The currency of Ecuador is the U.S. dollar.
Bills
Ecuador doesn't print its own paper currency. Paper money is in denominations of $1, 5, 10, 20, 50 and 100.
Coins
Ecuador produces its own coins. Coins come in denominations of 1, 5, 10, 25, and 50 cents (centavos). They match the size and value of their U.S. equivalents.
Money Guide
While in Ecuador, it is a good idea to carry small bill denominations as well as coins. Most street vendors only accept cash. You may have difficulty breaking larger bills in smaller towns or rural areas. Generally speaking, you should carry $5, $10 and $20 bills. Because of the possibility of counterfeits, higher denominations are difficult to use. In fact, $50 bills aren't common and $100 bills are not accepted in most places, even at banks.
It can be really frustrating trying to use a $50 or $100 bill in Ecuador, especially in small cities or towns. In our experience the best places to change those bills are at these banks: Banco del Pacifico and Banco del Austro, all other banks will abruptly deny this service. Even hotels and supermarkets don't accept or exchange those denominations.
How much money do you have to declare when traveling?
You can enter Ecuador with up to $10.000 US dollars in cash. Although, there's no legal limit on how much money you can carry on a plane. If you're traveling you must declare amounts of more than $10,000 on your customs form.
Main Banks
Major Ecuadorian banks are Banco del Pacífico, Banco del Austro, Banco Pichincha, Banco Bolivariano, and Banco de Guayaquil. Most banks have armed guards and tellers behind bulletproof glass.
ATMS
Most ATMs have a daily withdrawal limit of $500 or less. ATMs are available in every city. Small towns only have a few ATMs, usually located near the main square (central park).
Tip: Research your bank's daily withdrawal limit, and fees for international transactions. Some banks charge a 3% fee on each withdrawal.
Credit cards
Ecuador accepts all major credit cards. The most used are Visa, Master Card, American Express, and Diner's Club. Be aware that your credit card provider may charge a fee when using a credit card internationally, so try and pay with cash instead.
Traveler's Checks
Traveler's checks are a safe way to carry money in Ecuador. Although they are becoming less relevant in the world of ATMs.
Tip: Keep a record of your credit card serial numbers in the event that they got stolen or lost.
Exchange rate
| Australia | A$1 | US$0.74 |
| Canada | C$1 | US$0.76 |
| Europe | €1 | US$1.17 |
| Japan | ¥100 | US$0.01 |
| New Zealand | NZ$1 | US$0.68 |
| UK | UK£1 | US$1.32 |
For current exchange rates see www.xe.com.
Tip: Have a small amount of U.S. dollars on hand in case there are any problems exchanging your own currency.
Taxes and Tipping
Some restaurants add a 10 percent tip and 12 percent tax to the bill. More basic restaurants won't include either a service charge or tax. A dollar is usually enough to tip for any service. If you're on a group tour, a good tip is around $5. Taxi drivers do not expect a tip.
Bargaining
Bargaining or haggling is common in Ecuador. If possible, try to buy souvenirs in public markets, where there are many vendors and competition is hight. Usually, you can go as low as 25% of the asking price of a product.
What currency does Ecuador use?
Ecuador uses the U.S. dollar as currency.
Why do they use US dollars in Ecuador?
Ecuador went to full dollarization in 2000, because of a financial crisis. Their previous currency was the sucre.
