Find the best ways to transfer money to Ecuador

The exchange rate determines how much USD the recipient will receive.

For instance, in the past month average exchange rate between the US Dollar and the US Dollar was 1 USD.

Since USD - USD exchange rates fluctuate based on market conditions, waiting a few days can result in a better rate and more USD for your recipient.

If you urgently need the money in Ecuador, we recommend using Wise, which has offered the best USD exchange rates over the last 6 months.

The cheapest way to fund your transfer to Ecuador is by using a Bank transfer with Instarem, which is 0% cheaper than the next best option.

How you pay for your transfer impacts the cost, speed, and the amount of USD received.

Based on a $2,000 transfer to Ecuador using the last 6-months of our data, the options you have are:

• A bank transfer with Remitly will cost you $0 in fees and a 0% markup

• Debit card transfer with Instarem costs $16.02 with 0% markup

• Credit card transfers with Instarem costs $16 fee and comes with 0% markup

We recommend not using Bank transfer when sending money to Ecuador, as they tend to be the most expensive.

Credit card transfers tend to add cash advance fees and might have higher interest rates on USD.

For example, Instarem charges $16 when paying by credit card, compared to $0 via a bank transfer with Remitly.

Whenever possible, avoid sending USD over the SWIFT network. Despite the name, USD transfers over SWIFT are slower and come with higher fees.

Money transfer companies will often have minimum and maximum limits on how much USD you can send.

Often, the amount will also impact the fees and the USD rate you get.

For example, we found Wise to be the best option for sending large amounts to Ecuador.

There might also be government-imposed restrictions, commercial restrictions, and many more.

This is why it’s important to compare your transfer options to Ecuador.

The speed of transferring USD to Ecuador depends on several factors, including the amount being sent, the timing of the transfer, and the chosen payment method.

Usually, the quicker you need your USD, the more it will cost you in fees.

For example, consider a transfer of $2,000 from the US to Ecuador:

• Fastest provider: Among 6 companies servicing Ecuador, Paysend consistently offers the quickest delivery times across all deposit methods, appearing in 47.9% of our searches.

• Bank or debit card deposits: Services like Wise for bank account deposits and Wise for card deposits provide almost instant and cost-effective USD transfers. Fees are approximately $9.03 for bank deposits and $Wise for debit card deposits, with a minimal 0% markup.

• Credit card transfers: Based on six months of our data, using Wise for sending USD via CC can take up to a day and incur a fee of $62.16 with 0% markup. However, be mindful of potential cash advance fees.

• Urgent transfers: For the fastest possible transfers, we recommend opting for cash pickup services through providers like Western Union or Ria Money.

Avoid making USD transfers over SWIFT

SWIFT is slower for USD transfers due to the involvement of intermediary banks in Ecuador, so it’s best to avoid it if speed is your priority.

For USD transfers, you have the following options:

Money transfer companies

You can send US Dollars via an FX broker (a managed service) or via an online-only company (self-managed).

According to the past six-month analysis, we found that Wise is the overall best way to transfer money to Ecuador, appearing 100% of the time for USD transfers in our search system.

App

Most money transfer services to Ecuador offer mobile apps, which often provide better USD exchange rates.

You can check our guide on the best money transfer apps to find one that fits your needs.

In-person

Cash transfers to Ecuador can be made in person through services like Ria Money Transfers or Western Union.

Cash transfers are almost always instant but require the recipient to physically visit the nearest agent to collect USD.

Bank transfers

We advise you not to use your bank to wire money to EC because of the fees but rather use it to fund your USD transfer.

There are several ways to receive money in Ecuador, including direct bank deposits, cash pickups, home deliveries, and mobile wallets.

Here are your options:

• Direct bank deposits: to deposit money into the recipient's account in Ecuador, we recommend using Remitly. They appeared in 61.4% of the searches as the cheapest option for bank transfers to Ecuador.

• Cash pickup: if you need immediate access to cash in Ecuador, consider using cash pickup, but check availability.

• Mobile wallets: you can receive USD directly into your digital wallet like PayPal, but they come with limitations and higher costs compared to using Instarem.

In most cases, USD will arrive without any involvement from the recipient.

However, if you’re sending US Dollar as cash, or in large amounts, the receiver might need the following*:

• Valid forms of ID: such as passport, or driver’s license.

• Sender's information: the full name and address.

• Transfer details: the amount of USD to be received.

• Transfer confirmation number: the sender should give it to the recipient.

• SWIFT code / IBAN: sometimes you may need to include IBAN and/or the SWIFT code.

*The exact documents you need might vary by the company you use.

For larger US Dollar transfers, money transfer companies may ask for a source of funds and proof of address. This is done in accordance with AML policies.

If you’re making a large transfer to Ecuador, we recommend using Wise.

There might be tax implications and government-imposed limits when sending US Dollars to Ecuador.

Some USD transfers may be subject to various taxes, including gift tax and commercial tax.

Even if there are no limits or taxation involved, certain USD transfers need to be reported to the tax authorities in Ecuador.

When in doubt, please contact a tax professional in Ecuador or in your country.