How to Access Money for Real Estate Purchase in Ecuador

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Pro-Ecuador received the following question:

I am moving to Ecuador in a few weeks. My question for now is...How do I set up my funds to have access to buy real estate in Ecuador. Everything I read is ATM's and TC's for tourists. Thanks for your prompt reply.

The Pro-Ecuador response:

The transfer of money is quite simply. When you find a property that you want to buy, and are ready to make a payment, you simply find out the seller's bank account information and have your bank wire the money to that account. You will need the name, address and phone number of the receiving bank, the SWIFT number of the bank, and the sellers account number.

If the seller happens to have a bank that has a branch in Miami, (several of them do--we use Pichincha Bank and they have a Miami Branch) you can have your bank wire the money directly to the Miami bank payable to the Account number of the seller. This way you avoid international wire fees, and the money usually arrives in the seller's account in a day or two.

Typical international transfers can take up to a week. If you do go
this route, it is best to call the Miami bank and ask them specifically what you need to do to effect the transfer. Different banks may have different regulations. You can find the bank number by Googling the name.

THIS IS VERY IMPORTANT--It is best if you first go to your own bank now. Hopefully, you can find someone there that knows you, or that you can develop a relationship with. Tell them your plans to purchase property in Ecuador and that you will be wiring money to an account in Ecuador. You would like to be able to arrange the transaction over the phone with that specific individual when the time comes. Get their contact information, including E-mail, and keep them closely informed about what you are doing so that they get familiar with your voice.

Best regards,

Gary