Highest remittance rate for converting 1 USD to USD = 0.99
While there are so many ways that you can use to send money from US to Ecuador, there are some people who are not lucky to enjoy excellent services simply because, they fail to take into account some of the vital factors that affect the quality of any cross border money transfer. At Exchange Rate IQ, we help money sender make the best choice for the money transfer agent from the US to Ecuador.
Many people are stuck between options when it comes to sending money from USA to Ecuador because of the many available and confusing options. Thanks to Exchange Rate IQ however, you can quickly select a suitable money transfer service and learn how services like XE Money can make life easier for you.
Many people wonder about the kind of relationship that the US has with Ecuador and why they use the same currency. Ecuador made the US dollar its official currency in 2000. That was after the country faced a financial crisis that sent its currency, Sucre to collapse badly. People, therefore, began to use the US dollar to keep their money. Today, the US hosts thousands of migrants from Ecuador who regularly send money back home. Nevertheless, online job fever is not new to Ecuador where plenty of employees are from the United States. This adds to the list of why it is important to find the best way to send money from US to Ecuador.
If you are to properly send money from US to Ecuador today, you are most likely to use one of the following options;
Online money transfer: One of the main reasons why online money transfer is most likely to work for you is because it is one of the cheapest ways to send money from US to Ecuador. Nevertheless, the kind of technology that is involved in the transfer is universal and available in almost every country. It is however good to know that not all online money transfer services that exist in the US like Venmo, are not available in Ecuador. Through services like XE Money, you can transfer your cash for free however, the transaction can take a little longer. Other online money transfer options that you can use as an alternative for your US to Ecuador transfer include; Remitly, Ria, WorldRemit, and Xoom.
Bank transfer: You can easily send money from US to Ecuador through direct bank transfer since both countries share the same currency. However, you may want to look out for the service fee as different banks will offer different kinds of deals in a measure to beat the competition. Bank transfers from US to Ecuador can take anything between a 24hour to a couple of days, say 5 days depending on the service. It is however good to keep in mind that the fastest way to send money from US to Ecuador will always see you spend a little bit more compared to online transfer. Cheap is relative in money transfer and people have a different definition of the word depending on the reason why they want to send money.
Cash delivery for pick-up: If online and bank transfer seem too complex for you then you can take the old school way of money delivery services. The best way to explain this concept is by referring you to one of the pioneers of this service across the world, Western Union. One of the reasons why cash delivery services are preferred by many people is because it is one of the fastest ways of sending money from US to Ecuador. With more financial practices going digital, the Western Union App allows you to initiate your transfer without going to queue in the banking halls. Note that, Western Union is not the only reliable agent that you can trust for this service. Travelex is another option that you can consider.
As mentioned, one of the main reasons why many people fail at money transfer is because they are too quick to decide even without attaining the important details. The main factors that you will want to consider when sending money from US to Ecuador include;
Cost of service: Compared to sending money to a country that does not use the US dollar, you are likely to spend relatively less when sending money to Ecuador. This however does not mean that your transfer agent may not want to make some money out of you. By knowing how much you are comfortable spending on your transfer, it will be easy to know which services are available for you.
Transfer duration: It can take a few seconds or even a week for your money to reach Ecuador. To avoid any inconvenience, you need to know roughly how long it will take your cash. This will also help the receiver to plan themselves adequately if they have to go and pick up the cash or go to the bank to make a withdrawal. At times, a transaction can take longer than the stated duration. In that case, the customer support service should be able to assist you.