Opening a Uruguay bank account

Who can open a bank account in Uruguay?

Anybody can. You don’t have to live here or have applied for residence, so you can open an account as a resident or a non-resident using a passport.

What do you need to be able to open a bank account?

You’ll be applying as a non-resident until your residency is granted. The standard documents banks ask for in the case of foreigners applying as non-residents are:

• Utility statement from your previous home abroad, as recent as possible
• Standard bank reference letter from your bank abroad, which is basically a letter that confirms that you have an account with that bank and that it’s in good standing. Banks like to see that in on the bank’s headed note paper and with a physical signature.
• Previous year’s tax returns, and in case you don’t have any, some sort of proof of income.

For residents, the requirements are almost the same. To open an account you need to provide your ID card or cédula, proof of address such as utility bills and proof of income to justify the source of the funds.

How long does opening a bank account take?

The process is not immediate as it includes a know-your-client process. So the bank takes between two weeks and a month to approve new clients. You need to apply for the account in person but you do not need to remain in Uruguay after that for the formal opening.

Do you have to be in the country to open a bank account?

Opening a bank account is a 100% personal transaction that has to be done in person.

If you hire a relocation specialist —like Mark— they can assist you with the process as part of your residency application.

Do you need to deposit a certain amount of money at the time of setting up a bank account in Uruguay?

Most banks in Uruguay have no deposit requirements. Though several may ask for 5000 USD or 10,000 USD, that’s not the norm.

They’ll ask how much you are going to pay as an initial deposit—just to set the parameters of the account. For example, if you’re planning to send 5000 USD per month but will deposit 20,000 USD for some expenditures upfront, the bank wants to know that.

What surprises people about banking in Uruguay?

What surprises most people—in a good way—is that internet banking in Uruguay is easy. Websites are in Spanish of course, but you can use translation software or plugin.

On the downside, banking charges are higher than most foreign clients areused to. Non-resident accounts could run at 50 USD a month. Once you become a resident the cost comes down, typically to about 30 USD per month.

Another thing that might surprise you favourably is that when you open a bank account in Uruguay, you get a Uruguayan peso account as well as a US dollar account automatically set up for you.

In Uruguay there are no currency restrictions so you can move money either in and out of the country or of your account freely.

Most Uruguayans keep their savings in pesos and they along exchanging pesos according to their daily needs. US dollars are always used for big purchases like real estate or vehicles. For imported goods like electronics and appliances, prices are typically displayed in USD and then you can choose then to pay in pesos or dollars.

Learn more about when we use dollars or pesos in Uruguay

Banking in Uruguay and cryptocurrency

Banks may refuse to open accounts for clients dealing in crypto due to money laundering concerns. Uruguay used to be considered an offshore financial haven, but after many reforms to ensure transparency, it became harder to open a bank account without explaining the origin of funds.