Since most of the threads addressing wire transfers are more than a year old, I am creating this new one to get the most current information. Things in Ecuador do change suddenly sometimes.
I need to wire money from my Banco Guayaquil account in Cuenca to my bank in the USA. What is the current tax and fee structure on the Ecuador end for such a transaction?
Does anyone have an experience they care to share?
Wire money from Cuenca bank to USA bank
DorothyPeck
03 April 2018 15:26:38
136
cccmedia
03 April 2018 15:33:19
10193
Ecuador charges a five-percent transfer fee for wiring money outside the country.
The "fee structure"? Ask Banco what they will charge you for the wire, which may include something for the other bank(s) involved in the transaction.
cccmedia
cccmedia
03 April 2018 15:44:17
10193
Expats living in Ecuador should not keep large amounts of money in an Ecuadorian bank.
Besides the five-percent transfer fee on international wires, there is the issue of possible banking failures and loss of funds.
During Ecuador's Y2K financial meltdown, banks were closed for a week (per Gary A. Scott's Ecuador Living) and nobody could get their money out.
Over $30,000 per account-holder is government-protected, but it could take a long time to recover money in a disputed-claim scenario.
cccmedia
Kryten
19 March 2019 19:24:38
2
I'll be the first to admit that I am not an expert, however a new financial regulation was passed this month and the 5% tax is being phased out.
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