Business banking fees in Ecuador: how to compare

Snapshot

Business account fees in Ecuador are mainly monthly maintenance and per transaction charges at traditional banks such as Banco Pichincha, Banco Guayaquil, and Produbanco, with accounts held in US dollars because the country is dollarized, as of 12 August 2025. Value added tax known as IVA applies on bank commissions, and the currency outflow tax, the Impuesto a la Salida de Divisas, applies on money sent abroad. Figures vary by bank and account type.

Typical structure: A monthly maintenance fee plus per item charges at traditional banks. Some fees are waived under conditions. Confirm the current schedule with the bank.
Tax on fees: IVA, the value added tax, applies on bank commissions. The standard rate was 15 percent as of 12 August 2025.
Watch out for: Wire fees, the currency outflow tax on money sent abroad, cash handling, and SPI transfer charges.
Where to compare: The Superintendencia de Bancos and each provider fee schedule.

Fees and features as of 12 August 2025Last reviewed 12 August 2025

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

Most business accounts in Ecuador are held at traditional banks in US dollars and charge a monthly maintenance fee plus per item charges for transfers, cards, and cash, with value added tax known as IVA applied on the commissions. As of 12 August 2025, money sent abroad also attracts the currency outflow tax, the Impuesto a la Salida de Divisas, withheld by the bank, at a general rate of 5 percent with some exemptions. The reliable way to compare is to read each bank fee schedule and add the items your business uses. Figures below are shown as of 12 August 2025.

What business accounts cost in Ecuador

An Ecuadorian business account fee usually has several parts: a monthly maintenance fee at traditional banks, per transfer charges on local SPI payments and on international wires, card fees, cash deposit and withdrawal fees, and value added tax, the IVA, on the commissions the bank charges. Because Ecuador is dollarized, accounts are held in US dollars and there is no local currency conversion on domestic payments, but money sent abroad attracts the currency outflow tax. Business banking in Ecuador is mainly through traditional banks rather than a large field of no fee digital accounts, so the comparison is usually between bank fee schedules. Comparing only the headline monthly fee can mislead, so add the items your business actually uses.

Monthly maintenance and transaction fees

Traditional banks such as Banco Pichincha, Banco Guayaquil, and Produbanco commonly charge a monthly maintenance fee on business accounts, with the amount varying by account and sometimes waived under conditions such as a minimum balance, as of 12 August 2025. A new company may begin with a savings account before moving to a checking account. Per transaction charges apply on local SPI transfers beyond any allowance, on card use, and on cash handling. Because pricing changes and depends on your profile, read the current fee schedule and confirm figures with the bank.

Wires, the currency outflow tax, and IVA

Beyond the monthly fee, watch the cross border items. International wires carry a wire fee and possible intermediary charges. Money sent abroad attracts the currency outflow tax, the Impuesto a la Salida de Divisas, withheld by the bank or card issuer at a general rate of 5 percent as of 12 August 2025, with a reduced rate near 2.5 percent or zero for certain productive sector and essential imports and an exemption threshold for card use. Value added tax, the IVA, applies on bank commissions at a standard rate of 15 percent as of 12 August 2025, so the amount you pay on a fee includes tax. Confirm the current rates and any exemption with the bank or the SRI.

Fees to check before you open

Look at these fee items before you commit, because the cheapest headline price is not always the cheapest overall. Verify with the provider

The monthly maintenance fee and whether it is waived under conditions such as a minimum balance, and whether a savings account is required before a checking account.
SPI transfer fees and any free allowance, international wire and intermediary fees, card fees, and cash deposit and withdrawal fees.
The currency outflow tax on money sent abroad and IVA on commissions, since these often outweigh the headline monthly fee for businesses that pay suppliers abroad. Verify current figures with the bank or the SRI.

How to compare fees

List the transactions your business makes in a typical month: local SPI transfers, card payments, cash, and any international wires. This is the basis for a fair comparison.
Read each bank fee schedule and total the monthly fee plus the per item charges for your usage, including IVA on commissions and the currency outflow tax on any money sent abroad.
Check the cost of the items you use most, such as international wires or cash handling, since these often outweigh the headline monthly fee. Confirm the current schedule with the bank before opening.

We do not list a business account that is confirmed available in Ecuador through an affiliate as of 12 August 2025. Business banking in Ecuador is mainly through traditional banks such as Banco Pichincha, Banco Guayaquil, and Produbanco, where accounts are held in US dollars and a registered company with a RUC from the SRI is normally required. Compare these local options directly using the Superintendencia de Bancos information and each bank fee schedule, see the related guides below for markets where listed providers are available, and verify any option with the provider before applying.

Questions about business banking fees in Ecuador

Are there business accounts with no monthly fee in Ecuador?

It varies by bank and account type. As of 12 August 2025, some accounts carry a monthly maintenance fee while others waive it under conditions, and a new company may start with a savings account before a checking account. There is no large field of no fee digital business accounts as in some markets, because business banking in Ecuador is mainly through traditional banks. Add the items your business uses and confirm the current schedule with the provider.

What is the currency outflow tax in Ecuador?

The Impuesto a la Salida de Divisas, the ISD, is a tax on money transferred abroad from Ecuador, withheld by the bank or card issuer. The general rate was 5 percent as of 12 August 2025, with a reduced rate near 2.5 percent or zero for certain productive sector and essential imports, and an exemption threshold for card use. It applies to wires and many foreign payments, so confirm the current rate and any exemption with the bank or the SRI.

Does IVA apply to bank fees in Ecuador?

Yes. Value added tax, the IVA, applies on bank service commissions in Ecuador, so the amount you pay on a fee includes tax. The standard IVA rate was 15 percent as of 12 August 2025. The bank shows the tax on its statements, and the rate can change, so confirm the current figure with the provider.

How are interbank transfers handled in Ecuador?

Local transfers between banks run through the Sistema de Pagos Interbancarios, the SPI, operated by the Banco Central del Ecuador, with funds held in US dollars. Banks may charge a per transfer fee and apply cut off times. As of 12 August 2025, confirm the SPI transfer cost and any free allowance in the provider fee schedule.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 12 August 2025. Confirm current terms with the provider before applying.