Money, Credit Cards and Getting Cash
Although ATMs are increasingly widespread in Ecuador, it's still best to take most of your money in the form of travellers' cheques . Go for low denominations such as $20 and $50 and the better known brands, such as American Express and Visa (Thomas Cook and Citibank cheques are usually accepted too). You can't yet use them as cash and will have to change them in a bank or casa de cambio (exchange bureau). Casas de cambio are generally open for longer hours (though they're usually closed on Sun) and offer faster service, but levels of commission vary, so it's worth shopping around. Bear in mind that banks and exchange bureaux can be hard to find in smaller towns, particularly in the Oriente and on the coast. If you expect to be away from the cities for any length of time, change an adequate amount of money. With dollarization it will probably become easier to change cheques in remote places (perhaps at a hotel or pharmacy), but you should always carry dollars cash with you for emergencies. Scruffy, torn or damaged dollar bills are often refused. By far the easiest and most convenient way to get cash is to withdraw it at an ATM , using your credit card or debit card. Visa and cards related to the Plus system are accepted at many ATMS in branches of Filanbanco, Banco la Previsora, Banco del Austro and Banco de Guayaquil, and MasterCard and Cirrus-related cards are useable at the machines owned by Banco del Pacifico and most branches of the Banco de Guayaquil. A handling charge of around 1.5 percent will usually be deducted from your account. A small number of machines also accept American Express cards. Don't rely solely on ATMs, however - you may get your card stolen, or lose it, and Ecuador's electronic banking systems go down with inconvenient regularity. Moreover, you won't find that many ATMs outside of medium-sized towns. If the ATM isn't working you can often get a cash advance on your card inside the bank: this is usually a relatively painless process, though you may find yourself at the mercy of long queues, short opening hours and administrative delays. Besides their use as a way of getting cash, credit cards can also be useful for emergencies, surprise costs, deposits on car rental and the occasional splurge in a smart hotel or restaurant. Again Visa and MasterCard are the most widely accepted (note that in the Galapagos, MasterCard is just about the only option), followed by Diner's Club and American Express. You may have to pay a surcharge of around 10 percent on purchases in many places, though this may come down once dollarization is under way. Cheaper hotels, restaurants and shops are unlikely to accept credit cards even when they have stickers on the door; check first. If you're taking several credit cards out with you, it's worth getting card-protection insurance before you leave home; this is offered by most banks and card issuers and normally cost around GBP10/US$15 a year. Make sure you keep a written record of your card numbers and the numbers to call if your card is lost or stolen. If you need emergency cash in a hurry, you can have it wired to you ready for collection within twenty minutes, though it's an expensive option and really only suitable as a last resort. Rates at Western Union Money Transfer (UK tel 0800/833833; US tel 1-800/325-6000; Aus tel 1800/649 565; NZ tel 09/270 005) start at GBP14/US$20 for GBP100/US$150, rising to GBP105/US$150 for GBP3000/US$4500. They have hundreds of agents across Ecuador; call 02/508085 in Quito, or tel 04/233555 in Guayaquil, to find your nearest office. Moneygram (tel 0800/8971 8971) wires money from UK post offices, to about a hundred agents in Ecuador, many of them branches of Banco del Pacifico. In Ecuador, call free on 999119, followed by 800 592 5755, to find the nearest agent.
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