Transferring Money to Ecuador — Wise, Remitly, and Wire Transfers Compared

Ecuador uses the US dollar. That single fact makes your financial life dramatically simpler than expats in Mexico, Colombia, or Europe. You never worry about exchange rates eating your savings. But you still need to actually move your money from a US bank to an Ecuadorian one, and that is where fees, speed, and reliability matter.

This guide compares every realistic method for transferring money to Ecuador, from a $200 monthly top-up to a $150,000 property purchase.

Why You Still Need Transfers in a Dollarized Country

Even though Ecuador's currency is the US dollar, you cannot simply use your American debit card everywhere. Most Ecuadorian businesses operate on cash or local bank transfers. Landlords want deposits in their Banco Pichincha account. Utility bills auto-debit from an Ecuadorian account. Property purchases require funds sitting in a local bank before the notary appointment.

You will need an Ecuadorian bank account eventually. The two largest banks are Banco Pichincha and Banco del Pacifico. Opening an account requires your cedula (which you get with your visa) and a utility bill or rental contract showing your Ecuadorian address. Some branches also ask for a reference letter from an existing account holder.

Once your Ecuadorian account is open, you need a reliable way to fund it.

Wise (formerly TransferWise)

Wise is the most popular option among expats in Ecuador, and for good reason.

How It Works

You send USD from your US bank account to Wise. Wise then deposits USD into your Ecuadorian bank account. Since both sides are in dollars, there is no currency conversion — you are paying purely for the transfer service.

Fees and Speed

• Transfer fee: Typically 0.5%–1.1% of the amount sent, depending on how you fund it (ACH from a US bank is cheapest; debit card costs more)
• A $1,000 transfer usually costs around $5–$8 via ACH
• A $5,000 transfer runs roughly $25–$40
• Speed: 1–3 business days for ACH-funded transfers. Debit card funding can arrive same day or next day.
• Limits: Up to $1,000,000 per transfer for verified accounts, though Wise may request additional documentation for amounts above $10,000

Pros

• Lowest fees for regular transfers
• Transparent pricing — you see the exact fee before confirming
• Excellent mobile app and transaction history
• Works reliably to Banco Pichincha, Banco del Pacifico, Produbanco, and Banco de Guayaquil
• Multi-currency account lets you hold balances

Cons

• First transfer requires identity verification (passport, sometimes selfie video), which can take 1–3 days
• Occasional holds on large transfers while compliance reviews them
• No cash pickup option — recipient must have a bank account
• Customer support is chat/email only, no phone

Best For

Regular monthly transfers of $500–$10,000 to fund your Ecuadorian living expenses.

Remitly

Remitly targets the remittance market — people sending money to family in Latin America — but it works perfectly well for expats funding their own accounts.

How It Works

You send money through the Remitly app or website. You choose delivery to a bank account, cash pickup, or mobile wallet. For Ecuador, bank deposit and cash pickup (through partner locations) are the main options.

Fees and Speed

• Transfer fee: $0–$3.99 depending on the amount and delivery speed
• Express transfers (minutes to hours) cost more — typically $3.99
• Economy transfers (3–5 business days) are often free or $0.99
• A $1,000 express transfer costs roughly $3.99
• Limits: $2,999 per transfer for new accounts, increasing to $10,000+ with account history

Pros

• Very fast express option — funds can arrive same day
• Cash pickup available at partner locations (Servipagos, Mi Vecino) if you do not yet have an Ecuadorian bank account
• Lower flat fees on smaller amounts compared to Wise
• Simple app, easy to use

Cons

• Transfer limits are lower than Wise, especially for new accounts
• Not practical for large transfers ($20,000+)
• Exchange rate markup can be slightly higher than Wise on non-USD corridors (less relevant for Ecuador since it is USD-to-USD)
• Promotional "first transfer free" rates sometimes revert to higher fees

Best For

Quick, smaller transfers under $3,000, especially if you need cash pickup before you have an Ecuadorian bank account.

Western Union

The old standby. Western Union has a massive physical presence in Ecuador — you will find agents in pharmacies, shops, and dedicated offices in every city and most small towns.

How It Works

You send online, through the app, or from a US Western Union location. The recipient picks up cash at an agent location in Ecuador, or you can send to a bank account.

Fees and Speed

• Transfer fee: $5–$25 depending on amount and send method
• A $1,000 transfer typically costs $8–$15
• Cash pickup: Available within minutes
• Bank deposit: 1–3 business days
• Limits: Up to $7,499 per transaction online; higher in person with ID

Pros

• Cash pickup available in minutes, virtually anywhere in Ecuador
• No bank account required on either end
• Physical locations everywhere — useful in emergencies
• Long track record of reliability

Cons

• Higher fees than Wise or Remitly for equivalent amounts
• Exchange rate markups on non-USD corridors
• Cash pickup limits can be inconvenient for larger amounts
• The in-person experience at Ecuadorian agent locations can be slow

Best For

Emergency transfers when you need cash in hand within an hour, or sending to someone in a small town without a bank account.

Bank Wire Transfers (SWIFT)

Direct bank-to-bank wire transfers through the SWIFT network are the traditional method for moving large sums internationally.

How It Works

You initiate a wire transfer from your US bank to your Ecuadorian bank. You need the recipient bank's SWIFT/BIC code, your Ecuadorian account number, and the bank's full name and address. Your US bank sends the funds through one or more intermediary (correspondent) banks before they reach Ecuador.

Fees and Speed

• US bank outgoing wire fee: $25–$50 (varies by bank; some charge $0 for premium accounts)
• Intermediary bank fee: $15–$30 (deducted from the transfer amount in transit)
• Ecuadorian bank incoming wire fee: $10–$25
• Total cost for a $10,000 wire: Roughly $50–$100 in combined fees
• Speed: 2–5 business days, sometimes longer if an intermediary bank holds the funds
• Limits: Typically no hard limit, but your US bank may require in-branch authorization for wires above $25,000 or $50,000

Pros

• No transfer amount ceiling — essential for property purchases
• Direct bank-to-bank creates a clear paper trail (important for Ecuador's tax authority, SRI)
• Your Ecuadorian bank recognizes incoming SWIFT wires immediately
• Required by most Ecuadorian attorneys for real estate transactions

Cons

• Highest total fees for small and medium transfers
• Slowest method
• Intermediary banks can hold funds without notice
• You need the correct SWIFT code — errors cause delays or returned funds
• Some US online-only banks (Ally, Marcus) charge extra or do not support international wires

SWIFT Codes for Major Ecuadorian Banks

Bank	SWIFT Code
Banco Pichincha	ABORECEG
Banco del Pacifico	PACIECEG
Produbanco	ABORECE1
Banco de Guayaquil	GUAYECEG
Banco Internacional	ABORECE2

Always confirm the current SWIFT code with your Ecuadorian bank before initiating a wire.

Best For

Large transfers above $10,000, especially for property purchases or visa proof-of-income deposits.

Comparing All Four Methods

Method	Fee ($1,000)	Fee ($10,000)	Speed	Best For
Wise	~$7	~$55	1–3 days	Regular monthly funding
Remitly	~$4	~$15*	Minutes–3 days	Quick small transfers
Western Union	~$12	~$45	Minutes–3 days	Cash pickup, emergencies
Bank Wire	~$75	~$85	2–5 days	Large sums, property

*Remitly fees vary by tier and account history.

Best Practices for Large Transfers (Property Purchases)

Buying property in Ecuador typically involves transfers of $50,000–$250,000 or more. Here is how experienced expats handle it.

Split Large Amounts

Do not send $150,000 in a single wire. Split it into 2–3 transfers over a week. This reduces the risk of a single transfer getting stuck in compliance review, and it gives you confirmation that the pipeline works before committing the full amount.

Notify Both Banks in Advance

Call your US bank and tell them you are making an international wire for a real estate purchase. Provide the amount and destination. Do the same with your Ecuadorian bank. This dramatically reduces the chance of a fraud hold freezing your funds at the worst possible time.

Keep Documentation

Ecuador's financial intelligence unit (UAFE) and the SRI monitor large incoming transfers. Keep your purchase agreement, notary documents, and proof of fund source. Your Ecuadorian bank may ask for these before releasing funds above $10,000 into your account.

Consider Timing

Ecuadorian banks process incoming international wires during business hours (Monday–Friday, roughly 9 AM–4 PM ECT). A wire initiated on Thursday afternoon US time may not arrive until the following Tuesday or Wednesday.

Use a Combination

Many expats use Wise for the earnest money deposit ($5,000–$10,000), then switch to bank wires for the remaining balance. This keeps costs reasonable while maintaining the paper trail attorneys and notaries require.

Receiving Payments in Ecuador

If you work remotely or freelance, you may receive payments from US clients. Options include:

• Wise Business account: Receive USD payments and transfer to your Ecuadorian bank
• Mercury or Relay (US business bank): Receive payments in the US, then wire to Ecuador
• PayPal: Works but withdrawal fees and delays make it a poor long-term solution
• Direct deposit to Ecuadorian bank: Possible if your employer supports international ACH, but rare

For US tax obligations related to foreign bank accounts (FBAR filing, FATCA compliance), see FileAbroad — these requirements apply to you even though Ecuador uses the dollar.

Ecuador Bank Account Tips

A few things that surprise newcomers:

• You need your cedula first. You get this after your visa is approved. Tourist visa holders generally cannot open accounts.
• Banco Pichincha is the largest bank with the most ATMs and online banking features. Their app works reasonably well.
• Banco del Pacifico has a reputation for being slightly more expat-friendly at certain branches.
• ATM withdrawal limits are typically $300–$500 per day from Ecuadorian bank ATMs. Plan accordingly.
• Online transfers between Ecuadorian banks are free and instant through the BCE (Banco Central del Ecuador) interbank system.

The Bottom Line

For most expats, the answer is straightforward: use Wise for regular monthly transfers to fund your living expenses, and use bank wires for large one-time transfers like property purchases or visa deposits. Keep Remitly or Western Union as a backup for situations where you need cash fast or your primary method hits a snag.

Ecuador's dollarization means you are already ahead of expats in most other countries. You are not losing 2–5% on exchange rate spreads every month. Your only real cost is the transfer fee itself — and with the right method, that stays well under 1%.

For guidance on managing your overall finances as an expat — including the cost of living in Ecuador and US tax filing requirements — explore our other money guides.