Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Ecuador with the US dollar.
What's in this Ecuador currency guide?
The official currency of Ecuador (country code: EC) is the US dollar, with symbol $ and currency code USD.
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Here are a few things you may want to know about the U.S. dollar:
1. The U.S. dollar is the official currency of the United States and is used for all transactions within the country.
2. It is abbreviated as "USD": The U.S. dollar is abbreviated as "USD," and the symbol for the dollar is "$."
3. It is accepted worldwide: The U.S. dollar is a widely accepted currency and can be used for transactions in many countries around the world.
4. Its value fluctuates: The value of the U.S. dollar can fluctuate based on a variety of economic factors, such as interest rates, inflation, and the strength of the U.S. economy.
5. It is issued by the Federal Reserve: The U.S. dollar is issued by the Federal Reserve, which is responsible for managing the country's monetary policy. The Federal Reserve is a quasi-independent agency that is responsible for setting interest rates and regulating the money supply in the U.S.
The U.S. dollar is the official currency of several countries outside the United States, including:
1. East Timor: The U.S. dollar is the official currency of East Timor, a country located in Southeast Asia.
2. El Salvador: The U.S. dollar is the official currency of El Salvador, a country located in Central America.
3. Zimbabwe: The U.S. dollar is one of the official currencies of Zimbabwe, a country located in Southern Africa.
4. The British Virgin Islands: The U.S. dollar is the official currency of the British Virgin Islands, a group of islands located in the Caribbean Sea.
5. The Marshall Islands: The U.S. dollar is the official currency of the Marshall Islands, a group of islands located in the Pacific Ocean.
6. The Federated States of Micronesia: The U.S. dollar is the official currency of the Federated States of Micronesia, a country located in the Pacific Ocean.
The physical currency consists of coins and banknotes. The coins come in denominations of 1 cent (¢), 5 cents (nickel), 10 cents (dime), 25 cents (quarter), and 50 cents (half dollar). The banknotes come in denominations of $1, $2, $5, $10, $20, $50, and $100.
The banknotes feature images of famous American historical figures, such as George Washington, Abraham Lincoln, and Benjamin Franklin. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
For more USD information check out our selection of US dollar news and guides.
The domestic currency in Ecuador is the US dollar.
The three letter currency code for the US dollar is USD — symbol is $.
It is the domestic currency in   United States, East Timor, Ecuador, El Salvador, British Virgin Islands, US Virgin Islands, Caribbean Netherlands and Turks and Caicos Islands.
No, the US dollar is freely available and convertible. See guide: What is a closed currency?
Here are some popular conversion amounts for EUR to USD (Euro to US dollar)*.
*Converted at the current EURUSD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Using Wise for US dollar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in US dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want US dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the USD cash locally or even on travel day at the airport.
Traveling to Ecuador requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Ecuador is a country located in South America, bordered by Colombia to the north, Peru to the east and south, and the Pacific Ocean to the west. It is known for its diverse culture and natural beauty. The country's official language is Spanish and its capital and largest city is Quito.
The official currency is the United States dollar (USD) since the year 2000. Ecuador has a presidential representative democratic republic form of government.
The country is known for its diverse range of landscapes, from the Andes mountains to the Amazon rainforest and the Galapagos Islands, which is a UNESCO World Heritage site. Some popular tourist destinations include:
How much does it really cost to live, work, or travel in Ecuador? Here's what to expect for daily expenses and expat living.
For travelers planning a mid-range one-week stay in Ecuador, a budget of around $600 to $1,200 would be advisable. This estimate accounts for a mix of local experiences, meals, and accommodations. Typical daily expenses in Ecuador's currency, the U.S. dollar (USD), are relatively affordable. Here’s a quick breakdown:
Overall, Ecuador can be considered inexpensive compared to countries like the United States, where meal prices can be significantly higher, or Australia, where accommodation often starts at higher rates. A trip to Ecuador would typically cost 30-50% less than a similar experience in these countries, making it a great value destination for travelers looking to stretch their dollar.
For expatriates, living comfortably in Ecuador can range from $800 to $1,500 per month, depending on lifestyle choices. A typical monthly breakdown includes rent for a one-bedroom apartment at around $300 - $600, groceries costing about $150 - $300, and transportation at roughly $50 - $100. To ease day-to-day financial transactions, it's crucial to consider banking options; many locals and expats prefer using local banks for convenience. Credit and debit cards are widely accepted, though always have some cash on hand for smaller establishments.
When it comes to transferring money, online services like Wise or OFX tend to offer better exchange rates and lower fees compared to traditional banks. As for currency exchange, while you can do so locally, it’s often wiser to utilize digital platforms to ensure you avoid unfavorable rates and high commissions. Overall, Ecuador presents a welcoming environment with affordable living costs and a variety of banking options to suit both residents and travelers alike.
The below interactive chart displays the USD/EUR change and UP📈 DOWN📉 trends over the past 1 Year.
The U.S. dollar (USD) is the world’s most traded currency and serves as the global reserve currency. Backed by the U.S. economy, it is a key benchmark for financial markets, commodities, and forex trading. Its value is influenced by monetary policy, economic data, global risk sentiment, and geopolitical events.
The Federal Reserve (Fed) determines the dollar’s strength through interest rate policies. Higher rates attract investors to the USD, causing it to appreciate. Lower rates or a dovish stance can weaken demand for the dollar. Inflation, employment data, and GDP growth are critical drivers of the dollar’s movement.
The USD is a safe-haven currency, strengthening during economic uncertainty, geopolitical tensions, or market volatility. Investors shift funds into U.S. Treasury bonds and USD assets during risks like recessions, banking crises, or global conflicts, boosting the dollar’s value.
As the dominant currency in global trade, the USD is used for most international transactions, including pricing key commodities like oil and gold. Rising oil prices increase global demand for the dollar. The dollar’s strength affects emerging markets with dollar-denominated debt, making loans more expensive to repay.
U.S. trade relations and fiscal policies also influence the dollar. Tariffs, trade deals, and government spending impact economic growth and investor confidence. A widening trade deficit can pressure the dollar, while strong demand for U.S. goods supports its value. The USD’s relationship with China is crucial in global forex markets.
Geopolitical events like the Ukraine war reinforce the USD’s safe-haven status, with capital inflows into the U.S. during uncertainty. Sanctions on Russia and shifting energy markets influence global demand for the dollar.
The dollar’s future depends on Federal Reserve policies, inflation trends, economic performance, and global market stability. While discussions around de-dollarization exist, the USD remains the backbone of the global economy, influencing financial markets worldwide.
For more USD information read our News and guides to the US dollar.
To get a good (and fair) exchange rate when sending money to Ecuador you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
When sending money to Ecuador it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more US dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand US dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the USD exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local US dollar bank account: A local USD bank account can make it easier for you to manage your finances and pay bills while you are in Ecuador. It may also be more convenient to use a local USD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Ecuador. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Ecuador. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Ecuador, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Ecuador.
Doing business in Ecuador can present certain challenges, as the country has a relatively weak economy and a challenging business environment. However, there are also opportunities for businesses that are willing to navigate these challenges:
On the other hand, Ecuador has several trade agreements with countries like China, Canada, and the United States among others, that can provide opportunities for exporters and importers. Additionally, the country has an important and diverse agricultural sector, as well as a strategic location that offers opportunities for logistics and transport.
It's important to conduct thorough research and due diligence when doing business in Ecuador to understand the local market, regulations, and culture, as well as the risk factors, to ensure that you are well-prepared to succeed in this challenging environment.