Can Tourists Take Out US Dollars in Uruguay?

[earlyretirement]

Because of this it can be very hard for US citizens to get a bank account in Uruguay. Most uruguayan banks just don't want the hassle of uncle sam.

Exactly true. It's not so easy for Americans these days as most foreign banks around the world simply don't want to deal with Americans. There are too many reporting procedures right now and especially coming in the future so banks just don't want to open new accounts for Americans.

I opened an account in Uruguay many years ago. It wasn't difficult for me as I have a long-standing relationship with HSBC and my Premier Manager in London just made a phone call and they opened one. But even then I had to show quite a bit of paperwork as I recall. Several years later when my wife opened an account there, there was even more paperwork.

Now I'd think they really wouldn't be thrilled to open an account there for Americans. Same thing in places like Hong Kong and Singpore. They just don't want to deal with Americans.

There is really no such thing as "offshore" anymore. All these banks are sharing information. If you do open up a bank account there, I'd recommend keeping it below $10,000 US so you don't have to send the required paperwork to the IRS that you have an "offshore" account. Big flags for getting audited.

 

[nlaruccia]

I wonder if it would be easier to open a bank account in Uruguay using an Argentine DNI rather since they supposedly don't want to deal with Americans?

 

[Iznogud]

Have you guys checked the Expat board in Uruguay? This is just one particular link but you can browse from there.

http://guide.totaluruguay.com/Money_and_Taxes/20090716-12240-Banks-Banking-and-ATMs-in-Uruguay

 

[surfing]

Does anyone have recent experience with getting dollars using an ATM card/ credit, or debit card using a bank teller in Uruguayan banks?

Also, any reports from the last couple of weeks regarding max withdrawals at ATMs?

 

[scaccomatto]

I withdrew 1'000 USD one day. 300 is the limit for one extraction but you can do just severals. I am not that sure if the 1000USD is the limit of my card or of the bank in Uruguay; will find that out these days. They charge 4 USD commission besides what your bank charges. But if you go to HSBC in Colonia you should be able to withdraw just as much as you want at the counter if you are a client of them.

 

[surfing]

I withdrew 1'000 USD one day. 300 is the limit for one extraction but you can do just severals. I am not that sure if the 1000USD is the limit of my card or of the bank in Uruguay; will find that out these days. They charge 4 USD commission besides what your bank charges. But if you go to HSBC in Colonia you should be able to withdraw just as much as you want at the counter if you are a client of them.

Thanks --- that is exactly what I want to know: If HSBC will actually give you cash through the teller counter (using a foreign HSBC account card). Any first hand reports from the last month?

 

[scaccomatto]

Thanks --- that is exactly what I want to know: If HSBC will actually give you cash through the teller counter (using a foreign HSBC account card). Any first hand reports from the last month?

Yes, a friend of mine who has an english HSBC account did it like two weeks ago.