How to Save on Fees When Sending Money to Ecuador

Information verified correct on January 21st, 2017

Wondering how to send money to Ecuador from the U.S.? Here’s the information you need.Ecuador

When you need to get money to a loved one overseas, the last thing you want to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Ecuador doesn’t have to be expensive, and you won’t have to contend with an exchange rate because Ecuador’s currency is the U.S. 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 easy. However, do your research and shop around for the best available deal.

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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. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
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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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Emergency transfers for receiving money in 10 minutes

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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How to send money to Ecuador through an independent transfer provider

When sending funds to Ecuador , you’ll be asked to provide the following information:

  • Your name, address, contact information and valid photo ID.
  • Your beneficiary’s name, address and information, along with their bank account info if the funds will be deposited in their bank account.
  • How much money you’re sending, in what currency and which country you’re sending it to.

Once you have completed your transaction, you will be given a tracking number. Make a note of this number so you can monitor the progress of your money 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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