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Expenses |
It can be cheap to live in rural Ecuador, however, cities are expensive. The worst deals are imported items, so buy local if possible. Some things are cheap (toilet paper, alcohol), but others are not (soap, shampoo). Unless you are in a big store, you can almost always bargain.
Taxes are expensive. There is a 12% tax called the IVA (impuesto al valor agregado) that is added to almost everything. And many restaurants will charge you a 10% service charge.
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Tipping |
Tipping at restaurants is often included in the bill. You can get charged a 12% IVA tax and a 10% service charge on top of the printed price. Cab drivers do not expect to be tipped. If you have a friend with a car, you will notice that there are people that watch parking spaces on streets, especially at night. At night it can amount to $1 USD and during the day it will be around 10 to 25 cents. Tipping for haircuts and other services is generally not practiced.
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Banking |
You will be able to withdraw money from Ecuador's ATMs, although they ask for a 4 digit pin, and yours might have a 5; you just have to type the first 4 ones. However, don't be surprise if you can't withdraw from many ATMs, like ProduBanco and Banco Pacifico. Try at Banco de Guayaquil and Banco Bolivariano, it should work. The big stores and hotels usually accept VISA, Mastercard, Cirrus and Maestro. The most popular card in Ecuador is Dinners Club.
Counterfeit money is common. Make sure you learn to distinguish the differences upon arrival from a local.
Change is rare, even at large supermarkets and stores. Anything higher than a $5 is hard to change, especially at small stores. Often, people will refuse to sell things to you because you don't have change. Trole stations are good places for change. Places in gringo-land are friendlier about change as well. You can go to banks to get change for large bills (such as a $20).
Traveller's cheques are not recommended. They are hard to cash, only some banks do it and only at certain branches and times. Fees are also high.
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