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Top 3 Money Transfer Providers for UK to Ecuador

Provider Amount Received Fee Exchange Rate Speed
Azimo Azimo 257.54 £0.00 1.2877 1 day more...
WorldFirst WorldFirst 256.91 £0.00 1.2845 1-3 days more...
Global Reach (formerly FC Exchange) Global Reach (formerly FC Exchange) 241.61 £10.00 1.208 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
ECUADOR
Ecuador adopted the US dollar (USD) as its national currency in 2000 following a severe banking crisis that pushed annual inflation levels up to 50% in 1999 and nearly 100% in 2000 Read More
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Ecuador Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Ecuador's money transfer regulations
  • Expats
  • Ecuador's monetary authority
  • Effects of the 2000 banking crisis
  • Currency
  • Summary

    Ecuador adopted the US dollar (USD) as its national currency in 2000 following a severe banking crisis that pushed annual inflation levels up to 50% in 1999 and nearly 100% in 2000. The USD replaced Ecuador’s former currency, the sucre, at an exchange rate of Su25,000 to US$1 and now serves as the country’s sole legal tender.

    Ecuador's money transfer regulations

    Few restrictions apply to international money transfers coming in or out of Ecuador - though outgoing transfers are taxed - and its dollarised economy has helped to restore investor confidence and facilitate money transfers denominated both in USD and in foreign currency. Ecuador’s adoption of the USD means that it does not have a distinct foreign exchange policy; the dollar floats freely, and individuals and companies can easily obtain forex for purposes of foreign trade or investment.

    Ecuadorian authorities apply a tax on all outgoing forex transfers, including both current and capital account transactions. In January 2012, the tax rate was increased from 2% to 5% in an effort to discourage the transfer of capital abroad. Beyond this, there are no other significant barriers to the remittance of foreign investment capital; after taxes, companies are free to repatriate 100% of investment capital and net profits. However, inconsistencies in the country’s investment and tax regulation, legal context and economic terms can act as a deterrent to foreign investment.

    There are no limits on the amount of hard currency that may be carried in or out of the country at a time.

    Expats

    Ecuador was rated the world’s favourite expat destination in terms of personal and professional satisfaction in a 2014 survey conducted by the expat networking site InterNations. The number of expats moving to Ecuador is modest compared to larger destinations such as Germany, the US and the UAE, but expats ranked Ecuador among the highest in terms of the ease of personal finance.

    Ecuador is a particularly popular destination for retirees looking to relocate to a country with a high quality of life relative to the cost of living. According to the 2014 InterNations report, nearly 40% of all expats in the country are retirees. Its adoption of a major world currency, combined with its openness to foreign exchange inflows, makes Ecuador a popular destination for retirees to transfer funds from their pension.

    Ecuador's monetary authority

    The Central Bank of Ecuador (Banco Central del Ecuador, BCE) is the country’s primary monetary authority. Though it does not an independent exchange rate policy, the BCE monitors the health of the financial system and the monetary supply, maintains foreign exchange reserves, and ensures the smooth operation of payment systems.

    A separate public entity, Ecuador’s Banking and Securities Supervisory Agency (Superintendencia de Bancos y Seguros del Ecuador, SBS), oversees the health of the financial system including banks, capital markets and insurance providers.

    Effects of the 2000 banking crisis

    The adoption of the USD helped to stabilise the economy and return inflation to more sustainable levels. Annual consumer price inflation rose by an average of 4% per year between 2005-2013.

    Foreign direct investment (FDI) in Ecuador plummeted at the depth of the banking crisis, resulting in net withdrawals of US$23m in 2000, but also stabilised with the USD. FDI inflows represented an average of 0.75% of GDP between 2005-2014, peaking at 1.2% of GDP (US$493m) in 2005 and 1.6% of GDP (US$1bn) in 2008. However, foreign capital inflows have failed to regain levels seen prior to the banking crisis, which ranged between 2% and 3% of GDP. Investors report that while there are few impediments to international money transfers and investment, FDI regulation can be opaque and inconsistent.

    Currency

    Ecuador’s monetary unit, the US dollar (USD, symbol $), is made up of 100 cents. Banknotes are issued in values of $1, $5, $10, $20, $50 and $100; coins are available in denominations of 1, 5, 10, 25 and 50 cents and $1.

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    Top 4 Money Transfer Providers

    Exchange Rates as of 24 October 2019, 00:20

    OFX (US)

    ?
    Est. 1998

    OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

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    OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

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    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.