Wire money from Cuenca bank to USA bank

Last activity 19 March 2019 by Kryten

1688 Views

3 replies

Post new topic

DorothyPeckContributor03 April 2018 13:26:38

136

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?

cccmediaEcuador / Colombia Expert03 April 2018 13:33:19

10279

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

cccmediaEcuador / Colombia Expert03 April 2018 13:44:17

10279

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

KrytenMember19 March 2019 17:24:38

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.

Articles to help you in your expat project in Ecuador

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 ...
Food in Ecuador
What kind of food will you find in restaurants, cafes, and private homes in Ecuador? Many restaurants in Ecuador ...
Work in Ecuador
Ecuador is famous as a retirement haven. But you might not want to wait until retirement age to move there and ...
Healthcare in Ecuador
Ecuador, as a fast-developing nation, has laws that are constantly evolving, but one thing is certain: the ongoing ...
Family and children in Ecuador
Family is everything to an Ecuadorian. The extended family unit is the most important aspect of life in Ecuador, ...
The Working Holiday Visa for Ecuador
Ecuador is truly a paradise for adventure and nature lovers, and thanks to the Working Holiday Visa program, they ...
Permanent Residency in Ecuador
Ecuador is calling and you are ready to go and experience all that this gorgeous country has to offer. However, ...