Methods of Payment

The Organic Monetary and Financial Code specifies the wide variety of payment methods accepted in Ecuador under terms determined and regulated by the Monetary Board and under the Superintendency of Banks’ oversight. Banks handle transactions by electronic or digital means for transfers and/or payments to transfer resources and/or payments according to the Superintendency of Banks’ authorization. Central Bank of Ecuador (BCE) resolutions were integrated into the Codification of Monetary, Financial, Insurance, and Securities Resolutions. This regulatory body requires all financial transfers (inflows and outflows) to be channeled through BCE’s accounts. In principle, the regulation increases monetary authorities’ oversight and prevents banks from netting their inflows and outflows to avoid paying the capital exit tax (ISD).

Traditionally, private sector imports into Ecuador have been paid with confirmed letters of credit (documentary letter of credit or stand-by letter of credit) issued by an Ecuadorian commercial bank or an international bank operating in Ecuador.  Correspondent banks abroad confirm those letters of credit. Payments are made upon presentation of documents as per letter of credit terms and conditions. The process of obtaining letters of credit can be burdensome at first, but typically as a company establishes a relationship with a bank and credit history, issuance of letters of credit is simplified. Companies selling to either the government or the private sector may benefit from financing from local banks. In August 2025, the average corporate/commercial interest rate in Ecuador was 8.17 percent annually.

The 2021 Law for the Defense of Dollarization established that the Monetary and Financial Policy and Regulation Board be divided into a Monetary Policy and Regulation Board and a Financial Policy and Regulation Board. The latter should oversee the interest rate system jointly with the BCE as the technical entity. The law gives the Financial Policy and Regulation Board the ability to prioritize certain sectors for lending from private banks. U.S. exporters with the capacity to provide direct credit facilities will have a significant competitive advantage.

However, U.S. companies should conduct due diligence and exercise judgment before extending credit. Usually, U.S. suppliers willing to offer an open account generally do so only after developing a long-standing relationship with the buyer. U.S. companies should consider including mediation/arbitration clauses when negotiating contracts with Ecuadorian companies.  When negotiating an agent or distributor agreement with an Ecuadorian party, the U.S. Embassy recommends that both parties agree beforehand on quantities, delivery timing, price, shared marketing expenses or training, the selection of financial intermediaries, and credit terms and conditions.

Three credit agencies operate in Ecuador: Equifax and Aval (both private) and Datos Crediticios (public - Registro de Datos Crediticios - Superintendencia de Bancos.) Credit and debit cards such as American Express, Visa, and Mastercard are widely accepted in Ecuador. In general, banks and cooperatives offer debit cards for their clients.

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

Banking Systems

Ecuador’s banking sector is healthy. The Superintendency of Banks regulates the public and private banking sectors.  As of December 2024, the banking system is comprised of 23 local banks and one international bank (Citibank) with $70.7 billion in assets and $53.1 billion in deposits. The largest banks by assets in Ecuador include Banco Pichincha ($19.5 billion), Banco Guayaquil ($8.7 billion), Banco Pacifico ($8.7 billion), and Produbanco ($8.2 billion). The Ecuadorian Private Banking Association (ASOBANCA) estimates 3.1 percent of loans are non-performing. For a complete list of banks in Ecuador, please contact ASOBANCA.

The Deposit Insurance Corporation (COSEDE) provides deposit insurance and guarantees the safety of deposits in Ecuadorian banks and financial cooperatives, currently up to $32,000. As of December 2024, there were 398 savings and loan cooperatives, with $27.4 billion in assets and $22.3 billion in deposits. The Superintendency of the Popular and Solidarity Economy regulate the cooperatives sector. Cooperatives range in size from $3.5 billion in assets to very small operations serving local communities with corresponding internal controls. The Central Bank of Ecuador (BCE) in 2024 reported 87.5 percent of Ecuadorians between the ages of 16 to 69 have an account with a financial institution.

Foreigners can open accounts by providing a valid passport or national ID. To open a checking account, a residence permit is mandatory, often along with a utility bill or proof of domicile. Legal entities must prove representation. Banks also require tax residency self-certification in line with international standards such as the U.S. Foreign Account Tax Compliance Act (FATCA) and Organization for Economic Co-operation and Development (OECD) transparency frameworks.

Foreign Exchange Controls

Ecuador adopted the U.S. dollar as the official currency in 2000. In August 2023, the Monetary Board issued resolution JPRM-2023-014-M on the use of the dollar as legal tender in Ecuador. The agency specified “all transactions, monetary and financial operations, and their accounting records carried out in the country, will be expressed in dollars.” Foreign investors may remit 100 percent of net profits and capital, subject to a 5 percent capital exit tax (ISD), although there are exceptions for certain industries. There are no restrictions placed on foreign investors in transferring or repatriating funds associated with an investment.

U.S. Banks and Local Correspondent Banks

Citibank operates offices in Ecuador and leads transactional solutions for the corporate segment. Western Union and Wells Fargo also are active in the market with large remittance services. Most Ecuadorian banks maintain correspondent relationships with U.S. banks.  Banco Pichincha, Banco Pacífico, Banco Guayaquil, Produbanco, Banco Bolivariano, and Banco Internacional are among the major Ecuadorian banks engaging in international business. Banco Pichincha has a branch in Miami. The U.S. International Development Finance Corporation (DFC), the U.S. Trade and Development Agency (USTDA), the U.S. Export-Import Bank (EXIM Bank), the U.S. Department of Commerce, and other U.S. government agencies provide support to U.S. companies bidding on projects in key sectors.

For additional information, review the U.S. Department of State’s Investment Climate Statements.