Information Sheet Last Updated: 2005

Money

The official currency of Ecuador is the US dollar. Dollar bills circulate in denominations of $1, $2, $5, $10, $20, $50, $100. Coins are used alongside the equivalent size and value Ecuadorean coins for $0.01, $0.05, $0.10, $0.25, $0.50, and $1. Be sure when you leave Ecuador, you do not have any Ecuadorean coins as they have no value outside the country. Many merchants are reluctant to take bills over $20 because of the potential of counterfeit bills as well as a lack of change.

Travelers’ checks can be exchanged for cash in Ecuador, but usually only in Quito, Guayaquil, Cuenca, some resorts and the larger provincial capitals. American Express is the most widely accepted brand. The following banks will exchange travelers checks for the listed commission: Banco de Guayaquil, 1% commission; Banco del Pacifico, US$5 per transaction, maximum US$200 exchanged; Banco del Pichincha, 2% commission; Produbanco, 1% commission. A passport is required and occasionally, the original purchase receipt. The more expensive hotels, restaurants and tour agencies generally accept travelers’ checks, but a surcharge may be applied and small establishments may not accept them at all. You may want to start slowly converting your travelers’ checks to cash whenever you visit a large city. If your traveler’s checks are stolen, be sure to get a police report in order to get them replaced.

You can also use your credit card instead of cash for some transactions. The most commonly accepted credit cards in Ecuador include Visa, MasterCard, Diners Club, and American Express. Some smaller hotels, restaurants, tour agencies, and shops may display credit cards signs but they may not honor credit cards all the time or they may add a surcharge (at least 10%) for credit card transactions. MasterCard holders can get cash advances at the company’s offices in Quito, Guayaquil, Cuenca and Ambato as well as at some branches of Banco de Guayaquil, Mutualista Pichincha and Produbanco. Visa card holders can get cash advances at some branches of Banco de Austro, Banco de Guayaquil, and Banco del Pichincha. Some cash advances may be obtained through some ATMs. Remember that you will be charged interest on your cash advances so speak to your credit card company before you advance yourself some money and be sure of the terms.

ATMs are common throughout Ecuador and many are linked to international systems. Visitors can get money from these machines. ATMs linked to Cirrus are found in banks affiliated with MasterCard and ATMs linked to Plus are found in most banks affiliated with Visa.

ATM Withdrawal Warning

There have been several recent episodes of double charging for ATM withdrawals in Ecuador - particularly from the FILANBANCO machines. This is a frequently used ATM for VISA holders. It seems that most common are ghost withdrawals (i.e. you take out $100 and an additional $100 withdrawal is debited) and non dispense of money (i.e. you try to take out $100, are unsuccessful but still $100 withdrawal shows on your statement) 

We know this to be happening frequently since it has happened on several occasions to the Quito SAE manager and also the Lima manager when she was here.

Take precautions to have your statement checked carefully against withdrawals - keep receipts and a date and time of each withdrawal.

(Spanish Article in La Hora)

Banking, Currency Exchange, & Money Transfers in Quito

American Express Office Phone : 2560-488 Address : Amazonas 339 y Jorge Washington, 5th Floor, Edificio Rocafuerte Open: Mon - Fri 8.30am - 5pm. Will accept personal checks using American Express card as guarantee. Can purchase TCs with credit card only Amex, limit $1000. No cash advances.	Banco del Pacifico Phone : 982-000, 982-981 Principal Address : Naciones Unidas Ave. y Los Shyris, Main Branch Open: Mon – Fri 8.45am - 5pm No International ATM. Credit card advance Master Card and Visa Cash, 1% commission. No daily limit. Can purchase American Express & Thomas Cook TCs , but only if you have an account with them.
Banco del Austro Phone : 545-409, 509-534 Address : Amazonas Ave. y Sta. María Open: Mon – Fri 8:30am- 6.00pm ATM for Visa, limit $ 1000 per day. Visa credit card advance - amount based on your bank. No sale of TCs .	Banco Pichincha Phone : 1700 800 800, 2551 -110 Principal Address : Amazonas y Colón Open: 8:30am – 5 pm VISA No credit card advances or ATM.
Banco Bolivariano Principal Address : Av. Naciones Unidas E6-99 entre Av. De los Shyris y Japon Also at : Av. Amazonas 413 y Patria (Edificio Alamo) ; and Av. Amazonas 752 y Ventimilla Cash advances with a VISA card up to $1,000.	Banco Produbanco Phone : 2548 - 473, 2 528 – 726 Principal Address : Amazonas Ave. N35-211 y Japon Open: Mon – Fri 9:00am to 5:00pm You can exchange currency from many countries. You can change your TC’s. The limit is $1000 and you have to show your passport.
Banco de Guayaquil Phone : 2566 - 800/797, 2563 – 861 Principal Address : Colón y Reina Victoria Open: Mon – Fri 9am - 4pm ATM will accept Visa, Plus, Cirrus, Visa. Cash advance limit: $500 per day. Accept only Visa TCs.	Casa de Cambio Vaz Cambio Phone : 2529 567 Address : Below Hotel Alameda Real on Amazonas y Roca Open: Mon-Fri 8:30 -5:45pm Sat 9am-1pm. Maximum cash amount that you can get is: $ 4 000, 1.8% commission.
Euro Money Phone: 2526 907 Address : Av Amazonas 21/229 y Ramon Roca Has a supply of Peruvian soles	Master Card Head Office Phone : 272 - 012, 2267 - 770 Address : Av. Naciones Unidas E7- 71 y Los Shyris Open: Mon - Fri 8:30am - 5pm, Sat 9:30am - 1.30pm. Limit per day is determined by the bank which issued the card.
Casa de Cambio Vaz Cambio Phone: 2548-010 Address: Below Hotel Alameda Real on Amazonas y Roca Open: Mon-Fri 8:45am -5:45pm Sat 9am-1pm. Maximum cash amount that you can get is: $ 4 000, 1.8% commission.	Visa Card Head Office Phone: 2566 -300, 2566 -823 Address: Banco de Guayaquil Av. Colón y Reina Victoria
American Express Office Phone: 2560-488 Address: Amazonas 339 y Jorge Washington 5th Floor, Edificio Rocafuerte Open: Mon - Fri 8.30am - 5pm. Will accept personal checks using American Express card as guarantee. Can purchase TCs with credit card only Amex, limit $1000. No cash advances.	Western Union (DHL) Phone : 508 - 085 Address : Av. República 433 y Diego Almagro Open: Mon - Fri 8am-8pm Sat and Sun 9am-5pm US$56 fee for same-day transfer $1000. Transfers in US$.
Multicambio (4 offices) Phone : 61-734, 2557531 Address : Amazonas y Sta. María 482 Venezuela 731 Open: Mon - Fri 8:30am - 2pm, 3pm - 5:30pm Sat 9.30 -12pm ONLY at Venezuela address Will change TCs – Visa(the limit is $200), Amex and MasterCard.

SAE safety advice is that you only use ATMs during the day and avoid those ATMs that have doors, see our Crime Reports for further information.