Expat Community > Ecuador

boncur
Joined 2009
Posts: 1180

Ecuadorian $ spent outside the country

14 years ago

I went to my bank yesterday to get something cleared up and now I can post the truth. Any amount of money that leaves the country is subject to a 2% 'fine.' I have an Ecuadorian Visa card, and made some purchases when in Florida on the card--and the 2% showed up as a charge. I also sent a check to a lady written on my bank here and she received 2% less when she cashed it (?). I suppose since Ecuador cannot print dollars, they want to keep as many as they can here. So purchasing anything on the internet using Ecuadorian money (CC) or wiring money from Ecuador outside the country will be subject to 2% tax. Better to use your US credit card and keep money up there in a bank in which to write checks for things outside of Ecuador. I don't know any other country that does this. They told me if I purchased an airline ticket here in Ecuador with the credit card on a carrier leaving Ecuador, no charge. I just sent $3,000 to Peru and it cost a small fortune, Western Union charge was high enough--and then the 2% on top. I'll just have to carry more cash when I go to Peru.

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