Open a Bank Account in Ecuador

Ecuador's greatest advantage for US expats is that the official currency is the US Dollar.

• The Cedula: You cannot open a bank account, get a phone contract, or sign a lease without a Cedula (the national ID card), which you receive after your residency visa is approved.
• Banking Stability: Ecuador's banking system has a traumatic history (the 1999 banking crisis). While more stable now, most expats use Banco Pichincha or Produbanco. Because it's the US Dollar, you avoid the massive devaluation risks seen in Argentina or Colombia.
• Cash Dependency: Outside of major supermarkets and high-end restaurants in Quito or Guayaquil, Ecuador is heavily cash-dependent. You must carry small bills ($1, $5, $10), as breaking a $20 bill at a local market is often impossible.