Banking and payments in Ecuador: an account with your passport, but money abroad costs 5%
Ecuador pays in US dollars. You open a savings account at the state bank BanEcuador with your cédula or passport and a recent gas, water or electricity bill. Anyone sending or taking money out of Ecuador pays the Impuesto a la Salida de Divisas above an exemption: 5% in 2026. The SVB pays your AOW in euros.
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In Ecuador you pay in US dollars; all government fees are in dollars too. Opening an account is possible without a cédula: the state bank BanEcuador asks for an identity document, a passport will do, a gas, water or electricity bill no older than three months, and a first deposit. The big cost item lies in the other direction. Anyone sending or taking money out of Ecuador pays, above an exemption, the Impuesto a la Salida de Divisas, the ISD: in 2026 5%.
| What | The rule in 2026 |
|---|---|
| Currency | US dollar |
| Account at BanEcuador | cédula, passport or refugee card, plus a utility bill at most three months old and the minimum first deposit |
| ISD, the general rate | 5% |
| Cash on departure | free up to 3 basic wages per adult: 1,446 dollars, plus one basic wage per child travelling with you |
| Transfer abroad | free up to 3 basic wages per period set by the rules, not with a payment card |
| Paying or withdrawing abroad with an Ecuadorian card | free up to 5,188.26 dollars a year |
| AOW from the SVB | in euros, via Citibank, at most €0.48 cost per payment |
What do you take to the bank?
At BanEcuador an original identity document: your cédula, your passport or a refugee card. In addition a planilla de servicio básico, a utility bill, at most three months old, and money or a cheque for the minimum first deposit. You sign the contract at the counter and deposit the amount. Opening costs nothing. The bank may ask for additional information, depending on the type of customer.
The utility bill is the tricky part in the first weeks. If you rent a home, ask the landlord for a copy of a recent bill for the address, or have your name put on the bill. Without that bill you get no further at BanEcuador.
These requirements are BanEcuador's; ask another bank for its own. You need an Ecuadorian account in any case if you join the IESS and want your contribution paid by direct debit; see healthcare in Ecuador.
What is the ISD?
A tax on money leaving Ecuador. The SRI lists every transfer, cheque, withdrawal or payment abroad, and cash you take with you. Ecuadorian banks withhold the tax when they send money abroad for you. Since April 2024 the rate has been 5% again.
There are three exemptions that count for an emigrant. You may take cash up to 3 basic wages, in 2026 1,446 dollars per adult, plus one basic wage for each child travelling with you. Transfers abroad are free up to 3 basic wages, per a period the SRI sets separately. And with an Ecuadorian payment card you may pay or withdraw abroad up to 5,188.26 dollars a year without ISD.
Do you also pay ISD on money from the Netherlands?
Not on money coming in. But the SRI has a presumption you should know. If you live in Ecuador, the SRI assumes that every payment you make from abroad was made with money on which ISD is due, even if no transfer from Ecuador is involved. If you pay as a resident from your Dutch account, have an Ecuadorian adviser check whether that presumption affects you.
A foreigner who does not live in Ecuador and stays less than 90 days may take the money declared on entry out again free on departure. So declare on arrival what cash you are carrying. On departure, too, NederlandWereldwijd says: declare cash to Ecuadorian customs.
How does your AOW come in?
The SVB transfers your AOW in euros to Citibank, and from there it goes to your bank. Those costs are at most €0.48 per payment, according to the SVB; your own bank may add charges. An Ecuadorian bank converts the euros into dollars. Whether you are better off having the AOW paid into a Dutch or an Ecuadorian account depends on those costs and on the exchange rate.
Keep your Dutch account if your pension or rent comes in in the Netherlands; see keeping your bank account and DigiD. What tax does to your pension is in AOW, pension and tax. If you buy a house, also read buying a house in Ecuador.
In Vertrekklaar this is phase 5 of 5 of the journey, step 5.3: the same steps, but for your situation — in your order, tickable, and with the deadlines watched. See the whole journey to Ecuador or go straight to step 5.3 in the open plan.
What this rests on
The facts in this article come from these official pages. Rules change. When in doubt, go by the source, not this article.
- SRI — the Impuesto a la Salida de Divisas, with the rates, the exemptions and the presumptions — sri.gob.ec
- BanEcuador (gob.ec) — opening a savings account, also for foreigners — gob.ec
- SVB — payment of the AOW outside the Netherlands, in euros via Citibank — svb.nl
- NederlandWereldwijd — travel advice Ecuador, declaring cash on departure — nederlandwereldwijd.nl
- IESS — paying the contribution by direct debit from an Ecuadorian account — iess.gob.ec
- Ministerio del Trabajo — the basic wage of 482 dollars a month from 1 January 2026 — trabajo.gob.ec
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