Where to exchange money in Otavalo
If you’re planning a trip to Otavalo, it will definitely be useful to know how to obtain the local currency. Additionally, you may want to be aware of the current exchange rate and the most convenient places to exchange your money.
On this page, we’ll provide you with a list of the best places to exchange currency in Otavalo. We’ll also introduce you to an alternative, Wise, which may be more cost-effective and save you the hassle of visiting a physical location.
Where to exchange money in Otavalo
If you’re planning a trip to Otavalo, it will definitely be useful to know how to obtain the local currency. Additionally, you may want to be aware of the current exchange rate and the most convenient places to exchange your money.
On this page, we’ll provide you with a list of the best places to exchange currency in Otavalo. We’ll also introduce you to an alternative, Wise, which may be more cost-effective and save you the hassle of visiting a physical location.
Spend abroad without hidden fees
Currency exchanges in Otavalo
Consider using digital alternatives like Wise when looking at currency exchanges. If you still need to have some physical cash, here are a list of currency exchanges you can find in Otavalo.
A reminder from us - There's no such thing as 0% commission or fee-free so remember to do your research and make an informed decision.
| Money Changer | Address | Contact Information |
|---|---|---|
| Banco Internacional - Sucursal Otavalo | Sucre y Panamericana Norte, Otavalo, Ecuador | +593 2-500-3600 |
| Western Union | Calle Sucre 707 Piedrahita, Y, Otavalo 100450, Ecuador | +593 4-371-0050 |
| Western Union | Ave Garcia Moreno #318 Roca, Y, Otavalo, Ecuador | +593 4-371-0050 |
| Western Union | Sucre 913 Y, C. Juan Montalvo, Otavalo 100450, Ecuador | +593 6-292-5531 |
| Plaza de Ponchos | Otavalo 100401, Ecuador | +593 99 787 8570 |
| BanEcuador B.P. | Juan Montalvo 476 y Calle Bolívar Central 476, esquina, Otavalo, Ecuador | +593 6-292-3080 |
| Banco Guayaquil | entre Bolívar y, Abdon Calderon, Otavalo, Ecuador | |
| Western Union | 86 Uy, C. García Moreno 4, Otavalo, Ecuador | +593 1800 937 837 |
| Western Union | C. Antonio José de Sucre 637, Otavalo, Ecuador | +593 6-292-5531 |
| Banco del Pacífico | Bolivar Esq, Otavalo, Ecuador | |
| Western Union | Juan Montalvo, A Una Cuadra De Iglesia Basilica, Y Sn, Otavalo, Ecuador | +593 6-292-2384 |
| Only Way Global | Plaza de Ponchos, C. Modesto Jaramillo 669 y, Otavalo 100401, Ecuador | +593 99 187 0684 |
| Western Union | Antonio Jose De Sucre, A Una Cuadra Plaza, Y, Otavalo, Ecuador | +593 6-292-2846 |
| Western Union | Bolivar Y Abdon Calderon, Y, Otavalo, Ecuador | +593 6-292-8538 |
| BanEcuador | Bolívar, y esquina, Otavalo, Ecuador | |
| COOPERATIVA DE TRANSPORTES OTAVALO | 6PJR+JXJ, Otavalo, Ecuador | +593 98 978 0614 |
Notice anything wrong with our results table? Let us know - If there is a genuine mistake, we will do our best to resolve it.
US dollar rate today
When you're in Otavalo, and also the rest of Ecuador, the official currency is the US dollar.
Yet, when you step into a currency exchange shop, you'll notice they use currency codes. The code associated with the US dollar is USD, so be sure to take note of it when comparing exchange rates.
What you should know about exchanging money in Otavalo
When exchanging money in Otavalo or any foreign city, it's important to be aware how to get the best deals and avoid excessive charges and hidden fees. If you are planning on staying in Ecuador long-term or looking to make a larger investment you could consider opening a local bank account. Otherwise, use the tips below to help avoid getting overcharged.
1. Be wary of 'zero fee' services
Some services claiming 'no commission' often offer poor exchange rates. These may not reflect the mid-market rate, similar to what you'd see when checking the rate on Google. This can lead to higher costs for you and more profits for them.
2. Research the exchange rate
Check what the current exchange rate is so it's easier to spot a bad deal from currency exchanges.
3. Avoid exchanging money at airports or hotels
It may be highly convenient, but airports and hotels will almost always offer poor rates and high transaction fees. Avoid this where possible.
4. Use ATMs strategically
Check if your local bank has partnerships in Ecuador banks to avoid unwanted ATM fees. It's becoming less of a requirement, but it can be good to inform your bank before traveling too.
5. Pick local currency on ATMs and card payments
When using an ATM abroad, choose to be charged in US dollars for a fairer rate and fees. The same applies if you get the option on card machines.
Currency exchange bureau who?
Forget all about walking around the city in search for fair exchange rates for a low fee.
With a Wise Account you can access over 70 currencies wherever you are - and all with a single card.
And what's even better, at the mid-market exchange rate. Low fees and fair rates all around the world, that's the Wise way!
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Other currency exchanges
Bottom line
As you can see, there’s no shortage of options when it comes to exchanging money in Otavalo. Don't forget to do your research on the exchange rate before converting your money, and check Wise out if you want a fuss-free alternative to exchanging cash.
Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.