Banking in Cuenca
In Cuenca, Ecuador you can generally find the same range of services as you would back home. Ecuador uses the USD dollar for it’s currency so there is no need for money exchange for many people.
To open an account you will need forms of identification. Passport, drivers license, a address of residence in Cuenca and sometimes a utilitiy bill.
CREDIT UNIONS are called “cooperativas” they also offer only savings accounts, although a few offer checking. The Coopera in Cuenca offers a CD for foreigners with a very good rate of interest. There are only a few branches in Cuenca.
Banks offer savings and checking accounts, CD's, credit cards. Most have ATM's in a good many locations throughout the city (as well as several branches). Some banks even have drive-thrus.
NOTE ON ATMs. You can withdraw money at every ATM using a credit card; however, please be aware that you cannot DEPOSIT money at the ATMs.
PAYING YOUR BILLS In Cuenca you have to pay your bills for basic services and household utilities (electricity, water, phone, cable TV, internet etc.) directly at the company office. Some, but not all, utility companies do mail or deliver a bill to your home. This can be inconvenient as you usually have to stand in line to pay. You can organize to have the utility bill paid directly from your account each month leaving you free of standing in line. Some like TV cable and internet will automatically deduct from a current Credit Card.
MONEY TRANSFER Banks also offer money transfer services from your account to anywhere else in the world, or vice versa. In addition, Western Union, Vazcorp or Moneygram are available for your convenience.
HOLIDAYS Businesses observe all Ecuador Public Holidays.
BANKING HOURS You need to check with your bank as to their hours. But most of the bigger banks open at 9 and close at 4. Some are open on Saturday mornings, but again you would need to check with the individual bank.
CERTIFICATES OF DEPOSIT If you are applying for residency then you may consider opening up a CD. For a single person the amount is $25,000 and for a married couple $26,000.
Vazcorp is a Financial Corporation founded in the city of Cuenca in 1988. It now has many offices in other cities throughout Ecuador. They are ready to help you with your banking needs. CLICK HERE
Coopera also offers great interest rates to foreigners. CLICK HERE