3 Cheapest Ways to Transfer Money to Ecuador

[@susannahfox7188]

FYI, one thing I have used several times is writing a check on my bank in the US, to be deposited to my bank account in Ecuador. Old school, definitely, but it works. However, it takes about 4 weeks to get the money deposited to my bank in Ecuador. Zero cost.

[@ginakerry2588]

That's a simple approach I might have doubted. Glad to know it works!👍 Suprised he didn't mention that one! Definitely worthy of being on the list. My expectation for initial visit with long term relocation plans is to bring about 5 grand in cash (if that's legal) then open up a local account with ATM access (this was almost impossible to do in Philippines, they're not really expat banking friendly at all as far as the system, people are great tho). That should give me plenty of time to wait for a check to clear in the account . I wonder how the restrictions work or if there are any, as far as transferring like 100k or 200k when purchasing a property. It's my understanding there is no way to get a loan for property purchase in Ecuador (and most other countries as well, from my limited experience). It's very nice that Ecuador even allows foreigners to OWN property. The Philippines was very restrictive in that respect. I'm not a condo person. I like to own LAND. Thanks very much for this comment!

[@ginakerry2588]

I've been watching so many videos in prep for planning possible retirement to Ecuador in a year or 2. This is the first video I have seen that talks succinctly and clearly about getting your money into the country . Having previously looked at potentially retiring to Phillipines, it was important to realize how different the limitations are between different countries. Not one size fits all. As one of the other commentors mentioned, IF it's possible to just deposit a check from your home country (or maybe only US banks?) and wait a few weeks, that should also be added to your video. Many times I don't need access to the money within 24 hrs. So if I could deposit a check from bank of America for instance that would be good information to add to the video.

[@bobdobb9017]

Thank you. Helpful! I will be going to Ecuador this year and hope to find friendly westerners like you there, as well as take in the local culture of course.

[@force10jc]

This was a super helpful video. Thanks, for posting.

[@saintluke2nd]

US banks Charles Schwab and Fidelity dont chrage international ATMS fees and will reemburse you the ATM fees. Very important point.

[@DaCunhaCoartstudio]

Great video.. Very informative. Even as a Canadian I think I maybe able to navigate on how to transfer our money to Ecuador... Liking all your videos that I have seen so far and have signed up to your emails. Great website by the way as well.. Cheers!

[@ComisarioLobo]

thanks for the video, do you mind creating an updated version of this?

[@jennifersanchez6166]

Thank you for your helpful content, the videos and the blog are so good!!!

[@expatsecuador743]

Thanks Jennifer!

[@eddenoy321]

Since Ecuador uses USD, it seems like someone with 300,000 USD could make a little extra by opening up multiple accounts at 8-9 %, pa. I know the insurance is 32K per account and not all banks carry that level of insurance, but in theory, could it be done ? Or would the fees and bureaucracy eat up the difference ? Just curious.

[@fluffy5534]

Hi: thanks for great video. I am new to Ecuador. Please create a video that shows how to use Ecuadorian ATMs and online Mobil apps.

[@JohnS-zq8ks]

This was very well done. Good examples. thanks

[@expatsecuador743]

Thanks John. Glad you enjoyed it :)

[@bjorn3082]

👆👆 for professional guidiance on how to invest profitably

[@2ndSprings]

Great content!

[@fireflyrobert]

I'm in the UK looking to relocate to Ecuador. Anyone know a good way to transfer funds from UK? Thanks

[@Flynnworx007]

Hello, are you still around Cuenca? I used WR one time and it worked great to send money into JEP, but now it doesn't work for me. Are you still able to transfer funds into JEP? Thanks and make some more videos! My wife and I are "Flynn's on the fly" on YT and living in Cuenca almost 3 months now!

[@expatsecuador743]

Hey Matt - I've also just experienced the same problem. Looks like WR are only using Banco de Guayaquil now. This is a shame. I'm in the middle of a transfer with Remitly right now. It took a few tries for me to send it (ID validation issues), but it should be in my JEP account today after about 1 week transfer period. Not super impressed with Remitly thus far and still searching for my new default provider. We are still in Cuenca. We're trying to produce more videos, but we just had a baby and acquired a local business so hard to find the time. Great that you guys have a channel. We'll check it out. Lot's of content opportunities in/around Cuenca!

[@susannahfox7188]

@@expatsecuador743 Another question, 2 years later......so, with World Remit, can you have the money deposited directly into your Ecuadorian bank account?

[@mapgnome]

Can you tell me if it's possible to have a pension payment or Social Security payment directly deposited to an Ecuadorian bank account, and if there would be any fees associated with that method? Thanks for the videos.

[@bjorn3082]

👆👆 for professional guidiance

[@susannahfox7188]

Banco Guayaquil has this option......and possibly Produbanco

[@NickMillermusic]

Thanks for a great video. It looks like Wise now includes Ecuador as an option since this video was released - or is their site inaccurate? Can you confirm either way?

[@expatsecuador743]

Hey Nick - I do believe it's possible to use Wise now. But, I believe they use an intermediary which pushes up both the cost & transfer time.

[@bullsharkdb]

What about crypto to usd? I think if possible should be much cheaper

[@expatsecuador743]

Indeed it can be significantly cheaper. But, it's also not the easiest option for many expats - especially given the crypto space in Ecuador is relatively immature. There are ways to convert BTC -> USD, feel free to message me if you come to Ecuador and need the heads up.

[@bullsharkdb]

@@expatsecuador743 I have been in crypto for many years living in different countries. What I have learned is that is needed a local platform/exchange connected to a local bank account. Thanks for replying

[@bjorn3082]

👆👆Thanks for your comments!! For professional guidiance on how to invest profitably..👆👆

[@charlypetra191]

Room and Video Full of Room Echo

[@krystenemanthey5812]

Hi I am wanting to send some money to my fiancee in Ambato (Ecuador) but I can't send via Western Union as he does not have an actual address (strange but it's true). Do you know how I might be able to send this money to him (cheapest way possible). I hope you can help as I have exhausted my options. 😊

[@andymay9083]

Horrible audio! Please try to fix it A.M

[@expatsecuador743]

Thanks for the feedback. I think our newer videos have significantly better production value :) Feel free to watch one of those and let us know if we've nailed it or still have some room to go.

[@susannahfox7188]

There are worse things in the world going on than focusing on the audio here. Captions much? Sheesh!!!

[@themadhatter7926]

I like your videos Jason - cheers. Watched this and tried to use your link to get you a credit and me a discount with WorldRemit, but only one bank in Cuenca comes up to transfer to, Banco Guayaquil, when using WorldRemit. I notice the site looks different as well ... yours says "Classic Site" I believe. Mine looks very different. Is WorldRemit still working for you, for transfers to JEP in Cuenca (well, or any JEP)? Thanks - and great videos.

[@BPe-ie9je]

Video was 2 yrs ago. Info still 'to date' ? I JUST watched. Movivng to EC '.23. Are you making new content on videos? I enjoy your email magazine.

[@DH-vl3cg]

Hey Jason. Super helpful! However, I just followed your guide and used your referral code only to find out that Worldremit now only lists Banco Guayaquil as the only option to transfer funds to via bank transfer. JEP and the others are no longer options on their page. Just FYI. I thought i'd let you know in case you wanted to edit/update that part of your tutorial to reflect the new changes. Total bummer that Worldremit only partners with banco Guayaquil now. I was looking forward to using your referral code to transfer funds to my new JEP account from here in the US.

[@expatsecuador743]

Hey DH - yeah, I feel you. I've had to move to Remitly but their fees aren't as competitive as WorldRemit's. I've considered opening up an account with Banco Guayaquil just to get WorldRemit back, but haven't got around to it yet. I'll make an updated video at some point - I just haven't had any time since our newest baby was born. Hopefully soon...

[@DiegoAndress]

@@expatsecuador743 I just came across the issue and was ready to send money to my JEP account. It would be great if you can make an updated video. I really appreciate the information you give!

[@themadhatter7926]

Ahhh ... should've read the comments, I see this came up a year ago by DH below. Well, if anyone is wondering, yeah, it's still just Banco Guayquil on WorldRemit. They must've ironed out a deal with B.G.. I don't think they realize how difficult it is to open an account down here. Well, even if I do open an account at B.G. I'm not using WorldRemit, just on sheer principle (they wasted two hours of my time). Cheers.

[@easynickname09]

Thanks a lot Jason, I left the US with my old Schwab debit card instead of my new one (what an idiot) so it doesn't work as the new one is activated, so I am here all alone with only a credit card that works 1 out of 10 times for cash advance, which is of course with very high fees. Urgh...I will try WorldRemit, but according to @DH-vl3cg's comment it might be a bummer for me too. I am just visiting here, not a resident. I also have my new Schwab debit card in Samsung Pay, but it seems like the pay by phone options don't work here, or do they ?