How to send money to Ecuador

When you need to get money to a loved one in Ecuador, you don’t want to deal with convoluted and costly process. Sending money from the United States to Quito, the Galápagos Islands or anywhere else in Ecuador doesn’t have to be expensive or difficult. Plus, you won’t have to contend with an exchange rate because Ecuador’s currency is the US dollar. From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Ecuador is simple.
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    Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

    With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

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    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
    USD 1,000 1 day - - Online, Phone, Bank Account to Bank Account Exclusive offer: $0 transfer fee
    No-limit transfers with competitive exchange rates for 100+ currencies.
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    1 day - - Online, Phone, Bank Account to Bank Account Exclusive exchange rate discounts
    No-maximum limit transfers with competitive exchange rates for 100+ currencies.
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    USD 100 3 - 5 days USD 5.00 0.996 Online, Phone USD 4,973 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details

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    How do international money transfers work?

    An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Ecuador. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.

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    Banks versus money transfer companies

    Kevin has traveled to the U.S. from Ecuador to learn from international level companies. He has been employed by an IT business in Boston, and he would like to send some money home to his parents so they can make his student loan payments to the local bank in their hometown, Quito.

    He made a couple of calculations using $1,000 and drew a general comparison table (see below) to see what it would cost him to send money to Ecuador if he used a bank compared to a money transfer company. Because he is sending U.S. dollars, there is no exchange rate. So he pays close attention to any fees and the transfer time.

    Money Transfer CompanyBank
    Transfer Fee$35 (average)$60-$80 (dependent on online or branch transaction and may include charges from receiving parties)
    Transfer TimeWithin minutes2-5 working days
    Transfer Options Cash pickupBank Account

    Kevin realizes he can get the money to his parents quicker and save up to $45 in fees if he uses the money transfer company.

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    How to compare transfer companies when sending money to Ecuador

    When comparing your options, pay attention to these factors:

    • Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
    • Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
    • Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments, or does the company only provide one-off spot orders?
    • Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
    • Minimum transfer amount. What is the minimum transfer limit imposed by each company, and will this affect the size of your transfers?
    • Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
    • Customer service. What sort of customer support is offered and during what hours can you receive assistance?
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    Foreign exchange rates explained

    The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. When the former Ecuadorian currency lost 67% of its foreign exchange value in 1999, the country adopted the US dollar as its currency. As a result, the exchange rate between the United States and Ecuador is always one-to-one.
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    What are my options for sending money to Ecuador?

    • Bank transfers. Bank-to-bank transfers may cost more than other options but they are a secure way to send money to Ecuador.
    • Online money transfer providers. A reliable online money transfer company can offer fast and cost-effective transactions.
    • Money transfer companies with cash pickup options. MoneyGram and Western Union are the world’s two largest providers of this service.
    • PayPal. PayPal offers secure international money transfers to many destinations around the world.
    • Checks. International checks can be obtained from U.S. banks and then sent overseas.
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    • Same-day transfers to Ecuador

    There are certain situations when you might need to send a transfer as quickly as possible. When you do need to send an emergency transfer, remember that you will usually have to pay extra in order to get your funds to your beneficiary ASAP. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost.

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    Steps to send money to Ecuador

    1. Register for an account with a provider, supplying your name, address, contact details, proof of ID and information about your selected payment method.
    2. Supply your recipient’s name, contact information and bank account details as required.
    3. Enter the amount of your transfer and complete the transaction.
    4. Keep track of any receipt you receive so you can monitor the progress of your transfer.
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    Tips for picking up cash in Ecuador

    Picking up cash from a transfer agent in Ecuador? Follow a few simple steps to ensure that you and your money stay safe:

    • Avoid any areas where crime is known to be a problem.
    • Keep your wallet and/or bag safe and secure at all times.
    • Take a friend along to provide additional security and peace of mind.
    • Don’t flash your cash around in public.
    • Don’t carry large sums of money around for any longer than is absolutely necessary.
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