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More Ecuador Banking Questions

by Mark
(Reno Nevada)

What is the maximum amount I can deposit in your bank account?

Are wire transfers ok to use to deposit funds to a bank?

Do you know what the maximum amount of cash is that I'm allowed to carry into Ecuador?

*****

Mark, thanks for your questions.

There's no limit to the amount you want to deposit into a bank here. Just remember that if you ever have to take it out of the country, there's a 5% exit tax on the amount you send to another country.

Wire transfers are definitely a good way to get money down here, if your bank will allow it. Some US banks won't transfer money to Ecuador.

The maximum you can bring in without reporting is the world standard, $10,000. If you want to report carrying cash, you can bring any amount. However, I think you'll have a hard time getting out of the US with more than $10 grand.

Many US international airports have money-sniffing dogs. Agents will pull you out of lines and interrogate you about the amount of money you have and what you're planning to do with it.

Yes, it happens. We met a couple here from Texas who had this happen to them.

Jeff

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More Ecuador Banking Questions

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Transporting Funds
by: Vee!

I'm going to visit Cuenca before I make my move there. In the case of travelling with large sums of cash, do you think it would be better to open a savings account there in Cuenca, first so that I could make deposits to that account when I get back to the States?

I'm thinking that would make the better choice other than worrying about dog money sniffers at the airport. Or some crazy money transfer fees.

Please advise or send me some info where I can find the anwsers I seek. Thanks in advance for your attention to my query.

Vee

***

If you're coming down with the intent to move down later (you're not just checking to see if you like it, but to prepare), then by all means, open an account (although you'll need proof that you live here).

That then gives you the option of wiring money down before you move here. The good news is that the interest rates are higher here as well, so you'll earn more on your money than you would in North America.

Jeff
Money and Banking in Ecuador
by: Mike

My wife and I recently moved to Cuenca and we haven't had any problems with banking or money transfer. We use Banco Pichincha in Cuenca.

Since we are not yet residents, we could only open a savings account, but we've been able to wire money from our US banks to our account, and even write checks for deposits into our account. The deposited checks take several weeks to clear.

I can't imagine a situation where anyone would want to bring $10K cash out of the US, but I'm sure there must be some who do and have reasons to do so.

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When I came to the US we still had the "sucre," the bus ride cost 1,000 sucres and a pack of trident gum would cost 3,000 sucres. I am very nervous to go back, but thanks to your web site I now know what to expect.

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