Money & Payments in Quito (2026)

Good to know

Good to Know

Card payments are accepted at hotels, restaurants, and supermarkets in urban areas, but cash is still king in smaller towns, markets, and with taxis. Carrying a mix of cash and cards is the most practical strategy.
Market vendors, taxi drivers and other small merchants only accept cash and usually in denominations less than US$5 because they never seem to have enough change.
Maintain a reserve of $100-$200 in cash for daily expenses like taxis, small market purchases, and tips. Cash is essential for participating in much of the local economy.
Do NOT overtip because it can cause inflation and gringo favoritism, and drive up prices for everyone, including locals who may not be able to afford higher prices. Overpaying could cause inflation for lots of things, especially services, and Ecuadorians will start charging EVERYONE higher prices or use the higher price as a starting point for negotiations.
Seek ATMs in bank branches or shopping malls rather than standalone street ATMs for better security and often lower fees.
Always hit 'decline conversion' if asked, and try to plan ATM runs for city branches—machines there are better stocked and less likely to be out of cash.

ATM Fees

Home Bank Fees: Most banks charge a fee for using an ATM outside their network, typically a flat $2.50 to $5.00 per withdrawal.
Dynamic Currency Conversion Warning: In Ecuador, some ATMs may ask Accept OR Decline Conversion. If you 'Accept', ATM converts your money at ATM's set exchange rate and you pay an extra % fee. If you 'Decline', ATM will convert at exchange rate of the bank/card logo. To avoid extra fees, select 'Decline/Without' Conversion or 'Charge in USD'.

Local Ecuadorian Bank Fees

Description: As of 2023-2024, these fees are generally between $4.00 and $5.50 per transaction.

Fee By Bank

Banco Internacional
Visa fee
$0.00
Note
Often free of charge
Banco Pichincha
Visa fee
$4.60
Note
Typical fee as of Nov 2025
Banco Guayaquil
Visa fee
$3.51
Banco del Austro
Visa fee
$4.00
Banco del Pacífico
Visa fee
$6.16
Note
Higher fees reported

Banking

Timeline: 1-3 weeks from first visit to functioning account; most banks take 3-10 business days for review, some require 2-week compliance review.
Account Types: Savings accounts (cuenta de ahorros) easier to open than checking accounts; checking accounts require residency, cedula, or proof of investment (25,000 USD+) or property purchase.
Digital Banking: Most major banks offer online banking, mobile apps, ATM networks, wire transfer services. Debit cards arrive approximately one week after account opening.
Key Restrictions: 5% ISD exit tax on money sent out of Ecuador above biweekly exemption (1,446 USD in 2026). US citizens/green card holders with aggregate account balances exceeding 10,000 USD must file FBAR and potential FATCA reporting.
Account Opening As Foreigner: Foreigners can open bank accounts in Ecuador with proper documentation, but process requires residency status (visa or cedula), in-person visit to branch, and patience. Tourist visa holders typically turned away.
Process Notes: Online account opening essentially nonexistent; must visit branch in-person. Language barrier common (few bank officers speak English outside major cities). Bank hours short (typically 9am-1pm); queuing at banks is standard experience.

Required Documentation

Valid passport
Proof of residency in Ecuador (utility bill from last 90 days, notarized lease, or Certificado de Empadronamiento from Tenencia Política)
Bank reference letter from home country bank (translated and apostilled, stating account standing and good customer status)
Proof of income or source of funds
Local cell phone number for SMS verification (prepaid SIM costs 3-5 USD)

Major Banks For Foreigners

Banco Pichincha
Features
Largest bank in Ecuador, market leader with 28.3% share, has dedicated foreigners department, established protocols, extensive ATM network, mobile app, cardless ATM withdrawals available, can open account quickly in some cases (within 30 minutes reported)
Account Opening Difficulty
Moderate - one of most accessible for foreigners
Banco Internacional
Features
Dedicated department for expats/foreigners with streamlined process, good for loan facilitation, online banking, reliable reputation
Banco Del Pacifico
Features
Maintains specialist department for foreign clients with personalized guidance
Produbanco
Features
One of largest banks but stricter requirements for foreigners, proof of Ecuador-based income often required, more difficult than Pichincha
Cooperativas (JEP, Jardin Azuayo, CACPE Biblian)
Features
Often more flexible with foreigners than big banks, smaller ATM networks, limited digital banking

ATM Details

ATM Availability: ATMs can be found in virtually every city of Ecuador.
Withdrawal Limits: ATMs in Ecuador have a maximum withdrawal limit per transaction of US$ 200 to US$ 500, with the most common being US$ 300 or US$ 400.
Cash Denominations: Ecuadorian ATMs always only hand out 10 or 20 USD notes.
Card Types Accepted: ATMs generally accept Visa and Mastercard. Cirrus and Plus cards are also supported at many locations.
Recommended Networks: Tourists should look for the BanRed sign, which is a safe network that allows withdrawals from across local and international banks.

Tipping Norms

Taxis: For taxis, rounding up the fare is appreciated.
Tour Guides: For private guides, consider tipping around $10 per person per day, and for drivers, about $5 per person per day.
Bars And Cafes: While not always expected, it's customary to tip around 10% if a service fee isn't included.
Cultural Context: Ecuador does not have a tipping or gratuity culture, so most Ecuadorians do NOT leave a tip at restaurants, at salons or with other service providers.

Hotels

Bellhops: A typical tip for bellboys is around $1 per bag they assist you with.
Concierge: For concierge services, especially when they go above and beyond to help with your itinerary, consider tipping between $5 to $10.
Housekeeping: You should leave about $1 to $3 per day for the cleaning staff, usually placed on the pillow or bedside table.

Restaurants

Payment Method: Always tip in cash to ensure it goes directly to your server or bartender.
Additional Tipping: A tip of 5%-10% of your total bill is standard for good service. For exceptional service, a higher tip of around 15% will be greatly appreciated.
Service Charge Info: Your restaurant bill in Quito usually includes a 10% service charge and a 12% IVA tax.

Card Acceptance

Overview: Credit card acceptance is habitual in mid-to high-range shops, restaurants, hotels, and supermarkets in Quito.
Widely Accepted: Visa is the most widely accepted, along with MasterCard and Diners Club.
Merchant Surcharges: It is not uncommon for smaller businesses to add a surcharge (recargo) of 3-5% for credit card payments to cover their processing fees. While technically against the policies of card networks, it is a widespread practice.
Where Cash Required: For taxis, buses, convenience stores, and all other services provided by small or informal businesses, only cash is accepted.

Safety Considerations

ATM Location Safety: Even when from well-known banks, these ATMs have often unusually high fees. Also, the level of security is rather low.
Recommended Practice: Use the ATMs located inside bank branches instead of standalone ones. Avoid using ATMs on empty streets or late at night.

AI-generated estimateData refreshed July 2026

Sources cited for this category

These are the sources cited in this money & payments research for this city. Individual figures may not each trace to one of them.

More About Quito

Data last updated July 2026 · Verify anything important.

Money & Payments in Quito

Good to know

Good to Know

ATM Fees

Local Ecuadorian Bank Fees

Fee By Bank

Banco Internacional

Banco Pichincha

Banco Guayaquil

Banco del Austro

Banco del Pacífico