international banks are not present in Ecuador. Kind of weird when you think about it since Ecuador uses the world’s reserve currency, the U.S. Dollar. You won’t find HSBC, Santander, Citibank, BBVA, or any other global bank. You’ll have no choice but to use a local Ecuadorian bank. (Note that there is a Citibank office in Quito and another in Guayaquil, but they are purely for global business banking.)

The Citibank location at Av Naciones Unidas and Av República de El Salvador in Quito only serves institutional customers.

Below are several Ecuadorian banks to help you with your research. I have no affiliation with any of these banks. We personally use Banco Pichincha and Cooperativa Andalucía.

Banco Pichincha

Banco Pichincha—named after Pichincha, the province that includes Quito, the capital—is the largest bank in Ecuador. It was also our first bank account in Ecuador after many Ecuadorians we worked with recommended it. Its ATMs are ubiquitous throughout the country, and its mobile app works relatively well. Banco Pichincha also has two unique features:

  • It’s (somewhat) easier to transfer money from the United States: If you transfer $2,500 or less, you can use your U.S.-based debit card to make a “purchase” on Banco Pichincha’s website. The purchase is then deposited into your Banco Pichincha account. However, when we tried it, our U.S. bank rejected the purchase for fear it was fraud. When we cleared the fraud alert, the Banco Pichincha website wouldn’t restart, so we gave up and just wired the money.
  • Cardless ATM Withdrawals: If you don’t have your Banco Pichincha debit card, you can still withdraw money from any Banco Pichincha ATM using your phone. On Banco Pichincha’s app, you can state how much you want to take out of the account. The app then gives you a PIN code that expires within a couple of hours. When you arrive at the Pichincha ATM, you enter this unique PIN code with your Cedula ID number, and the ATM will give you the cash. This has saved me several times as I generally don’t carry the Pichincha debit card.

Banco Pichincha has a location in Miami if you need banking help while in the United States. They also have locations in Peru and Panama.

Banco Guayaquil

Banco Guayaquil – named for Ecuador’s largest city – is also ubiquitous throughout Ecuador. Perhaps if we lived in Guayaquil instead of Quito, we would have opened an account with Banco Guayaquil. Both it and Banco Pichincha are commercial banks, so they each come with the highest deposit insurance amount: $32,000. Banco Guayaquil has pink branding that standout compared to other banks.

Banco del Pacífico

Banco del Pacífico is the third of Ecuador’s “big banks.” It is also Ecuador’s most profitable bank in 2023 and 2024. If you apply for residency in Ecuador, you’ll quickly become familiar with Banco del Pacífico because that is where the Immigration and Education ministries bank. We spent quite a bit of time standing in line at Banco del Pacífico to pay $5 here and there in government fees.

Being in Quito, we seriously considered Banco del Pacífico. Despite the long lines, they seemed very professional, had a large network of locations and ATMs, and had competitive products. Only because local Ecuadorians told us to bank with Banco Pichincha did we decide not to use Banco del Pacífico. But many other Ecuadorians use Banco del Pacífico, considering the teller lines were quite long every time we went.

Note that Banco Pichincha, Banco Guayaquil, and Banco del Pacífico are really the largest banks in Ecuador. All the other “big banks” don’t quite compare in size.

Produbanco

Produbanco is another “big bank” in Ecuador. Where we lived, several businesses advertised special promotions with Produbanco. We also thought it was unique that Produbanco had a co-working location near Avenida Portugal in Quito, much like Santander’s Work Cafes throughout other Latin American countries. One unique thing about Produbanco is that they have locations in several small Latin American countries, such as Panamá, Guatemala, and Costa Rica.

Produbanco advertising in the window of a restaurant in Quito, Ecuador.
Produbanco advertising in the window of a restaurant in Quito, Ecuador.

Cooperativa JEP

JEP is Ecuador’s largest credit union (cooperativa) and the second or third largest credit union in Latin America as of 2021, based on how you measure it. JEP is very popular with Expats, probably because it is based in Cuenca, and Cuenca is very popular with expats. We didn’t find many locations in Quito, especially compared to its presence in Cuenca. We also felt JEP’s website was not particularly helpful and CD rates were not as competitive. If you are in Cuenca, JEP might be perfect for you.

Cooperativa Andalucía

We opened our second Ecuadorian bank account with Andalucía. We only opened a CD account with Andalucía because their CD rates were far better than Banco Pichincha. While we also had to open a savings account with $50 to be members of the cooperativa, I wouldn’t rely on Andalucía as your primary day-to-day bank account. Its website is mediocre, and its app is worse. It seems much better suited as an investment bank or if you need to seek a loan.

Other Ecuadorian Banks

Other large Ecuadorian banks you may see around include Cooperativa Policía Nacional, Banco del Austro, Banco Internacional, and BGR. I don’t have any experience with these banks other than Banco del Austro’s ATM saved us in Cuenca when the other two ATMs we tried wouldn’t give us cash, and we were desperate. I have heard good things about Cooperativa Policía Nacional and BGR.

Banco del Austro signs at Quito's International Airport.
Banco del Austro signs at Quito’s International Airport.

Note that Ecuador – much like the U.S. – has a credit union on every corner. And while credit unions in the U.S. tend to be named after companies, cooperativas in Ecuador name themselves after important dates. It may be tempting to go with a small cooperativa because they often have higher CD rates. But note that deposit insurance is also frequently quite low – as low as $1,000! – and the risk of the coop going bust is higher. There is no such thing as a free lunch!

Final Thoughts on Banking in Ecuador

If you will be living in Ecuador for any amount of time, you’ll need a local bank account. It is too hard to live day-to-day without a local account, especially regarding paying bills. On the other hand, if you are retired, higher CD rates in Ecuador will boost your monthly income. Combined with Ecuador’s low cost of living and its use of the U.S. Dollar, it is unsurprising that many American retirees move to Ecuador.

However, banking in Ecuador is not for the impatient or the privacy-conscious. Ecuador’s banking infrastructure just is not as good as in the U.S. or Europe. While I truly love some parts of Ecuador’s banking infrastructure—notably its transferencía system—be prepared to try several times before something works. Furthermore, banks and the government are very nosy about where you are earning and spending your money. If you care about your privacy, Ecuador isn’t your place. Finally, Ecuador’s 5% exit tax on money sent outside of Ecuador hurts if you are transferring large amounts of money.

Overall, banking in Ecuador is vital if you are an Ecuadorian resident or perhaps as a small part of a global investment portfolio. But if you have no connection to Ecuador or are privacy-conscious, there is no need to open an Ecuadorian bank account.

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5 Comments
  1. DA August 3, 2024

    I had read this article previously, but forgot to comment. It’s interesting how the banks only insure low amounts (like you said, the U.S. has at least $250K for a checking account). For anyone visiting Ecuador or planning to live there, this article about banking helps them tremendously. There’s no way to fail after you’ve read this article. It’s also interesting how “tellers” are so common and needed, but in the U.S. we do everything online and are getting away from tellers. Yes, I can see the lines being extra-long during lunch hours.

    Reply
  2. LivingTheCheapLife.net December 17, 2024

    Are high interest rates in Ecuadorian banks a sign of stability or a cause for concern for potential investors?

    Reply
    • Kevin @ Nomading World December 22, 2024

      That is a good question! Anytime you invest into a country you are taking on risk. And interest rates tend to be an indicator of risk. Even U.S. Government bonds – which are labeled as “risk-free” – are not risk free if you believe the U.S. government will eventually not be able to pay its bills.

      My main concern about Ecuadorian banks is not the banks themselves, but the government as the insurer if there was ever a banking crisis again (Ecuador has had them in the past).

      Deposit insurance is $32,000 per person at a bank (banco). However, Ecaudor’s government has been running budgetary deficits for the past few years. If there was a major banking crisis, would the deposit insurance be able to make everyone whole?

      I just recently read an incredibly fascinating interview about the 2001 Ecuadorian banking crisis that ushered in Ecuador’s use of the U.S. dollar. If you want to know what might happen in another crisis, I highly recommend reading this article: https://cpsi.media/p/why-dollarization-works-in-ecuador

      Overall, that is also why I recommend using a big bank in Ecuador rather than the small co-ops (cooperativas). The big banks in Ecuador offer lower interest rates, but at least you are banking with a large, stable institution. Smaller co-ops go out of business all the time in Ecuador, and come with very little deposit insurance.

      And always diversify! We invested in CDs and property in Ecuador because we love the country so much. But it is still a small part of our overall net worth. Even if the worst case scenario in Ecuador ever occurred, it would be very upsetting, but we wouldn’t be out on the streets.

      Reply
  3. ppffinancialblog December 26, 2024

    Is the limited bank deposit insurance in Ecuador a significant risk for expats and travelers considering opening an account there?

    Reply
    • Kevin @ Nomading World December 29, 2024

      Thank you for asking. In any country, it is always a risk if you deposit or invest more than the bank insurance limit in one bank. Bank failures happen in every country, including the U.S. Silicon Valley Bank and Signature Bank both went bankrupt just a couple of years ago, and many people had way more than the FDIC limits in those banks (at that time, it was $250,000). Fortunately, the FDIC was able to repay everyone, but for a moment, that was not guaranteed and people were panicking.

      Thus, on one hand, I would always recommend not to deposit or invest more than the $32,000 deposit insurance in a big bank. And as I mention in the article, I strongly recommend going with a big bank in Ecuador rather than the numerous small cooperativas. Furthermore, if you are only using the bank for daily bills, then you shouldn’t keep that much money in there anyway, meaning you have little at risk.

      On the other hand, if you intend to bring significant sums of money into Ecuador to invest – especially investing into CDs – then you are taking on more risk. Part of this risk is “paid” by the high interest rates. But part of the risk is ultimately how much you trust COSEDE – Ecuador’s bank deposit insurance corporation – and eventually the Government of Ecuador. Despite the electricity problems, the gun violence, and the poor economy, Ecuador’s big banks continue to be profitable in 2024, which is a very positive sign.

      Ultimately, I always recommend diversifying across banks, investment types, and countries. Don’t bring your life savings to Ecuador, just like I wouldn’t recommend you bring your life savings to any other country. But as a portion of your portfolio, especially for daily bills in Ecuador, stick with the big banks (especially Banco Pichincha and Banco del Pacífico), keep your deposits under the bank deposit limit, and you shouldn’t have to worry.

      Reply

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