In Ecuador, digital banking has become the main way people make financial transactions. According to the Association of Private Banks of Ecuador (Asobanca), over 67 percent of banking transactions in 2024 were completed through digital channels, and eight out of ten of those transactions were done using mobile phones.
Transferring money no longer requires remembering long account numbers or visiting a bank branch. Now, customers can use their phones to transfer funds in several ways designed for speed and security.
One option is contact-based transfers, which allow users to send money directly from Banco Pichincha’s mobile app by selecting the recipient’s phone number from their contact list. The app identifies the recipient without needing additional information or manual data entry. “Additionally, this method maintains high security standards; the recipient’s account is previously validated and the phone number is used only as an identifier, without being exposed or shared. By reducing manual input, it also lowers the risk of mistakes when sending money,” according to Banco Pichincha.
To use contact-based transfers, users must grant permission for the app to access their contacts. If this access is not authorized, they cannot use the service. This type of transfer is available only between Banco Pichincha accounts.
If a user does not have a recipient saved in their contacts, they can still send money quickly without creating a new contact entry.
The bank also offers QR code transfers through its Deuna system within its mobile app. Users can display their personal QR code to receive payments or scan another person’s or merchant’s code to pay instantly.
For sending money to accounts at other banks, interbank transfers are available via Banco Pichincha’s mobile platform. The process takes only a few steps. Transfers sent to financial institutions with a direct payment agreement with Banco Pichincha are processed quickly: between 6:00 AM and 11:00 PM funds arrive within 20 minutes; from 11:00 PM to 6:00 AM it may take up to one hour.
Banco Pichincha currently has direct payment agreements with several banks including Austro, Bolivariano, Delbank, Diners Club, Rumiñahui, Guayaquil, Internacional, Loja, Pacífico, Procredit, Produbanco and Solidario; as well as various cooperatives and mutualists such as Imbabura.
The bank informs users about estimated processing times before each transaction so customers know when their funds will arrive.
Transfers between Banco Pichincha accounts are free of charge. For interbank transfers—whether immediate (with partner institutions) or next-business-day (without agreements)—a fee of USD 0.41 applies.
Banco Pichincha reminds customers that all digital channel transfers are considered authorized by the sender and recommends double-checking recipient details before confirming any transaction to prevent errors and complications.
