Ecuador
Credit card are one of the most common payment method in Ecuador. Credit and debit cards cover a transaction share over 65%. Other widely used options are e-wallets and cash payments share 14% and 21% is cash. Tourists should notify their bank executive about their upcoming travel to Ecuador, so the international use of their card is activated.
ATMs can be found in virtually every city of Ecuador. The banks might charge around EUR 5-15 per transaction but in general local transaction fees are low, ranging from 50 cents to $1. The daily withdrawal limit is usually $1500, with a maximum of $500 per transaction, but this might vary according to the policies of each international bank.
The official currency is the US dollar. Cash you can use in convenient stores, taxies, buses, they accept small bills. So, it's better to use $1, $5 etc., but never $50 or $100. To exchange money use Global exchange, Casa de cambios Milcambios. While arriving at the airport you will find Global exchange and in the city centre Milcambios.
Total e-commerce revenue in Ecuador is 1,6 billion
Internet users 10 million
Top banks
Banco Pichincha
We are in all the 24 provinces of Ecuador, being the first Ecuadorian financial group with operations in 6 countries around the world. Offering the best customer experience. Transforming ourselves to be simpler and more efficient. Developing the best human team. Carrying out sustainable management (social and environmental impact).
PRODUBANCO
History Promerica Group began its development in 1991, in Nicaragua, with the establishment of the Production Bank (Banpro). Subsequently, through different processes, the banking network expanded its operations to 9 countries: Nicaragua, Panama, El Salvador, Ecuador, Costa Rica, Guatemala, Honduras, Cayman Islands and the Dominican Republic. Additionally, its main shareholders operate Terrabank, NA, a commercial bank serving South Florida – USA, which has more than 1,500,000 clients and 6,750 collaborators.
Banco Guayaquil SA
Banco Guayaquil SA provides corporate banking services, including current accounts, export and import financing, letter of credit, and bank guarantees; and personal banking services comprising savings accounts, debit cards, multicredit, and others.
Banco del Pacífico
The birth of Banco del Pacífico modernized the Ecuadorian financial system by breaking old concepts and practices of traditional banking, and the innovative use of the highest technology, which made it a benchmark for the country and the region. As a result of the prudent and professional management of its administration, the Pacific managed to overcome the most difficult moments it went through during the 1999 financial crisis, after the death of its founder, Mr. Marcel Laniado de Wind. At the end of the following decade, it recovered its position as one of the largest and most modern banks in Ecuador.
Banco Internacional
It is currently the fifth bank with the highest profits in the country. 2 According to a survey carried out by Merco España and Advance Consultora , it is the bank best rated in efficiency levels by clients. 3 It is also the second largest bank in the country in terms of commercial credit placement. 4 It has more than 400,000 clients and is present in 17 provinces of Ecuador.
Banco Bolivariano
Established in the city of Guayaquil on April 19, 1979, Banco Bolivariano began operations on March 13, 1980. The bank’s purpose is to offer financial services to individuals, companies, and SMEs through products such as savings accounts, loans, wire transfers, and insurance policies. The purpose of the IIC loan is to finance eligible projects through eligible enterprises.
Banco del Austro
We are a different financial institution, oriented to satisfy the needs of Ecuadorians, who believe that values such as transparency, teamwork, security, innovation, efficiency and service are vital to building a business. This last attribute is the one that most characterizes this Bank, which will always be close to the people, sharing their ideals and making their most cherished dreams come true. We are issuers of Visa and MasterCard Credit Cards and a set of Products and Services that cover the expectations and needs of each of our clients.
Banco de Machala
On July 16, 1962, Banco de Machala SA began its banking operations in the city of Machala, capital of the province of El Oro, southern border area of Ecuador, as a Private Commercial Bank, with the objective of helping to the development of productive activities in the Province of El Oro, the largest producer of bananas in Ecuador. The initiative and great effort of a group of businessmen led by Dr. HC Don Esteban Quirola Figueroa, allowed Machala and the province of El Oro to be given a Financial Institution, which after almost 60 years of tenacious, prudent and constant work , has become a Bank of national scope, with more than 100 service points to date; between Branches, Agencies, Autobanks, Extension Counters and ATMs.
Citibank
Citibank Kenya is the head office of the Citibank East Africa organization, which covers branches in Kenya, Tanzania, Uganda and Zambia. It is a purely corporate and public sector bank and does not handle retail banking. Citibank’s core business is corporate and investment banking, which includes treasury and trade solutions in East Africa. They offer these banking services to governments and parastatals, and Top-tier corporates that deal with aviation, shipping, power, energy, manufacturing, infrastructure. A growing segment of Citi’s business is focusing on its role as the leading Global Energy Advisor. Citibank currently offers the following services amongst others; trade financing, investment banking, foreign exchange, public sector financing, internet banking.
Banco Solidario
Banco Solidario is one of the largest microfinance banks operating in Ecuador since 1996. The purpose of BIO's financing is to support Banco Solidario in further growing its loan portfolio and increasing its capacity to provide financing to micro-entrepreneurs throughout the country. Through extending an unsecured medium-term loan, BIO's objective to invest is to enable a regulated MFI to diversify the maturity profile of its funding sources and; to enhance financial inclusion in a country which still exhibited high income inequality and poverty levels, through ultimately facilitating the financing of underserved micro entrepreneurs.
Top payment methods
Paypal
Paypal is one of the market leaders in online payment solutions with more than 400 million active customers worldwide, available in 200 countries and in more than 100 different currencies. As faras online shopping payment is concerned, it is the one of the mostused payment method in France.
Boku
Boku is an easy to use carrier-billing payment method. To pay, customers simply choose Baku at the checkout. The site prompts them to enter their mobile number and confirm the transaction with the letter “y” meaning “Yes”. Once the client has authorised the transaction cost comes into his or her phone bills.
Daopay
Daopay is an online web payment provider. That works globally and your clients can make payment through your website with DaoPay.
PagoEfectivo
PagoEfectivo is used in Ecuador the same as in Peru. This method allows customers to choose items in an online store and pay with PagoEfectivo, which generates a payment code (CIP code) that can be paid through a banking account or affiliate stores such as Western Union, RedActiva, Red de Servicos Facilito etc.
Pichincha Mi Vecino
Pichincha Mi Vecino works the same as western union. This bank service is available at small convenience stores across the country. Ask to make a transaction, providing the name of who receives the money and its account number.
Allopass
Allopass is a global micropayment solutions company that offers a large variety of payment methods in one package, including premium SMS payments.
Concluding remarks
Credit and debit cards
Visa and Mastercard are widely accepted credit and debit cards in Ecuador. However, not all businesses accept cards and some may have a minimum purchase amount for card transactions.
Mobile payments
Mobile payments are becoming increasingly popular in Ecuador, with apps like Boku and Allopass allowing users to pay for goods and services using their smartphones.
Cryptocurrency
While not as widely used as other payment methods, cryptocurrency is becoming an increasingly popular way to pay for goods and services in Ecuador, particularly Bitcoin.
Debit card
Debit card usage is common in Ecuador, as they are connected to a bank account, and it is widely used to withdraw cash from ATMs.
Cash
Physical currency is still widely used in Ecuador, and cash is commonly accepted in most convenient stores, taxies, buses.
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Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
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