Itau Bank account in Uruguay

Millie

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Hi All,
If this specific issue has been posted previously, I apologize in advance, as I haven’t found it.
Strongly considering opening a savings account with a debit card @ Itau Bank in Uruguay. Has anyone had any experience with this, and if so, what was required as far as documentation? Is it sufficient to have my US passport or do I also need my Argentine DNi etc etc ? Fairly straightforward?
 
Hi All,
If this specific issue has been posted previously, I apologize in advance, as I haven’t found it.
Strongly considering opening a savings account with a debit card @ Itau Bank in Uruguay. Has anyone had any experience with this, and if so, what was required as far as documentation? Is it sufficient to have my US passport or do I also need my Argentine DNi etc etc ? Fairly straightforward?
I'm sure things may be different now, but in 2014 Itau and every other Uruguayan bank (except BROU) refused to open bank accounts for US citizens due to FATCA. It will almost certainly not be a straightforward process if you aren't a resident of Uruguay.
 
I'm sure things may be different now, but in 2014 Itau and every other Uruguayan bank (except BROU) refused to open bank accounts for US citizens due to FATCA. It will almost certainly not be a straightforward process if you aren't a resident of Uruguay.
Thanks for letting me know.
 
Not sure what it's like right now, but it was very easy (for non-US citizens as explained above) a few years ago. It was a running joke amongst Argentines that you could go to Uruguay to open a bank account with 1 million dollars in cash and the only question you'd be asked is "would you like some coffee?"

One thing you should consider is whether the bank has a location in Colonia. Itaú doesn't, and going to Montevideo is always more costly and it takes much longer. In addition, banks in Uruguay open from 1 to 5pm only, so Montevideo is always harder to plan for with the boat and the bank schedule.
 
Thanks for letting me know.
Please verify the above for yourself. Like I said, that was in 2014. I had a US company make me a job offer in Montevideo, but they couldn't hire me in the end because no bank would open the account. I know some banks in Europe are now more willing to open accounts for US citizens. Hopefully that is the case in Uruguay. Please post if you find out anything.
 
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