Banking in Ecuador is a common step for many expats who plan to settle down long-term. If you’re ready to move forward, this guide will provide a step-by-step process for opening an Ecuadorian bank account.
However, it’s important to know that banking in Ecuador has become more challenging, especially if you’re using only a passport. The process is significantly easier if you have an Ecuadorian identity card (known as a Cedula), which is available after obtaining temporary residency
Ecuador’s banking sector is led by a few major players, with the top banks primarily ranked by the size of their assets. Here are the top six banks in Ecuador, starting with the largest:
1. Banco Pichincha
Banco Pichincha is the largest bank in Ecuador, offering a wide range of financial services, including personal and business banking, loans, and investments. Its extensive branch network and ATM coverage make it a popular choice among locals and expats alike.
2. Banco del Pacífico
This state-owned bank is the second-largest in the country and is known for its competitive loan products and digital banking services. Banco del Pacífico has a strong presence across Ecuador, making it another popular option for personal and business banking.
3. Produbanco (Promerica Group)
As a part of the Promerica Financial Corporation, Produbanco ranks third in size. It is recognized for its customer service, corporate banking solutions, and sustainable banking initiatives, appealing to both businesses and individuals.
4. Banco Internacional
Known for its reliability and focus on corporate clients, Banco Internacional is one of the country’s largest privately-owned banks. It also offers comprehensive services to individual customers, including savings, credit cards, and mortgage loans.
5. Banco Guayaquil
This bank is a key player in Ecuador’s banking sector, offering a robust range of services for both individuals and businesses. Banco Guayaquil is especially known for its digital banking innovations and partnerships with international payment networks.
6. Banco Bolivariano
Banco Bolivariano is a smaller yet significant player among Ecuador’s top banks. It is known for its focus on personal banking services, including savings accounts, credit options, and insurance products.
These banks represent the backbone of Ecuador’s financial system, each offering distinct services that cater to the needs of both residents and expats.
How Easy Is It to Open a Bank Account? 🤔
Required Documents 📋
If You Have an Ecuadorian Cedula:
If You Only Have a Passport:
The Process with Banco Pichincha 🏦
Banco Pichincha is known for being efficient—if you have all your documents ready, you can get through the process in about an hour. Here’s what to expect:
Note: The representative may only speak Spanish, but they are generally patient with any language challenges.
Tips & Tricks 🔍
Final Thoughts 💡
The process is straightforward if you come prepared, and the overall service is typically decent. You should receive email confirmation within two weeks. Happy banking! 😊
I recommend choosing Banco Pichincha or Banco Guayaquil. I have accounts with both, and they each offer solid service. Banco Pichincha tends to have longer lines at branches, while Banco Guayaquil is usually faster with shorter wait times. Both banks provide reliable online banking platforms, making it easy to transfer money domestically—something you’ll find yourself doing often in Ecuador.
