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Best Ways to Send Money to Ecuador

Ensure quick transfer speeds, low fees, and competitive exchange rates when sending money to Ecuador.

Read on for reviews, expert tips, and everything needed for money transfers to Ecuador.

Jonathan Merry
Author 
Jonathan Merry
6 minutes
December 19th, 2023
Disclosure
Best Overall
8.2
Global66

Global66 is the top rated money transfer provider that usually appears in our search results to Ecuador.

Fastest Option
8.7
WorldRemit

WorldRemit tends to offer fast transfer times to Ecuador for many origin countries and send amounts.

Cheapest Option
9.2
Wise

Users who searched to send money to Ecuador usually find Wise had the lowest rates and fees.

Compare rates and fees for sending money to Ecuador

There are multiple ways to easily send and receive money in Ecuador but these will largely depend on the provider you decide to use.

How to send money to Ecuador

There are various ways you can send money to Ecuador. You can transfer funds using inter-bank wire transfers, online money transfer services, or mobile top-ups. The option you choose depends on your personal preferences, the urgency, availability of the transfer method, and payments options.

Here are some of the common ways Ecuadorians living abroad have been using to send money home.

International Wire Transfers
Online Money Transfer Services
In-Store Money Transfers
Mobile Topup

What is Needed to Send Money to Ecuador

Depending on the money transfer provider, there is specific information you will need to provide to send money to Ecuador. In general, the following is the information required.

  • A government issued-ID document. If you are sending from the United States, Spain, or Italy, you can use a passport, social security card or driving license.

  • The recipient’s name as it appears on their official documents

  • The address and phone number of the recipient

  • If you are sending directly to a bank account, the recipient bank details (bank name, branch and account number)

  • The amount of money you want to send

Depending on the country you are sending from, you may be asked to disclose the source and purpose of the money.

How to receive money in Ecuador

There are three main ways recipients can get transfers in Ecuador. Depending on the circumstances and service availability, they can choose a bank, agent, or mobile phone as the method of receiving money.

Direct Bank Deposits
Cash Pickups
Mobile Deposits

What is Required to Receive Money in Ecuador?

The mode of transfer used will determine the requirements for receiving the transfer. If the money is deposited in the bank account or mobile phone, you do not need to do anything. However, for cash pickups, the following will be required:

  • Government-issued identification card

  • Transaction reference number – Some providers send this out to the recipients through email or SMS. If you don’t have it, ask the sender to give it to you.

  • Depending on the amount, frequency, and country of origin, some providers may ask you for additional disclosures.

Common Reasons for Sending Money to Ecuador

The transfers to Ecuador vary in amount and frequency. This is because of the various needs and reasons for sending. The most common reasons include:

Regular Expenditures

About 61% of Ecuadorians spend the funds they receive on day-to-day expenditures such as buying food, travelling and paying rent. Households that receive less than $250 spend 74% of that on regular expenditures while those who receive between $500 and $1,500 use 44% on regular expenditures.

Business Investments

Close to 8% of the remittances to Ecuador are put in investments at the family level. The sender is the key decision-maker on what percentage goes to investments. However, there are cases where money earmarked for investments is diverted to regular expenditures because of the pressing needs.

Savings

Most Ecuadorians make plans for their future return into their home country. As part of these plans, they send in money for savings. As expected, they are the decision-makers on the percentage that should go towards savings.

Buying Property

Some Ecuadorians in the diaspora have taken advantage of the falling property prices at home to invest in as much as they can. Properties in places like Malacatos and Vilcabamba which were selling for about $20 to $30 per square meter are now down to $10 to $15 per square meter. In high-end areas such as Loja, you can get properties at $800 per square meter.

Education

Thousands of Ecuadorians abroad send money to their families to keep their siblings in school. This is important as it helps to reduce instances of child labour. The average increase in education spending for remittance-receiving households in Latin America is 50%.

Luxuries

Many of the households who receive remittances in the range of $500 to $1,500 spend about 31% of the income on luxuries. A survey done in Ecuador didn’t come up with a clear answer as to the decision-makers behind the luxury purchases.

Why Send Money with a Money Transfer Service?

There are many benefits as seen in the preceding sections for sending money through money transfer providers. Below is a recap of the benefits.

Exchange Rates

Most providers charge a margin on top of the mid-market rate for transfers. However, on frequently used routes such as the United States to Ecuador, none of the transfer providers charges an exchange rate margin. This makes transfers cheaper.

Geographical Spread

The providers in Ecuador have such extensive sending and disbursing network coverage rated as high by the World Bank. This means even people in remote areas and in cities such as Quito, Cuenca, and Guayaquil can be able to receive money without delay.

Speed of Transfer

Typically, transfers range from instant receipts to about 2 days to get to the recipient. During times of emergencies, the speed of transfer is an important factor to be considered. MoneyGram takes a day while Western Union and Ria take minutes to deliver the transfer.

Ease of Set Up

You only need a few minutes to sign up for an account, pay for your transfer, and send to your loved ones. This cannot be compared to banks which may take longer due to extensive verification processes.

Multi-Currency Support

Ecuador uses the US dollar as its currency. This was after the collapse of their Sucre in 2000 following a financial crisis. The US dollar is a standard currency readily acceptable by all money transfer providers.

Transfer Fees

With fees as low as 2.5%, money transfer service providers give Ecuadorians abroad less expensive ways to send money to their family and friends. The fees are paid by the sender meaning the recipient gets it in full.

Things to Consider When Sending Money to Ecuador

Before you send money to Ecuador, it is important to understand the dynamics involved including the legal provisions open to the recipients. Below are a few, but important factors to consider.

  • Property Tax – If you invest in property in Ecuador, you are excluded from paying taxes whose value is below $183,000 when you attain the age of 65. For married couples where one is over 65 years, their tax bill gets reduced by 50%.

  • Taxes on Remittance – Income generated abroad by Ecuadorians is tax-exempt as long as the tax is paid abroad for the respective amounts. However, Ecuadorians working in low tax jurisdictions are not excluded from tax on their income.

  • Currency Restrictions – Generally, there are no currency restrictions in Ecuador. However, funds in excess of $10,000 must be declared.

  • Duty-free Items – If you send your family in Ecuador gifts and personal effects whose value is $500 or less, they will not be charged any customs duty.

With remittances to Ecuador rising and their significance becoming even stronger to the country and the families back home, sending through proper channels can be beneficial. Ensure you have all the information required and you understand the remittance landscape before sending money home.

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Contributors

Jonathan Merry
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com