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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 Kingdom to Ecuador doesn’t have to be expensive, as their use of the U.S. Dollar may help get a more favourable exchange rate.
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.
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.Back to top
Kevin has traveled to the UK from Ecuador to learn from international level companies. He has been employed by an IT business in Harrogate, 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.
|Money Transfer Company||Bank|
|Exchange rate||£1 = $1.166||£1 = $1.101/td>|
|Transfer Time||Within minutes||2-5 working days|
|Transfer Options||Cash pickup||Bank Account|
Kevin realizes he can get the money to his parents quicker and save up to £7 in fees if he uses the money transfer company.Back to top
When comparing your options, pay attention to these factors:
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 pound was worth approximately 26 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.
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.Back to top
When sending funds to Ecuador , you’ll be asked to provide the following information:
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.Back to top
Picking up cash from a transfer agent in Ecuador? Follow a few simple steps to ensure that you and your money stay safe:
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