After a coordinated work between the public and private sectors, the Monetary and Financial Policy and Regulation Board, through Resolution No. 672-2021-F, ordered the elimination of the fee for receiving money through electronic transfers between different financial institutions.
Prior to the Board's resolution, customers had to pay a fee of 22 cents, including taxes, for receiving money through electronic transfers between different financial institutions. From now on, receiving electronic transfers will have no cost, which will represent more than USD 21 million in annual savings for Ecuadorians.
Guillermo Avellán, General Manager of the Central Bank of Ecuador, highlights that this is good news for customers of the financial system. In addition, he points out that: "This measure will be accompanied by comprehensive reforms and a financial education program from the Central Bank, which will promote the use of electronic means of payments."
Similarly, he mentioned that this measure will facilitate the fulfillment of three objectives:
- Reduce the use of cash, which represents a high cost for the country, since currency must be imported from the United States and distributed nationwide.
- Reduce the probability of COVID-19 infections by minimizing contact with coins and bills.
- Reduce mobility costs for citizens and increase their productivity by promoting the use of electronic means of payment.
This resolution is a reflection of the coordinated work between the public and private sectors. It also demonstrates the commitment of both sectors to promote the adoption of secure and efficient electronic means of payment that benefit citizens.