Bank accounts

[Moderated: Off topic.]

Hi Howardofocal,

I suggest you to go through the Banks and finance in Ecuador section, you may find some useful information. This might be helpful.

Thank you,

David.

[Moderated: Off topic]

Thanks David:

I read through the entire forum and gained a lot of information.  I also found this web site from an Ecuadorian law firm.  It helped a lot.

morenodidonato.com/2012/07/the-ins-and-outs-of-bank-accounts-in-ecuador/

Just one comment about this article and its mention of checks: don't bring checks of any kind, travelers or cashiers. You will pull your hair out trying to cash either of these. I have not tried a personal check, but after the go-around with the other two I mentioned, no thanks. ATMs here usually (but not always) don't charge you for ATM use; just your home bank does. I can verify this for Banco del Austro, which is the bank where I eventually opened an account. They did require a Cedula, but they are a very conservative bank. Their conservative approach, on-line services, and tight security are the reasons I chose them.

If you're going to be here two months, use the ATM's and pay cash for your rent.

You can open a savings acoount in Pichincha and Bolivariano (I think) without a Visa but they ask for a lot of other documents.
You can open an account on a cooperativa, they only ask for a copy of your passport.

Vinny

That's what I am going to do.  I'm not fond of carrying lots of cash around but I'll have to be ready to pay if I get lucky and find a good apartment on a short term basis.

If we decide to move down there then after we get our cedulas we will open a bank account  so we can pay our rent through the bank.

Howard

As a related question: What are ATM withdrawal limits? I imagine it will vary from bank to bank (and perhaps the banks vary it by customer), but it would be good to know what's typical.

Here, I'm limited to 15k pesos (about $375), which is plenty for most purposes. I've heard other expats saying their limits are a bit higher or lower, but something around 15k seems to be typical.

Bob

I can speak for Banco del Astro; the limit is $200 per 24 per day.. But, you are correct that the limits are set by the bank (that is, they vary). Banco del Austro is very conservative. In previous threads, other expats have reported amounts as high as $600 for more liberal banks/ cooperatives. If you withdraw from a teller, there can also be limits, $3,000 for example. Strangely, Banco del Austro does not seem to put limits on this, although you may have to make arrangements in advance for very large sums.

Of course, when withdrawing funds from outside the country, you will still be limited by the originating bank's policies.

Hey Joseph,
You said
"I have not tried a personal check"

Well, I've had pretty good luck using my personal checks from the US. Now, I've only used them for major purchases, like electronics, appliances, furniture, lawyers fees, property and 6 months of my health care premiums. I'm sure Super Maxi wouldn't accept them for my grocery bill.
And.... contrary to what many business's think, the turn around time is pretty darn quick. I've had some business owners say they thought the check wouldn't clear for 3 weeks. Every single check I've written here has cleared in 5 business days or less!
Personal checks are very cool if you don't have an account in Ecuador yet. I hit the ATM for 500 bucks at a crack, and if you have a 6K furniture bill, that's a lot of trips to the ATM, and I hate even having that kind of money, in cash, in my home.
Granted, I've had some fairly large purchase's turned my check down, my window covering company for example. But then, they give you a pretty significant discount for cash. Of course, they also don't want to give you a receipt. Seems what ever country you're in, they don't like paying the Tax Man!!!  reference The Beatles: Mr. Taxman
Stay Well,
Neil