Ecuador: Money & Costs

• Currency

  Name

  US Dollar

  Symbol

  US$

  Ecuador's official currency is the US dollar, and the notes are identical to those issued in the US. Frequently used denominations include one, five, 10 and 20 dollar bills. Rarely used denominations include two, 50 and 100 dollar bills.

  Coins of one, five, 10, 25 and 50 cents are identical in shape, size and color to their US equivalents, but bear images of famous Ecuadorians rather than US presidents. Both US and Ecuadorian coins are accepted.

• Changing Your Money

  It's best to change money in the major cities of Quito, Guayaquil and Cuenca, where rates are best. Banks have limited hours and casas de cambio (currency exchange houses) are sometimes your only option to change money. They're entirely credible places, though the exchange rate might be a little lower than 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.

  Commission for changing travelers checks ranges from 1% to 4%, with the highest rates charged in small towns. While travelers checks can be replaced if they are lost or stolen, it's always useful to have a supply of US cash and an ATM card.

• Money Tips

  On 14 March 2000, President Gustavo Noboa ratified a law making the US dollar legal tender in Ecuador. Despite its brutal toll on Ecuador's poor, 'dollarization' has stabilized the country's economy and exchange rates, although costs have risen. By Western standards, however, costs for travel basics (lodging, food and public transport) remain extremely low.

  Ecuador has a two-tier pricing system for certain services (mainly airfares to the Galápagos, museum and national park entries, and top-end hotels) and foreigners pay a lot more than locals. Budget and mid-range hotels rarely charge foreigners more, and rates for buses are the same for everyone.

  Travelers on a budget should be able to get by on US$15.00 per day, provided they stay in the cheapest hotels, eat where locals eat and skip regular nightlife. A less frugal approach might set you back US$50.00 to US$70.00 per day. Things get expensive when you start adding tours (which cost around US$50.00 to US$80.00 per day), staying at jungle lodges and - priciest of all - visiting the Galápagos Islands.

  Bargaining is accepted and expected at craft markets. Elsewhere, if you're not sure, try asking for a descuento (discount) - these are often available in tourist areas.

• Sample Price Guide

  bus travel per hour

  US$ 1.00

  small bottle of beer

  US$ 1.00

  American breakfast

  US$ 4.50

  short cab ride in Quito

  US$ 2.00

  litre of petrol

  US$ 0.52

  1l bottled water

  US$ 0.80

  souvenir t-shirt

  US$ 10.00

  Chocho (lupine bean) with toasted corn

  US$ 0.50

  set lunch

  US$ 2.00

  Average Room Prices
  Low	Mid	High	Deluxe
  US$2-16	US$16-60	US$60-150	US$150+
  Average Meal Prices
  Low	Mid	High	Deluxe
  US$1-3	US$3-10	US$10-30	US$30+

• Tipping

  Tips are greatly appreciated by tour guides, porters and other tourist industry workers. If you're going on a long tour with guides, cooks and a crew, tip US$25.00 to US$50.00 per client per week. Taxi drivers don't expect tips (however, leaving the change never hurts).

  Better restaurants add a 12% tax and a 10% service charge to the bill. If the service has been good, add another 5% for the waiter. Cheaper restaurants don't include a tax or service charge. If you want to tip your waiter, do so directly - don't leave the money on the table.

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