Can I open an account without permanent residency in Uruguay?

Yes, but it may require meeting additional conditions such as a deposit or proof of income. Some banks may have additional requirements for non-residents.

Which currencies can be used for account maintenance?

Most banks offer accounts in Uruguayan pesos, US dollars, and euros, which is convenient for international transactions.

Uruguayan banks and opening accounts for foreigners

Why You Need a Bank Account in Uruguay

The need for a Uruguayan bank account can arise in two cases: 1) if you live in Uruguay; 2) if you want to have an overseas account in a reliable bank while not living in Uruguay. In the first case it is clear—a bank account is necessary to receive salaries from local or foreign companies via SWIFT, make payments, and save funds. The second case—without permanent residence—foreigners in Uruguay can relatively easily open an account at the state-owned bank BROU. This is a good option for placing legal funds in a foreign bank. The inconvenience is that both to receive large amounts from abroad and to send funds abroad, you will have to come to Uruguay. BROU’s online banking does not currently provide international transfers. In commercial banks it is more difficult to open an account, and each case requires an individual consultation with the bank.

Assistance with Opening a Bank Account in Uruguay

We help foreigners open bank accounts in Uruguay at the state-owned bank BROU. There are two options—opening an account without a bank card and with a bank card. In the first case, it will take about one week on average to prepare the documents and open the account. In the second, you will need about another week to wait for the Visa card to be issued. If you need to open an account in Uruguay, contact us on telegram or whatsapp.

Requirements for Opening a Bank Account in Uruguay

To open a bank account at BROU, foreigners must provide the following documents:

Passport: The primary identity document.
Second identification document: This can be a driver’s license or another official ID.
Proof of income: You must provide documents confirming your source of income, such as tax returns, salary certificates, or property sale agreements.
Proof of address: This can be a utility bill or a rental agreement.
Initial deposit: You need to place a deposit of USD 5,000 for 181 days to open the account.
Bank account opening fee: USD 100.

Best Banks in Uruguay for Opening an Account

Banco de la República Oriental del Uruguay (BROU)

The largest state-owned bank, founded in 1896. BROU is known for its reliability and its wide network of branches across the country.

Banco Santander Uruguay

An international bank headquartered in Spain. In Uruguay, the bank has been present since 1982 and provides a wide range of financial services for individuals and businesses. Santander has an extensive network of branches across the country and offers services for both locals and foreigners.

Banco Itaú

One of Brazil’s largest banks, also represented in Uruguay. Itaú offers a variety of banking products and services, including accounts, loans, and investment solutions. The bank is known for its innovative approach to customer service and a wide selection of financial products.

Scotiabank

A Canadian bank with a presence in Uruguay. Scotiabank offers various financial products and services, including accounts, loans, and investment products. The bank provides convenient conditions for foreigners to open accounts and offers a wide range of services for individuals and businesses.

HSBC, BBVA, and Other International Banks

International banks with branches in Uruguay. They offer a variety of financial services and products for individuals and businesses. These banks are known for high service standards and reliability, making them attractive to foreigners.

Frequently Asked Questions (FAQ)

Can I open an account without permanent residency in Uruguay? Yes, but it may require meeting additional conditions, such as a deposit or proof of income. Some banks may impose extra requirements for non-residents.
What currencies can I use for the account? Most banks offer accounts in Uruguayan pesos, US dollars, and euros, which is convenient for international transactions.

Our Offer for Opening Accounts in Uruguay

Our company specializes in assisting foreign citizens with opening bank accounts in Uruguay. You can always contact us for help with opening a bank account or for any other questions related to relocating to Uruguay.