Ecuador: Here are the steps for opening a bank account
Our article for today is taking a slightly different form to usual. This is because, while it is still informative, it is a more succinct step-by-step guide for anyone who is looking to open a bank account in Ecuador. Moving or going to work overseas is a complex and, in some cases, gruelling task. This is not to say it is not an amazing experience, just that there is a lot to organise before departure, and an equally large to-do list on arrival. It is for this reason that preparation is key and understanding how to open a bank account is one of the most important parts of relocation, as protecting your assets is a top priority! Ecuador, situated in Latin America, is a beautiful nation, recognised the world over for the diverse nature of its landscape, making it a place for tourists and expats alike. A majority of the nation was included in the Inca Empire, which only adds to the intrigue and attraction for many to the nation, with a history and environment you could spend a lifetime discovering more about.
Now, to move on to our topic, Ecuador also has many other advantages, though for relocation. Some of these examples include a low cost of living, costing couples roughly US$20,000 to live for one year, a pensioner visa for those looking to retire to the region, and also safety (as far as murder rates go it is one of the lowest in the world amongst countries of comparable size and global presence). However, you will already be aware of the many advantages of relocating here if you are needing to know how to open a bank account, therefore, please find below the necessary documentation for opening one followed by a guide to the process:
· US$300 deposit
· Passport and copies
· Proof of address
· Residence card
· Copy of contract of employment
· Letter of recommendation from an account holder at the bank you choose
The majority of these documents are extremely easy and quick to sort out, making the process even more appealing. Not only this, but you do not need a hefty deposit and the information you are providing is mostly required for verification purposes, serving to provide extra peace of mind that the process is secure and in your best interests. Now the steps:
1. Set up appointment if necessary
2. Provide documents
3. Show notarised copy of real estate deed (or proof of at least US$25,000 investment in real estate if you prefer)
4. Sign contract
5. Wait roughly one week to receive debit card from your chosen bank, some may provide it on the spot
It is important to note that there are some differences between banks, for example, it has been said that an account can be opened with Banco Pichincha in around 30 minutes, however, it is up to you which one you choose, and the process should take no longer than a week, most of which is just waiting to receive the debit card!
So, if you are interested in finding out more, get in touch with us today! At Creimerman, we are a team of global citizens, working with each client and providing a tailor-made service in order to help make their cross-border ventures a success, and we would love you to be the next.