Putting My Money in an Ecuador Bank

Hello,

I am going to retire to Cuenca around April--will have or be in process of getting retirement visa as I intend to travel to Ecuador in late February to get things started.

Can I direct deposit/transfer funds from my US account directly into an Ecuadorian bank account? May I do it at anytime, for example, may I deposit some money into an account now, while in the states, i.e. may foreigners deposit/invest? Or will I have to wait until I'm in-country and have or in the process of getting my visa?

Finally, is there a bank(s) that are known for their strength and integrity?

Many thanks.

Andy

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Aug 31, 2013
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Banking
by: Linda

Am I understanding you correctly that ZtD Ameritrade does not deal with Ecuadorian banks?

Jun 17, 2013
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Changing a USA address while living in Ecuador
by: Raul Yanez

Thank you so much for your info re sending money to Ecuador
I hope is true that Wells Fargo can be so nice to expats.
One thing I did though was ro notify a change of address to TD Ameritrade, at first the lady that answered the phone was so nice and positive about the question I asked regarding sending money to Eciador, only to find out 2 days later that some banks in the USA will not deal with Ecuador, Canada, Australia and other countries .
this is to say if you change your address to Ecuador, some of those banks will close your account period.
So if you happen to know anything about this procedure please help
regards
Raul Yanez

Jun 17, 2013
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Cheap Transfers
by: Anonymous

I've found that Wells Fargo has a good deal to transfer money to Banco de Guayaquil in Ecuador. They only charge $9 for $1000 transfer. It is immediate, but requires a one time setup that takes 2-3 weeks in the US. You'll need to have all the details on the account in Ecuador.
Once setup, you just go to your Wells Fargo online banking and send the money. This is different than a wire transfer.
You can also try the ATMs in Ecuador, but I have had times where they did not give me the money, and yet they withdrew from my US account. This happened probably 4-5 times, each time my US bank was able to resolve, but it still was a hassle.

Feb 03, 2013
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Keeping a USA bank account while living abroad
by: Raul

This is more like a question.
I have tried to find out whether it is possible to keep a bank account in the USA even is you live outside the USA in this case in Ecuador.
I am not sure if you can do that as the banks always demand for information about a current address.
the reason why I am asking for this info is because I receive my calstrs pay check every month and it goes directly to my check account in a USA bank.
The bank does not know that I live here in Ecuador and I have not informed them as I am afraid that they may close my account .
Please advise on what to do and how can I solve the problem if there is one.
Please reply to
raulyanez@yahoo.com

Aug 27, 2012
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Higher interest
by: Anonymous

Hi--- I think you'll be shocked at the interest offered with many of the CD's offered at Ecuadoran banks... many exceed 10% APY on the visa-required $25K minimum.
I would advise you to WITHDRAW the interest on a monthly basis. This can be set up when the CD is originated.

Jul 22, 2012
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Bank Info
by: Allen

Very funny Andy. Is there a bank anywhere in the world these days that can claim either strength or integrity?
Seriously though, I'm pretty sure that you're going to HAVE to be there (at the bank) in order to complete the paperwork to open an account. After that, transferring money is no problem.
Also, from the comments I've read, the smaller, local banks will provide all the services you need with much fewer or lower fees than the larger banks.
That's typical. Bigger banks will nickle and dime you as much as they think they can get away with.
Good luck.

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