Sending business payments from the US to Ecuador
A US company pays an Ecuadorian supplier, contractor or subsidiary by SWIFT wire in US dollars, because the dollar is Ecuador's only legal tender and every Ecuadorian bank account is held in dollars. You need the legal name matching its RUC, the account number and type, and the bank's SWIFT code and US correspondent.
- Article 94 of Ecuador's Código Orgánico Monetario y Financiero makes the US dollar the only legal tender, so payments arrive with no conversion.
- Ecuador's 5% currency outflow tax, the ISD, applies to money leaving Ecuador, not to money arriving from abroad.
- Banco Pichincha charges US$10.27 in total, including VAT, to receive a transfer from abroad, and nothing to receive an SPI interbank transfer.
- The SPI, the domestic interbank system run by the Banco Central del Ecuador, moves dollars between Ecuadorian banks once a wire has arrived.
- The SRI presumes ISD is due 6 months after goods arrive at the destination port if export proceeds do not enter Ecuador.
Details to collect from an Ecuadorian recipient
The RUC (Registro Único de Contribuyentes) is the taxpayer number the Servicio de Rentas Internas (SRI) issues to every business. Ask for the name exactly as on the account and matching the RUC, the account number and whether it is a current or savings account, and the bank's SWIFT code with the US correspondent the bank names for dollars.
| Field | What to write | Note |
|---|---|---|
| Beneficiary name | Registered name, matching the RUC | Trade names cause queries |
| Account number and type | Current (corriente) or savings (ahorros) | Both are in US dollars |
| Bank and SWIFT code | Full name, city and 8 or 11-character code | Check it with a SWIFT lookup |
| Intermediary bank | The US correspondent, its SWIFT code and the bank's account there | Reduces extra hops |
| Reference | Invoice number, and export declaration for goods | Lets the supplier match the payment |
Field list reflects standard SWIFT practice and SRI RUC rules; confirm the bank's inbound instructions. As published on 29 October 2026.
Use our SWIFT code lookup to confirm the bank code before the first payment.
No conversion: Ecuador uses the US dollar
Article 94 of the Código Orgánico Monetario y Financiero (COMF), Ecuador's monetary and banking law, makes the US dollar the only legal tender. A US payer sends dollars and the supplier receives dollars, with no exchange rate at either end and no conversion margin. That removes the largest hidden cost on most Latin American corridors.
The rule that shapes Ecuadorian cash management is a tax on outflows. The Impuesto a la Salida de Divisas (ISD) is charged at 5% in 2026 on money leaving Ecuador. It does not apply to your payment arriving. It does explain why some Ecuadorian exporters prefer to be paid into Ecuador rather than abroad: the SRI presumes ISD is due if export proceeds do not enter the country within 6 months after the goods arrive at the destination port.
| Situation | ISD position |
|---|---|
| Your payment arrives in an Ecuadorian bank | No ISD on the receipt |
| Supplier collects abroad and does not bring proceeds home within 6 months of arrival at destination | ISD presumed due |
| Supplier later pays its own suppliers abroad | ISD at 5% in 2026, with exemptions for some imports |
Sources: SRI, ISD; Lexis Ecuador on COMF Article 94. As published on 29 October 2026.
So when an Ecuadorian supplier asks you to pay its account in Ecuador rather than an account abroad, it is usually managing this presumption, not being difficult.
Rails and arrival times
Payments from the United States reach Ecuador by SWIFT through a correspondent bank, usually in New York. Swift reports that nearly 60% of gpi payments reach end beneficiaries within 30 minutes and almost 100% within 24 hours. Ecuador's working day overlaps closely with US business hours, which helps same-day processing. Once in Ecuador, dollars move between local banks over the SPI (Sistema de Pagos Interbancarios), run by the Banco Central del Ecuador.
| Route | Recipient receives | Timing or cost published |
|---|---|---|
| SWIFT wire to an Ecuadorian bank | USD | Almost 100% of gpi payments within 24 hours |
| Onward SPI transfer inside Ecuador | USD | Banco Pichincha charges US$0.00 to receive |
Sources: Swift gpi; Banco Pichincha tarifario, February 2026. As published on 29 October 2026.
Documents and checks
Ecuador has no exchange forms for incoming payments. The supplier's bank will still want to know what the money is for on large or unusual receipts, so quote the invoice number and the goods or service, and pay from the company named as buyer. For goods, the supplier needs the date the shipment arrived at the destination port to manage its ISD position, so share the bill of lading or air waybill reference with the payment.
Do not offer to pay in stablecoins. On 12 August 2024 the Banco Central del Ecuador stated that crypto assets are neither legal tender nor an authorized means of payment in Ecuador.
On the US side, every payment to an Ecuadorian company must pass sanctions screening: OFAC states that all US persons, including all US incorporated entities and their foreign branches, must comply with US sanctions, so the payer, the recipient and the recipient's bank are checked before the money moves.
Costs: Helm fees, intermediary deductions, SHA and OUR
Because nothing is converted, the cost of a dollar payment to Ecuador is the sending fee, any intermediary deductions and the receiving fee. Banco Pichincha's February 2026 tariff lists US$10.27 in total (US$8.93 plus US$1.34 VAT) to receive a transfer from abroad. Every SWIFT wire carries a charge code. OUR means the sender pays all charges, so the full amount should arrive. SHA means charges are shared: the sender pays its own provider, and intermediary banks may deduct their fees in transit. BEN means every charge comes out of the amount sent. Helm international payments show the rate, the fee and the expected arrival before you confirm, and the account manager confirms the route for each corridor.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Why payments to Ecuador are delayed or returned
| Cause | Prevention |
|---|---|
| Name does not match the RUC holder | Use the registered name |
| Account type missing or wrong | State current or savings |
| Correspondent bank missing | Include the US correspondent the bank names |
| Unclear purpose on a large receipt | Quote invoice and goods or service |
| SHA deductions | Send OUR for invoices that must be paid in full |
Compiled by the Helm Editorial Team from the SRI and Banco Pichincha sources above. As published on 29 October 2026.
For the Ecuadorian side of the account question, see USD business accounts in Ecuador.
Checklist before you send
- Collect the registered name matching the RUC, account number and type, and SWIFT code.
- Include the bank's US correspondent.
- Send in US dollars; no conversion is needed.
- Share the bill of lading or air waybill reference for goods.
- Send OUR when the full invoice amount must arrive.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Do I need to convert currency to pay a company in Ecuador?
No. The US dollar is Ecuador's only legal tender under Article 94 of the COMF, so you send dollars and the supplier receives dollars.
Is there a tax when I send money to Ecuador?
No tax applies to the receipt. Ecuador's 5% ISD applies to money leaving Ecuador, and the SRI presumes it on export proceeds kept abroad beyond 6 months after arrival at destination.
What details do I need to wire money to Ecuador?
The legal name matching the RUC, the account number and type, the bank's name and SWIFT code, and its US correspondent bank.
How much does an Ecuadorian bank charge to receive a wire?
Banco Pichincha charges US$10.27 in total, including VAT, to receive a transfer from abroad. Other banks set their own tariffs.
Can I pay an Ecuadorian supplier in USDT?
Do not, without legal advice. The Banco Central del Ecuador stated in August 2024 that crypto assets are not legal tender or an authorized means of payment in Ecuador.
References
- Servicio de Rentas Internas: Impuesto a la Salida de Divisas (ISD)
- Lexis Ecuador: Crypto assets in Ecuador and Articles 94, 98 and 99 of the COMF
- Banco Pichincha: Tarifario (February 2026)
- Swift: Fast, transparent and trackable payments (gpi)
- U.S. Department of the Treasury, OFAC: Who must comply with OFAC sanctions? (FAQ 11)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.