Comments on: Opening a bank account is Uruguay is: A) easy B) difficult C) extremely difficult D) impossible E) All of the Above

By: Virginian

Virginian — Tue, 28 Apr 2009 17:38:53 +0000

I’ve heard Uruguay called the Switzerland of Latin America but it doesn’t sound like it from this Blog. In Switzerland you have a private banker who personally opens your account and will help you via email.

Perhaps it is bank secrecy not personal service they are referring to? But I read that “Uruguay Avoids latest Tax-Haven Black list”

But to do that they have to give in to the “Big Brother Up North” which is basically the end of secrecy.

“The OECD welcomed today the formal endorsement by Uruguay of its tax information exchange standards,” said the Paris-based organisation in a statement published on its website.
According to http://uruguayguy.com/content/uruguay-avoids-latest-tax-haven-black-list

So if it isn’t easy and it isn’t secret how is it like Switzerland? I’m not criticizing, I was hoping it was true, I know most of the fault lies with the heavy handed U.S. forcing its wishes on the rest of the world. Even Switzerland isn’t the Switzerland of Europe anymore.

I am seriously considering moving to Uruguay…

Here in the states I pay most of my bills electronically, transfer funds electronically and accept most of my income electronically.

No secrecy but it is highly efficient.

But practically speaking how does one pay bills etc in Uruguay is it all cash or check? Is there electronic bill pay?

By: The Southron

The Southron — Sat, 14 Feb 2009 14:18:54 +0000

Thanks, that is useful information.

By: martin1homas

martin1homas — Fri, 13 Feb 2009 15:58:54 +0000

I believe you may interested to know that you can also open EURO nominated accounts in the Banco de la Republica. You can then transfer from EURO account to EURO accounts directly, but the fees are not cheap.
As mentioned there is a limit you can transfer without risking your money being sort of blocked until the source of the funds is clarified.
I was told in Banco Republica that the limit is 5000 EURO or 5000 USD . Although somebody here has mentioned 10000, so not sure what is the limit then.
If you want to transfeer small amounts of money, like no more than 3000 USD, western union is quite competitive as well. You can choose to receive dollars or uruguayan pesos on the counter.
I do not know about the private banks.
I hear from a friend that the Loyds TSB may allow you to open British Pounds accounts as well. But not 100% sure about this.

Regards

Martin

UY expat working in Europe to buy mortgage-free flat back home!!!

By: sammyl

sammyl — Sun, 16 Sep 2007 17:33:57 +0000

Discount Bank allowed an American I know to open an account with his passport. They also process wire transfers of funds into and out of the account. English is not common there, but one fellow, in Punta del Este, is perfectly fluent.

Citibank here said only Uruguayans could open accounts (even if you already have an account at Citi in the US), and HSBC made it sound quite difficult and costly, requiring a $25000 dollar minimum and IRS W-9 filing.

By: Yukoner

Yukoner — Mon, 10 Sep 2007 06:11:14 +0000

I opened a USD bank account at Banco de Republica with a spanish phrase book and helpful clerk who spoke a little english. He was great. The paperwork I believe came to me in English. once I understood a $500 opening deposit would mean no bank charges, I went ahead and tried to deposit it.

Funny though, the banker wouldn’t take my money. So I was then instructed to wait, and give my money to a teller. Fortunately, I was put up at the front of the line… and listening for my name to be called. Once at the teller, it was a couple of minutes and I was out of there.

All told, less than an hour. They needed my passport, another picture ID, and how often I might be transfering money there. No harder to open a bank account there, than any Canadian or American bank.

BUT aside from the ATM card, sign up while you are there for the ONLINE BANKING. I should have done that, because then you can easily check to confirm your wires have hit the account. Wire transfer is the only way to go IMHO.

Yukoner

By: Peter

Peter — Sat, 06 Jan 2007 04:20:51 +0000

That’s bizrre! You can’t open a bank account without being a resident! So how do you buy a house? We’d been considering buying a place down there but not necessarily taking up residence. So this would be impossible? As we wouldn’t be able to open a bank account to make the payemnts for the house and wouldn’t be able to pay genral bills thereafter!

I’ve heard of US citizens having 2nd homes down there. How do they get around this problem?

>>I think you misunderstood.Â You can get a bank account, just not at the banks you would normally expect.Â You can open a savings account with an ATM card at Banco del Republica Oriental Uruguay (government owned) in 30 minutes or less with US$500 cash and a passpport.

By: Tom Harding

Tom Harding — Thu, 01 Jan 1970 00:00:00 +0000

David,How do you transfer funds from the US?? Do you bring cash, write checks or what?

By: The Southron

The Southron — Thu, 01 Jan 1970 00:00:00 +0000

The most common means is via bank wire. You can also bring in cash, but be careful your total wad does not meet the US$10,000 reporting requirement or it could be seized and you could be a guest of Uncle Sam.Banco de República Oriental Uruguay will accept US checks for US$300-3000 only. The cost is US$50 and it takes up to 45 days to clear.ATMs work well, but you need to check to see what kind of fees you are generating and what the conversion rate is. Depending upon your home bank and the ATM you use here, the cheapest way to get money might be: 1. to take the cash in dollars and then convert it to pesos at a cambio; or 2. to take the cash in pesos right from the ATM.The cost can vary as much as 10-12% depending upon the banks involved.Also, Visa/Mastercard/Amex work for many, many things here, though there will often be a surcharge.If you are dealing in larger amounts, there is also a private transfer company, with which I am associated when I am not being The Southron. If you have any interest in that, please email me.

By: Dan Goggin

Dan Goggin — Thu, 01 Jan 1970 00:00:00 +0000

With no problems at all, I opened a personal bank account in January 2005 at Banco Santander, which has several branches in Montevideo. The bank’s headquarters are in Spain. I received guidance on SWIFT transfers, which I executed right away. I have a free ATM card used at many, many locations. Additionally, checks are issued for USA dollars and Uruguay pesos. When I have a question, I email a contact at the bank. I get good response. I live the majority of the year in EE UU. I guess that my transfers from USA to Banco Santander have been observed.

By: nepoez

nepoez — Thu, 01 Jan 1970 00:00:00 +0000

Any tips for Canadien? I have been strugglig with this since all my funds are in CAD, will I need to convert to USD first(first commision) then converte to pesos(second commission)? Or will they take CAD for a good rate?What about a Canadian who wants to purchase properties… All these are frustrating for me.. :(