So, where has the best exchange rates?
In the smaller towns of Ecuador it may get very difficult to even find somewhere that will exchange money, let alone at a good rate.
In Guayaquil, where I lived for about a year, I recommend the small exchange houses found in the CENTRO near Av. 9 de Octubre.
In Quito, this week in June of 2015, I checked all the places I know to exchange money.
The buy rate means how much in USD they´ll give you for 1 EURO, the sell rate is how much USD you have to pay them for 1 EURO.
In Western Union in downtown Quito… BUY … $1.09… SELL $1.19 (not so good!)
In the biggest bank of Ecuador, Banco Pichincha, the rates were… BUY … $1.15… SELL $1.22 (good buy rate!)
On the street corner where money exchangers have been for years with big wads of cash on Av. Amazonas and Vicente Ramon Roca they were offering … BUY $1.12… SELL $1.18. (average)
At Del Bank, a smaller bank in Quito, they were offering… BUY $1.02… SELL $1.23 (worse)
Then, there are the little exchange houses along AMAZONAS in the MARISCAL sector…
The best rates I found were at MIL CAMBIOS S.A. on Wilson and Amazonas BUY $1.14 … SELL $1.15
and… CAMBIOS NUEVO MILENIO on Amazonas and Carrion BUY $1.15 … SELL $1.20
So, in the end, both the best BUY and SELL rates could be found in the smaller exchange houses mentioned above along AV. Amazonas in Quito although Banco Pichincha wasn´t too shabby.
Also, remember for exchanging larger sums in Ecuador it is accepted to negotiate a slightly better rate.
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