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Currency & ATMs

Canada
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Currency & ATMs

A few "money" related questions....

1 - Is the US$ the currency of Ecuador?

2 - Do ATMs dispense a choice of denominations?

3 - Is it necessary to bring money with us?

thx

Tucson, Arizona
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for Quito, Ecuador
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1. Re: Currency & ATMs

1. Yes

2. No choices, really, mostly 20s. A few will include fives and tens

3. Bring ones and fives for cabs and small purchases.

Mi Wuk Village...
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2. Re: Currency & ATMs

If bringing dollars make sure all the bills are clean, new and unmarked or wrinkled.Being next door to Columbia they get flooded with the high quality bills coming out of pool halls in Bogota.

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Tucson, Arizona
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for Quito, Ecuador
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3. Re: Currency & ATMs

The above advice pertains more for Peru, not for Ecuador. You'll see--and receive--plenty of worn bills; they are not a problem.

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Benson, Arizona
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4. Re: Currency & ATMs

I did not bring new bills and was there for 3 months....I did not have new bills....and had no problems...

Canada
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5. Re: Currency & ATMs

Thx, folks.

Kinda sad to go to a foreign country and face the same old US$. Would have been more confusing, but fun and romantic to convert to Pesos or Reals.

Benson, Arizona
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6. Re: Currency & ATMs

Actually I was glad...I did not have to pay any conversion fees :)

Washington, DC
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7. Re: Currency & ATMs

OK. I understand that the USD is the official currency in Equador Further that's it's a good idea to bring smaller bills since the ATMs dispense mostly $20's.

Question: Since the ATM is dispensing in USD is there no 2-3% currency charge in addition to the ATM fee? Also do most ATM's tack on a per transaction fee irrespective of what your home bank charges? If so, any ideas how much?

The first week I'm in mainland Equador then the 2nd week is Galapagos. Since I"ll need at least $100 for tips for the Gal. Cruise I thought about bring at least 2 $50 bills since the naturalist will get one and the crew will get the other (plus some $20s). Is using big bills to tip a negative to the recipient? It won't affect the size of my tip only the composition. Plus I'd like to bring $200-300 in cash to minimize trips (and fees) to the ATM. I realize the theft risk but I weigh that against the hassle of ATM and fees. I plan to make at least 1 ATM before I go to GPS. Thanks.

Ottawa, Canada
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8. Re: Currency & ATMs

Jim, each bank is different. My international per withdrawl fee was about $2.00 and though I have to pay the conversion fee from Cdn to US, my bank doesn't charge extra foreign transaction fees....but then it is an online bank that also does not charge any monthly fees. Therefore, I take out as big a value as I can in US as the conversion rate is also better than my bank's and saves me an extra trip to a currency exchange business.

Someone mentioned here that the ATM use fee was $5.00. Hmm, that might be right if you pay your bank withdrawl fee and also the local bank's usage fee.

When travelling elsewhere, the same rules apply. Withdrawls always give a better conversion rate than local bank and I minimize my withdrawls.

I don't consider $300 a big amount of cash to carry - and that is what money belts are for.

As you would be using your own currency, I would bring it all with me from home.

I am not as comfortable with the $50 bills, particularly for GI. Maybe for the guide, but how does the captain split things up when we already know that small bills are a problem? Sure, that isn't your problem and it would make no difference to the end amount, but what if it would make a difference? What if the guide (not that I am wishing it on you) isn't so great and you don't want to tip him $50? or if something happens and there has to be two guides on a trip? I would say go smaller.

These days $5 hardly buys a cup of coffee. Balance it with the convenience of getting money in travel and not having to sweat the theft factor.

Benson, Arizona
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9. Re: Currency & ATMs

No nt all bank charge a ATM fee...the one I used the most never did. (my problem I never get the name right and it is the largest bank in Ecuador starts with a P...)..bank of Guayaquil did...if you put atm fees in the search engine that thread will come up and you can see the name of the bank...unless someone adds it to this thread...and that bank was always around....

Ottawa, Canada
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10. Re: Currency & ATMs

Produbanco, or banco de Pichincha, VeniceJ?