It was a long transition until all ecuadorians got used to US Dollars as a local currency, but also has made Ecuador a little more solid on its economy as well as more expensive, comparing to other countries in South America.
After reading forums about Ecuador, I believe it is important that you know a few tips on US Dollar and Ecuador culture, when you visit this beautiful country:
Bring small denominations: $1, $5, $10 and $20 bills.
Do not bring $50 or $100 bills: They are very difficult to pay with, they are not accepted on souvenir stores, nor restaurants nor hotels. Bank accept a few bills, taking its serial number and checking it authenticity. This is due to fake money.
No change on small purchases: When travelling in a small city or buying from a local store, or souvenir shop, you will need to have $5 or $10 bills if your purchase is less than $5. They will have trouble giving you change, there are a few exceptions, but in general, you will find this a little bit of a trouble.
Coins are well accepted everywhere: So if you brign $1 coins or less, they will help you with small purchases, such as water or snacks.
Ecuador has its own coins: You can use American and local coins ($0.50, 0.25, 0,10), they are both accepted in Ecuador, however, make sure you change the local coins, before you leave the coutnry, as they will not be usefull anywhere else.
Exact payment is well appreciate it! As ecuadorian I must admit, we are not very fond on giving change, it is in our culture, and although this has changed a little bit on big cities, you will find many places where they ask for exact payment or a smaller bill for the change.
Credit Cards: Credit cards are a very good option to pay for your expeneses in most of the places such as restaurants, hotels, tour operators, and more.
There are some stores that will accept credit cards, but they will include an additional fee to use it. Small stores or local shops might not accept this method of payment. It is always wise to take some cash along, just in case.
ATM's: Ecuador has a vast and secure Atm network that can be found everywhere and that will help you withdraw the money you require for your trip. Usually the commission fee from the ATM is $1 or $0,50 depending on the bank.
Commissions from your bank may be charged additionally.
The daily amount to withdraw will depend on your bank and credit card.
It is suggested that you inform your bank you will be travelling to Ecuador, so they can be aware of unsual expenses.
Money Exchange: There are a few places where you can exchange your currency, however, the echange rate may be a little higher than usual. It is better to withdraw money with your credit card or request a cash advance in a local bank.
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