Last updated on September 19th, 2023 at 07:37 pm
In 2020 alone, remittances into Ecuador totaled 3.3 billion United States dollars. Dozens of currencies flood into the country every day, many of which are sent by hard-working people like you. After leaving Ecuador, you work hard to earn money, and you send some of it back to loved ones in your home country.
As of 2020, the average transfer fee for an international remittance was 7%, which amounts to tens of billions of dollars on an annual basis. Is there a better way to send money with low transfer fees?
Consider online money transfer companies like Remitly—reliable, easy to use, safe transfer, and low fees.
In this article, we will cover common FAQs and how to get started.
Why Should I Use Remitly to Send Money to Ecuador?
The pricing structure for sending money to Ecuador is simple with no hidden fees.
Send Money to Ecuador in 5 Easy Steps
Sending money to your friends and family with Remitly is quite easy. First, if you haven’t done so already, download the app.
- Select Ecuador as your destination country.
- Enter the transfer amount you wish to send.
- Choose your delivery method—bank deposit or cash pickup. Some other countries have additional options such as mobile wallet or home delivery.
- Enter your recipient details including the recipient’s bank account number, bank details, or phone number.
- Enter your payment methods such as your credit card or debit card information.
You might be asked to give more documentation depending on the size of the payment or if Remitly can’t confirm your identity.
Which Banks/Providers Can I Send Money to With Remitly?
- Banco Guayaquil
- Banco Pichincha
- Courier Cardenas
- Cooperativa Ahorro y Credito
- Coonecta Red Transaccional Ecuador
How Much Money Can I Send to Ecuador With Remitly?
To ensure top-quality customer service while adhering to strict security standards and international regulations, Remitly has implemented sending limits. These limits apply when you first open your account.
For customers who send to Ecuador from the United States, as of writing, the initial sending limits with Remitly are:
- $2,999 in 24 hours
- $10,000 in 30 days
- $18,000 in 180 days
If you need to send amounts beyond this, Remitly will ask you for more information. For more about raising your transfer limits, check out details here.
Additional sending limits may apply depending upon your choice of payout partner or receiving location.
How Much Does It Cost to Send Money to Ecuador With Remitly?
- For U.S. customers, Express transfers start at USD $5.99 and Economy transfers start at USD $3.99.
- For those in Canada, Express transfers to Ecuador are CAD $5.99 and Economy transfers are CAD $2.99.
- For customers in Australia, Express transfers start at AUD $5.99 and Economy transfers are at AUD $3.99.
- For those in the United Kingdom, Express transfers are GBP £3.49 and Economy transfers are GBP £2.49.
Is It Safe to Send Money to Ecuador With Remitly?
Millions of people around the globe trust Remitly because of the secure and smooth money transfer experience we provide. You can learn more about how Remitly goes above and beyond to keep your information and money safe.
Remitly uses multiple levels of security so you can send money home with peace of mind. Your personal data is protected 24 hours a day through fraud monitoring and encryption. For more information about our security, please visit here.
You and your recipients can track the transfers in real-time, so you won’t have to worry about where the money is. If you have questions throughout the process, we offer help 24/7.
You can have peace of mind that the money you’ve worked hard to earn will safely get to its destination.
From Ancient Civilization to Independence
Ecuador’s history is rich and intriguing. Dating from 3000 BCE, Ecuador has long dazzled the world with gorgeous ceramics and other stunning artistic creations. For centuries, Ecuador lacked unity, being subject to warring chieftains. In the 15th century, the Spaniards conquered the land, ushering in several centuries of colonial rule. Finally, in the Battle of Pichincha in 1822, Ecuador fought for and declared its independence. Its life as an independent nation has not been easy, but it now has a representative democracy with regular elections.
The economy of Ecuador is the 69th largest in the world, measured by total GDP. Its currency is the U.S. dollar, but people also use Ecuador’s own centavo coins.
Ecuador’s major cities are Guayaquil, Quito (the capital), Cuenca, Santo Domingo, and Machala. Its official language is Spanish.
The Ecuadorian diaspora is a rather recent phenomenon, but it’s still significant. About 11% of Ecuadorians (about 1.5 million people) live overseas, primarily in Spain and the United States.