Changes in Requirements for Uruguay Bank Accounts?

[hansaleague]

I'm asking regarding any changes that have been made to requirements for starting bank accounts in Uruguay (for foreigners). BBVA raised its minimum this year from $15K to $50K. I was wondering if anyone has any other information regarding similar changes for other banks. What are the requirements for BROU for a foreigner to start an account?

Main question: is it still POSSIBLE? For a) an American citizen or b) a citizen of the EU

Secondary questions:
1. Have you tried opening an account in Uruguay this year (as a foreigner) and was it very difficult.
2. Do you need to go to Montevideo to start an account or can you do this in Colonia?
3. Of the requirements most banks list, which are the really most difficult ones/strictest? Does the verification process they mention involve a credit check (through the USA credit check system that would impact your credit score etc. in the USA and show up on your report as a foreign entity checking you out) or is it their own separate background check procedure?

 

[gracielle]

I'm asking regarding any changes that have been made to requirements for starting bank accounts in Uruguay (for foreigners). BBVA raised its minimum this year from $15K to $50K.

When exactly did BBVA raise their minimum this year?
According to their Manual of fees and commissions - Last update: 9/24/2019.....see page 8
No Residentes Paquete 3900....Promedio mínimo exigido........USD 15.000

Manual de tarifas y comisiones

https://www.bbva.com.uy/wps/wcm/connect/c756ef02-f9c3-468d-a75b-01d2cf454089/Manual+de+Tarifas+y+Comisiones+v85b.pdf?MOD=AJPERES

Main question: is it still POSSIBLE? For a) an American citizen or b) a citizen of the EU....Yes
I don't know the answers to your secondary questions.

 

[hansaleague]

When exactly did BBVA raise their minimum this year?
According to their Manual of fees and commissions - Last update: 9/24/2019.....see page 8
No Residentes Paquete 3900....Promedio mínimo exigido........USD 15.000

Manual de tarifas y comisiones

https://www.bbva.com.uy/wps/wcm/connect/c756ef02-f9c3-468d-a75b-01d2cf454089/Manual+de+Tarifas+y+Comisiones+v85b.pdf?MOD=AJPERES

Main question: is it still POSSIBLE? For a) an American citizen or b) a citizen of the EU....Yes
I don't know the answers to your secondary questions.

I have it on good authority that it is now $50K, you should call them to confirm. What is the best bank to do this?

 

[Rich One]

BRU, as I recall, was not eager to open accounts for USA citizens due to the FACTA regulations and reports that need be submitted to the IRS USA .?

• Any U.S. citizen with foreign bank accounts totaling more than $10,000 must declare them to the IRS and the U.S. Treasury, both on income tax returns and on FinCEN Form 114.
• The Foreign Account Tax Compliance Act (FATCA) requires foreign banks to report account numbers, balances, names, addresses and identification numbers of account holders to the IRS.
• The federal government can bring civil and criminal charges against those who fail to disclose foreign accounts or pay taxes on foreign account assets.

Tax Implications of Opening a Foreign Bank Account

The tax implications of opening a foreign bank account are complicated, as the IRS is hostile to U.S. citizens holding such accounts.

www.investopedia.com

 

[on the brink]

2. Do you need to go to Montevideo to start an account or can you do this in Colonia?

There's no need to go to Montevideo to open a bank account. It can be done at any branch of whatever bank you choose.

 

[hansaleague]

BRU, as I recall, was not eager to open accounts for USA citizens due to the FACTA regulations and reports that need be submitted to the IRS USA .?

• Any U.S. citizen with foreign bank accounts totaling more than $10,000 must declare them to the IRS and the U.S. Treasury, both on income tax returns and on FinCEN Form 114.
• The Foreign Account Tax Compliance Act (FATCA) requires foreign banks to report account numbers, balances, names, addresses and identification numbers of account holders to the IRS.
• The federal government can bring civil and criminal charges against those who fail to disclose foreign accounts or pay taxes on foreign account assets.

Tax Implications of Opening a Foreign Bank Account

The tax implications of opening a foreign bank account are complicated, as the IRS is hostile to U.S. citizens holding such accounts.

www.investopedia.com

This has been the case for a while however most banks will start an account for an American citizen, there's just extra paperwork...
But I was wondering if they had become stricter this year or what any new requirements might be.

 

[gracielle]

I have it on good authority that it is now $50K, you should call them to confirm. What is the best bank to do this?

Banque Heritage Uruguay with branches only in Montevideo. They have a minimum of US$50K as well.

 

[db887]

1. As noted above, those are accounts for foreigners and differences between foreigners and locals can be rather fluid.
2. Maximum deposit insurance is only USD10k.

 

[hansaleague]

1. As noted above, those are accounts for foreigners and differences between foreigners and locals can be rather fluid.
2. Maximum deposit insurance is only USD10k.

How important is this "insurance" warning? Is it just a formality or are there cases where foreigners have actually had their accounts seized or lost on little or no pretext? How "safe" is it to keep your money in a Uruguayan bank?

 

[db887]

How important is this "insurance" warning? Is it just a formality or are there cases where foreigners have actually had their accounts seized or lost on little or no pretext? How "safe" is it to keep your money in a Uruguayan bank?

Noted that as Uruguay has unusually low amount of deposit instance paid only if bank goes bankrupt. Never paid much attention to it until a bank in a neighboring country went under. Fortunately covered deposit amount was much higher and country central bank paid back every penny.