Switching business account in Ecuador

Snapshot

Ecuador does not have an automated business account switching service like those in some other countries, so moving banks is a manual process. You open the new account, move balances and payment arrangements across, update your details with the SRI, suppliers, and payroll, then close the old account once everything has cleared. Accounts are held in US dollars. Allow time, because opening the new account is usually in person.

Automated switch service: Not available; the move is manual
Typical approach: Open the new account, migrate payments, then close the old one
Watch points: Standing payments, supplier and payroll details, and SRI records
Account currency: US dollar (USD)

Fees and features as of 3 April 2026Last reviewed 3 April 2026

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

As of 3 April 2026, Ecuador has no automated business account switching service, so changing banks is a manual process you manage yourself. The practical route is to open the new account first, since opening is usually in person and can take a few days, then move balances and recurring payments across, update your details with the SRI, suppliers, customers, and payroll, and only close the old account once every payment has cleared through the new one. Keep both accounts open during the transition, and confirm any fees with both banks.

How switching works in Ecuador

Some countries offer an automated service that moves payments and balances for you within a set number of days. As of 3 April 2026, Ecuador does not have an equivalent for business accounts, so the move is manual and you control the timing. Accounts are held in US dollars, which simplifies balance transfers, but you still need to redirect every incoming and outgoing payment yourself. Confirm the process and any fees with both banks.

Open the new account first

Because opening a business account is usually in person and document heavy, open the new account before you touch the old one. As of 3 April 2026, that means preparing the RUC, the corporate papers, and the legal representative documents again for the new bank. Keep the old account active while the new one is set up.

Move payments and update records

Once the new account is open, redirect incoming payments from customers, update suppliers and any recurring charges, and move payroll. As of 3 April 2026, update your bank details with the SRI for tax payments and refunds, and confirm that direct debits and standing arrangements have moved before you rely on the new account.

Before you close the old account

Three points to confirm, as of 3 April 2026. Verify with the provider

That every incoming payment now arrives in the new account, and no customer is still paying the old one.
That recurring payments, payroll, and tax arrangements have moved and cleared.
Any closing fee or minimum balance condition on the old account, and any opening fee on the new one.

We do not list a business account that is confirmed available to business customers in Ecuador through an affiliate as of 3 April 2026. Ecuadorian banks such as Banco Pichincha, Banco Guayaquil, and Produbanco serve business customers locally, and a registered company with a RUC from the SRI is normally required to open one. Some cross border providers offer US dollar accounts to non residents, with their own opening and transfer fees and limits on moving funds into Ecuador. Compare the local options directly, see the related guides below, and verify any option with the provider before applying.

Questions about switching business account in Ecuador

Is there an automated switch service in Ecuador?

No. As of 3 April 2026, Ecuador does not have an automated business account switching service, so moving banks is a manual process you manage yourself. Confirm the steps and any fees with both banks.

What is the safest order to switch?

Open the new account first, move balances and recurring payments across, update the SRI, suppliers, and payroll, then close the old account only once every payment has cleared through the new one. As of 3 April 2026, keep both accounts open during the transition. Confirm with the provider.

Do I need to tell the tax authority?

You should update your bank details with the SRI so tax payments and any refunds use the new account. As of 3 April 2026, confirm the exact process with the SRI or a local accountant.

Are there fees to switch?

There is no switch service fee because the move is manual, but the old account may have a closing condition and the new one an opening fee or minimum balance. As of 3 April 2026, confirm both with the respective banks.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 3 April 2026. Confirm current terms with the provider before applying.