Gov’t sanctioned theft

I really wonder if any other foreign residents here are as ignorant as I was about government regulations allowing Ecuador to take/steal your money? Silly me thought that getting 8.5% interest on my money in a CD at JEP was a good deal. Not true.

When I went to JEP to arrange to have my money sent to my account in the US, I was informed that the Ecuadorian government can legally keep 4% of my money. So, I really get 4.5%, not 8.5%. Even less, because I’d have to pay another $150 to do the wire transfer.

Am I the only one who didn’t know about this ripoff?

Christopher P Brown: .

City: Cuenca
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