°µÍø½ûÇø

You'll need to do due diligence. Ecuador as a country is close to junk bond status. Look at the number of bond defaults over the last 20 years and the history of banking crises.

Fcebook's Ecuador °µÍø½ûÇø groups are much more active than this one, if you need more info from current bank customers, you'll find it there.
Having said that, I have heard good things about the JEP cooperativa, although I am not currently a customer. You can find them on the web to see their current rates, over 8.5% for a CD

All accounts are insured to $30k right now (not that if the entire banking system collapses it will mean much of anything).  JEP is one of the biggest (and hence I'd consider it one of the "safest") co-ops with local atms/branches.    It's what I use (I'm on a professional visa, but who can ignore that kind of interest rate).  The nearest branch is on 18 de Noviembre in Loja, but I only needed to go there when setting up the account and getting my card.

Thanks, sure appreciate the insight.

Very helpful, thanks!

Thank you for reaching out. We'll talk soon.

Hi, Ecualibrium. I've only spent 3 months in Ecuador last year. Going back in May for good. If you're in Vilcabamba there's a JEP cooperativa to the left of the colorful Catholic Church. It actually has people behind the counter. There's a Falafel cafe, and a cyber cafe between the church and the JEP. Banco de Pichincha in Loja was one of the only places where my bank card from the U.S. worked. Regarding security of your deposits--since 2012 when they tied their economy to the U.S. dollar, things have worked pretty well. But you heard about the troubles last year. The price of oil has tanked and their economy is tied to petroleum extraction. Also gold mining by the Chinese has been shut down for now. Both gold and petro industries heavily polluted the environment of the Amazon and the indigenous people say they have thrown out Presidents before. Plus there's the covid-19 crisis which is bringing on a world wide recession, so I think sh*t's in the fan. HSBC has a Miami branch that can help with moving money internationally (high end clientele). Congratulations on finding a sweet place in the Andes! Best wishes.

We know the place well in Vilca. Thank you for the information, it's helpful. Around May 1 was our goal as well. Does the pandemic have you hesitant about going so soon in May, have you considered delaying a bit just to observe?

In the U.S. I'm broke by the end of every month. My little social security barely scrapes by here. I can't wait to get all of the notarized and apostilled stuff into a suitcase and get on that plane. My worst nightmare isn't about covid-19 but that I get to Ecuador and some S.N.A.F.U. clerk finds something I overlooked. Ha! Ha!

I hope you and your family love living in the Andes as much as I enjoyed my extended vacation there in 2019.

Best wishes.

I hear you. Great attitude. And we are doing all the Apostille stuff now... Just got the final docs back yesterday! I guess that is a small victory.
Best to you as well.
Curt

Curt, I'm waiting now (4th week) for my last two documents apostilled from D.C. Today I get ticketed for the last bit of my flight and pay another installment to the visa facilitator. Glad for you that all of the stuff is coming together. Espero que tengan un buen viaje.

Felicidades!
Buster

Hi Equi:

We have lived in Loja now for 9 months.  We believe Banco de Loja is very secure and offers a high rate of interest on savings and CDs.  I think Banco de Pichincha is also very reliable.

Hello all I am Billy n Thank you very much the chart was great--was wondering if anyone can give me say the top 5 safest banks and
top 5 safest Coops?  Even top 3 or 4 of each would be nice.  Do you invest in them now or have
you heard good things about them?  Do they have the 35 thousand coseedy?

                                           Thanks in advance.

Dear Billy,

Banco Pichincha and Banco Guayaquil are two large banks in Ecuador.

I have banked with the latter since 2014 and approve of it, except that I find the website harder to use than my USA bank´s site.

--

According to Dom Buonamici, the USA-Cleveland °µÍø½ûÇø who operates youtube.com´s Mr. Second Passport site and lives in metro Quito, the top co-ops are 1. Cooperativa Policia Nacional and 2. JEP.

It is my understanding that all Ecuadorian banks and both of the above-named co-ops have the COSEDE guarantee for $32,000 per depositor.  COSEDE is the Ecuadorian version of the FDIC, insuring the funds of depositors and CD investors.

cccmedia near the Ecuador and Colombia border

Thanks all great input so I have Jep and Policia Coop
Bank de Lojai and Guyaquil Banks-- this shood be good unless
anybody has another great Coop or 2
that they feel is fairly safe.  Also Im moving back to USA (Sarasota Florida) from Saigon. 
How do I start a
bank in USA and transfer to Bank in Lo jai?  Will I have to go to Ecuador first n set up or??

Thanks all in advance it makes me happy to see so many sweet kind people taking the plunge with me
Should be back in the States by May... Billy

Billy Mellon wrote:

I have JEP and Policia Coop
Bank ... and Guayaquil Bank -- this should be good unless
anybody has another great Coop or two that they feel is fairly safe.
Also I'm moving back to USA (Sarasota, Florida) from Saigon. 
How do I start a bank in USA and transfer to a Bank in Loja?  Will I
have to go to Ecuador first and set up or ??

Since it's unclear, Billy, (a) whether you have an existing bank account somewhere in the world, and (b) how much you would be transferring to Ecuador .. I don't think we can give you a reliable answer.

The one thing that is evident is that transferring money from Vietnam to the USA and then to Ecuador involves one step too many.

---

I don't think you need to keep hunting for additional co-ops.  JEP and Policia offer high interest rates .. and should be enough to start.

cccmedia


Note... Billy's comments as cited in this post have been spell-checked.

In early October I attempted to deposit by personal check a large sum from my primary USA-based bank to an intermediary bank (Banco Guayaquil in Quito) for eventual transfer to my new Cooperativa Policía Nacional (CPN) account.  This appeared to be a necessary step as CPN does not accept direct desposits from USA banks.

The money has remained in my USA bank account for reason(s) that are unclear.  I messaged the USA bank which messaged me back that they had not seen the deposit.

cccmedia

Agree that was very unclear I will try again.  I do agree that transfer from Saigon to USA to Loja
is alot.  But Vietnam policy will only allow me to transfer to a bank in USA as long as I am in Vietnam in the bank at the time of transfer and proof of funds.  I dont have another bank in USA and I am only moving there to Get a resident card in Florida and open a Bank account so I can transfer after using the ATM card from Saigon for awhile.  Then transfer again to Ecuador when I get enough funds to apply for an investors visa or Professional visa-- will apply in Miami.
This prolly sounds stupid but I have already tried to open a Bank account online but havent had the best of luck if there is an easier way Im all ears.. Thanks in advance

Wowser thats kinda scary esp since it was a large check but you can cancel the check and
bring it there in person no?

In order to open a financial account in Ecuador, an °µÍø½ûÇø typically needs to have obtained a visa and then the ID known as a cédula.  There may be an exception at the Banco de Fomento, but if that is the case, there will usually be substitute requirements that may be hard to meet.

cccmedia

Billy Mellon wrote:

I have already tried to open a Bank account online but haven't had the best of luck. if there is an easier way, I'm all ears.

Have you tried opening an account online with CapitalOne or Ally Bank?  If you have a clean banking record and/or a decent credit history, it may be doable.

Resources:  capitalone.com ... ally.com

  -- cccmedia

ahh yes i get that much thanks