Working for the Yankee Dollar

Ecuador doesn’t really have a national currency anymore.  Since the year 2000 the US dollar has been the official currency. This has apparently brought economic stability, but presumably eroded cultural identity somewhat. The bank notes are identical to US dollar bills and they also use the one dollar coin extensively here, unlike in the USA itself. The coins of less than a dollar are minted specifically for Ecuador, and the minor unit is the centavos, not the cent.  Though they are the same size as US cent coins and are interchangeable here.


The main one dollar coin that is in circulation is a year 2000 mint bearing the image of an indigenous woman with child. This gives the coin an Ecuadorian feel. However, it is in fact still a USA coin and displays the words ‘In God We Trust’. The indigenous women pictured is Sacagawea  a North American Shoshone Indian guide who aided explorers in 1804.

The adoption of the US dollar has served to attract many estadounidenses* to live in Ecuador. Particularly, retirees who find that there US pension goes a long way here. The city of Cuenca is particularly popular with retirees from the USA.


At the time of writing one USA/Ecuador dollar is worth about 63pence in British money.  The cost of living is very low compared to Britain. Intercity bus travel costs about $1 per hour. A dollar will also buy you a taxi ride equivalent to a 25 minute walk, or a dozen oranges from a street vendor. You can easily rent a good apartment in the capital, as we did, for under $500 per month. In general things cost only about a half  to a third of what they would cost in Britain. Though some imported goods as just as expensive, brand name sports shoes for example still cost a minimum of $60 a pair.


Pay for teaching English varies tremendously, but the minimum is usually about $7 per hour. One job I had recently paid around $20 per hour. In addition, the tax rate is low. I pay only 8% and even this I can apparently claim back as a non-resident. This is a breath of financial fresh air. I was paying 40% of my pay as tax while working in the UK.
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* estadounidense is a Spanish word for somebody or something from the United States of America. English doesn’t have a word specifically for this, so most English speakers just say American. However, this grates with the majority of people who live on the American continent but are not from the USA.