I am moving to Quito in July, from the UK. I have a wife and three children and, although I am coming to work, I am not working for a big corportion so we are having to sort out a lot of things ourselves. Any advice that anyone can give me on setting up a bank account and what is required to take out car finance I would be very grateful. Also, I have rented an unfurnished house which we need to furnish: does anyone have either household goods for sale or know of good places to shop - there is after all no IKEA in Quito!
Damian
Moving to Quito - banks/car finance etc
damiansm
07 June 2011 10:17:35
4
3lckr
07 June 2011 16:31:49
204
Hey. Welcome!
You will be able to open a bank account once you're here, and until you do you'll be fine taking cash out of ATM and using your UK debit/credit cards. When you are here, just open an account in Banco Pichincha without shopping around too much: this bank is the closest you can get in Ecuador to a first-world banking. Don't dream about financing a car unless you have a local co-signer with good credit. Some small cars are pretty cheap, of course lower your expectations a bit... For example: Nissan now sells an old model of Sentra (brand new though) for around 11K. You can try San Roque market for some furniture, but try to find a local to guide you: first, to get better prices, second, just to be with you, coz San Roque might be bad in terms of security.
Good luck.
damiansm
07 June 2011 19:23:14
4
Thanks so much for your reply. Sorry to be a pain, but could you explain your comment "Don't dream about financing a car unless you have a local co-signer with good credit." Is there an issue with financing cars etc from reputable second-hand dealerships?
Thanks, Damian
3lckr
07 June 2011 21:27:20
204
You are welcome. Well, just like in the first world, Ecuador has its own credit score database, called "central de riesgo", which works here just like in any other country. Since you just come here, you have 0 records there. Banks will simply won't deal with you in terms of credit. There is a chance that you might negotiate a direct credit from some dealerships, giving you have a job, give them more than usual 30% down payment, and of course your gringo look will give you an advantage . But you must consider that the interest rates here are very high. You might end up paying double at the end. If everything else failed, you need a friend with good credit to co-sign for you.
Cheers.
Subscribe to this topic
Articles to help you in your expat project in Quito
Opening a bank account in Ecuador
A few years back, an expat would just breeze into an Ecuadorian bank, flash their passport and a bank account ...
How to Access Your Money in Ecuador
I've noticed that there's a lot of information on the Internet about how Americans access funds from ...
Work in Ecuador
Ecuador is famous as a retirement haven. But you might not want to wait until retirement age to move there and ...
Food in Ecuador
What kind of food will you find in restaurants, cafes, and private homes in Ecuador? Many restaurants in Ecuador ...
Family and children in Ecuador
Family is everything to an Ecuadorian. The extended family unit is the most important aspect of life in Ecuador ...
Healthcare in Ecuador
Ecuador, as a fast-developing nation, has laws that are constantly evolving, but one thing is certain: the ongoing ...
Open a bank account that suits you
Discover the best international banks to manage your money securely.
"