Money & costs
Costs
Costs in Ecuador have risen since the official currency was changed to the US dollar, but it’s still affordable. Budget travelers can get by on $15 per day, staying in the cheapest hotels, eating almuerzos (set lunches) and cheap dinners, and taking buses rather than taxis. Bump it up to $30 per day, and you can stay in modest but comfortable hotels, take cab rides when you’re feeling lazy, eat in better restaurants, visit museums, go out at night and cover the occasional $10 national park fee. Spending $50 to $70 per day will allow you to sleep and eat in style and do all the aforementioned fun stuff.
Things get expensive when you start adding tours (climbing, mountain-biking, bird-watching and other tours cost $35 to $80 per day), staying at jungle lodges or haciendas and – priciest of all – when you visit the Galápagos Islands.
Tipping
Better restaurants add a 12% tax and a 10% service charge to the bill. If the service has been satisfactory, you can add another 5% for the waiter. Cheaper restaurants don’t include a tax or service charge. If you want to tip your server, do so directly – don’t just leave the money on the table.
Tip porters at the airport about $0.25 per bag and bellboys at a first-class hotel about $1 per bag. Hairdressers receive $0.50 or more for special services. Taxi drivers are not normally tipped, but you can leave them the small change from a metered ride.
Guides are usually paid low-wages, and tips are greatly appreciated. If you go on a guided tour, a tip is expected. If you are in a group, tip a top-notch guide about $5 per person per day. Tip the driver about half that. If you hire a private guide, tip about $10 per day.
If you are going on a long tour that involves guides, cooks and crew (eg the Galápagos Islands), tip about $25 to $50 per client per week, and distribute among all the personnel.
Money
Ecuador’s official currency is the US dollar. If you’re not traveling from the USA, consider bringing a small supply of US dollars with you on your trip in case you have trouble exchanging currency from your home country. Western Unions are in most big cities.
ATMs
ATMs are the easiest way of getting cash, period. They’re found in most cities and even in smaller towns, though they are occasionally out of order. Make sure you have a four-digit PIN; many Ecuadorian ATMs don’t recognize longer ones. Bancos del Pacífico and Bancos del Pichincha have MasterCard/Cirrus ATMs. Bancos de Guayaquil and Bancos La Provisora have Visa/Plus ATMs.
Cash
US dollar bills are the official currency. They are identical to those issued in the USA. Coins of one, five, 10, 25 and 50 cents are identical in shape, size and color as their US equivalents, but bear images of famous Ecuadorians rather than US presidents. Both US and Ecuadorian coins are used in Ecuador. There are no plans to print Ecuadorian versions of US dollar bills. The US$1 ‘Sacajawea’ coin is widely used.
The biggest problem when it comes to cash is finding change. It can be hard to cash a $20 bill even in big cities. No one ever has sueltos (literally ‘loose ones, ’ meaning ‘change’), so change your bills when you can. Forget about changing a $50 or $100 bill outside a bank.
Credit cards
Credit cards are great as backup. Visa, MasterCard and Diners Club are the most widely accepted cards. First-class restaurants, hotels, gift shops and travel agencies almost always accept MasterCard or Visa. Small hotels, restaurants and stores don’t. Even if an establishment has a credit-card sticker in the window, don’t assume that credit cards are accepted. In Ecuador, merchants accepting credit cards will often add between 4% and 10% to the bill. Paying cash is often better value.
Moneychangers
It is best to change money in the major cities of Quito, Guayaquil and Cuenca, where rates are best. Because banks have limited hours, casas de cambio (currency-exchange bureaus) are sometimes the only option for changing money. They are usually open 9am to 6pm Monday to Friday and until at least noon on Saturday. They’re entirely credible places, though the exchange rate might be a percentage point or so lower than that given by banks.
If you’re in a pinch, cambios (as they’re abbreviated) at the airports and major hotels in Quito and Guayaquil stay open past the usual hours.
Euros, Peruvian pesos and Colombian nuevos soles are the easiest currencies to exchange in Ecuador.
Traveler’s checks
Commission for changing traveler’s checks ranges from 1% to 4%, with the highest rates charged in small towns. Traveler’s checks are safer than cash because they are refunded if they are lost or stolen. Don’t bring all of your money in traveler’s checks, however. It’s always useful to have a supply of US cash and an ATM card.
