When you go on vacation one thing you'll probably want to investigate before traveling is the local currency and money. You might already change up some local bills before you travel, or check exchange rates. The good news for travel to Ecuador or the Galapagos islands is that Ecuador currency is a cinch! There is no big stress or preparation needed with Ecuador money.
Read on for everything you need to know about money & currency in Ecuador. What is the currency of Ecuador? Can I use my credit card there? Plus lots of other Ecuador money tips.
Many people are surprised to learn that Ecuador is one of just three countries in the world to use the US dollar (USD) as its official currency. The other two being Panama and of course the USA.
For most travelers this is great news as it means Ecuador is an easy destination for travel money planning. Just bring your own US dollars - there is no need for currency exchange. Or if you come from Europe or Asia, just change your local currency into readily available US money.
If you have cash left over at the end of your trip then it's easy too. No problem of being unable to use or exchange obscure currencies back in your home country.
What currency is used in the Galapagos islands? Remember that Galapagos is a sovereign part of Ecuador, so Galapagos currency is also the US dollar.
Ecuador decided to switch their money to the US dollar from the old Ecuadorian Sucre back in the year 2000. Before this change, the inflation rate for the local Sucre currency was notoriously high and unstable. It even became so high that it took 25,000 Sucres to exchange for just 1 US dollar. This situation caused big problems for Ecuadorian workers and savers whose money would lose significant value each and every day.
So the Ecuadorian president and politicians at that time took a carefully planned but drastic measure. They scrapped the local Sucre currency, and converted Ecuador's economy over to the US dollar. This was a controversial and painful experience for many people, but did have the desired effect of stabilising money in Ecuador. Since then Ecuador's economy has had its share of problems, but the stability of the US dollar has prevented economic collapse.
There are of course also some downsides to a country not having its own currency. When the US dollar is strong then Ecuador becomes more expensive and less competitive compared to their neighbors like Peru and Colombia. Ecuador also now has almost no control of its money supply.
So there you have it, Ecuador today uses the US dollar, and perhaps countires like Venezuela and Zimbabwe could learn a lesson from them.
While using the US dollar in Ecuador does make life easier, there are considerations to be aware of as far as Ecuador’s money goes. Cash is still king in the country while credit cards have seen a steady increase in use with the stability of the networks. When on the road or exploring Ecuadorian cities, here are a few things to remember.
Major credit card networks are available in Ecuador, but with a few provisos. Read on to learn a few Ecuador credit card tips.
In conclusion, Ecuador currency and money is very easy to deal with. Just bring US dollar currency along with you, or use your ATM bank cards as you travel. No tricky currency exchange or difficult calculations are needed.