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Besides bank wires, WU is probably your best option.

I am a Canadian but resident in E莽uador more than 7 years.聽 聽 I now find that the easiest and least expensive way to transfer funds is via a Visa transfer directly from my Bank, TD, specifically my cash or debit account to my account de ahorras in my Ecuador bank, Produbanco.聽 At both ends you use your Visa debit, not credit, card number.聽 Transfer is online and hapoens usually in less than a day.聽 Cost for just under $2500 Cdn.聽 Is, I think, just under $13.00 Cdn. and no need to walk anywhere.聽 You can transfer higher amounts but cost goes up.聽 I am assuming US banks have something similar.聽 In my Canadian bank it is called a Global Transfer and shows up online.

Another not directly related but important financial issue is credit cards.聽 If you are over 60, think this is the cut off age, you cannot apply for a new credit card in Ecuador, no matter how much money you have in accounts.聽 The law here limits by age new card applications.聽 So very important to leave your home country with preferably 2 different Visa or Mastercards, especially if you want to travel.

If you have a US bank account, you can use Zelle. It's a free service with all US based accounts to transfer money to businesses or individuals, in or out of the country.

Unless the WU franchise in Ecuador receives in USD and also pays out in USD, (which I do not know) you are also paying the currency exchange. When you add up the total shrinkage, its usually about 7% depending on the size of transfer. If you have experience with BitCoin, and comfortable with it, there exists a trading exchange聽 which I use frequently for international trans, and never had a problem. Search 'localbitcoins' and you will find it. There is one pro buyer/trader there that settles by Ecuador National bank transfer. If you're sending more than say $1,000, I would consider it. Its very cost effective.
(edited to add: the Ec recipient will need a National Bank account)

That's some excellent info. I will look into that. And that sounds like age discrimination, I guess they don't want old folk losing their marbles going on spending sprees, but it doesn't explain why they wouldn't approved a well funded individual. The only explanation: Ecuador

How would that work for transferring to an Ecuadorian bank account?

That's amazing! I didn't know one could do that.

To run this through you, I would buy BTC through Coinbase, Kraken, etc. Then I would go to Localbitcoins.com and sell it to a person who would then national transfer the proceeds to my Ecuadorian bank account? At the current price of BTC of $49,195 the buyers at that website are max buying at $47,784, which is well below market price. A $1000 transfer would cost me $28.68 in lost gains where I to sell my BTC at the market price instead. That loss would increase the more you transfer. Not to mention buying BTC has a lot of fees, and the network fees of transferring add up. Am I missing something?

(EDIT: found someone buying @ 51,494.93 USD / BTC user: moncadarl, even higher than US market prices. hmmm... very interesting. Forgot to add, the cap gains tax you incurr on a sale as the IRS views Crypto transfers as sales, so there's also that...)

Didn't Ecuador plan on making it's own crypto currency? What ever happened to that.

By the way, never had to pay 7% through WU as it's USD to USD,聽 from USA to EC atleast. From EC out maybe it's different? with the Salida de Divisas or what not, but that's not foreign exchange, that's just capital control

Anyway, good to know of another way

Does it work both ways, or just into Ecuador?

The price at the moment to sell BTC on that website is floating around $52,000. You can ignore the capital gains aspect, unless you are holding and selling. The information I gave is more suited to someone familiar with BTC. As someone who does a fair bit of international commerce, I can attest that BTC is the most convenient, easiest, cheapest method between countries, between banking systems, and in and out of different currencies.

The common payment gateways like PayPal, Skrill, and WU, all shrink your money with currency exchange, and if you actually study the numbers, its always between 6% and 8% in total cost, fee plus exchange. If you are going USD to USD, then its just the fee, but as regards WU, that's rare in most countries. Costa Rica does it, but that's not common. WU by country, are franchise operated, so each country sets it's own policy, within franchisor guidelines. Most want to pay out in local currency for obvious reasons

I mean, I guess it depends how you use the BTC, but even then the IRS has deemed it personal property and not currency, so every sale and transaction is indeed a taxable event that must be reported in your 1040, or if you're a business entity in your respective form. As far as I understand the landscape. Perhaps you could enlighten us how you avoid capital gains tax and report BTC as a currency use?

As a capital gains tax, for short term "currency transactions" would entail a 30% capital gains tax nonetheless. Which at 52k that's a 3k gain over 49k market in US, so at a $1000 transfer, that's a $62 capital gain, of which you must pay 30% to the IRS. I mean, you are making money anyway doing that. But it's a consideration in my eyes

Can't help you there, I'm not a US citizen, so don't follow the US tax regs on BTC

Xoom ... been using it for years

I have tried Zelle,聽 but didn't work fore me.

I have used Xoom. I think about $40 for 4k. I find a direct wire transfer from my Schwab bank in the US to Banco Pacifico to be the easiest. $15 charged by Schwab and $10 by Pacifico for 5k. It takes 1 or 2 days.

I see that makes sense I was wondering how you were doing it xD

My friend just told me about it, guess I been living under a rock all these years ...

Good to know. Would聽 zoom work if all I have is PayPal and no us bank accounts, or do they need to verify the PayPal with a US address, etc before one can use it that way? Asking for a friend who is Ecuadorian has no US bank account but gets payments from foreign sources to his PayPal and wants to cash out in Ecuador

How come?

Xoom is a PayPal service. I didn't route thru PayPal when I used it. But seems it should be possible.聽 They will call you to verify you are who you say you are when setting up tge account. I suppose your friend could ask them how to do it then.