Opening bank account in Uruguay.

[nlaruccia]

I searched the forum before asking this questions so as not to sound redundant, but has anyone opened a bank account in dollars in Uruguay? What are the requirements for opening an account their being an Argentine resident. I was thinking of opening one with my Italian passport to deposit funds that will expense a long trip to Europe that I can withdraw from ATMs there. Now that you can't make withdraw in foreign currency with an Argentine bank account in other countries, using my Argie account is not an option.

 

[Thereandbackagain]

In the past you could open a bank account at BROU just with your passport. You can chose between UYP, US$ or €. If you have a deposit of a certain amount (I believe it was 200 US or 500 US for the US account) the account is free. Nowadays I think you need a recommendation letter from another bank to show that you are trustworthy and a Address in Uruguay. As long as they don`t ask you for a utility bill, the address really doesn`t matter, they never check nothing. You can apply later for a debit card and get immediatly a Cirrus card.

I don`t know if they let you open a Account, but I would at least try so. Uruguay is a easy country. If they require you to have a address / utility bill you may consider talk to a apogado there and see if he is willing to help you out Currency accounts re always handy these days ...

 

[arlean]

My son has business interests in Uruguay and I know through him that BROU will open an account for a US person. If you are not a US citizen perhaps most banks will but if you were born in the US BROU is the only one I know about that will accept you.

For US citizens the passport and proof of residency was required not long ago and a Uruguay phone number. So you may have to be creative with some things. Like someone else said, they don't check (or didn't used to). Argentina is a little more difficult--you had to get a government document to show you are a resident of Argentina where the agent can come to check and be sure you are there and deliver the paper. But in Argentina I did that with the hospedage I was staying in. I think many banks just want to cover themselves so that Big Brother from up north won't banish them from their banks, and don't really care so long as they get that piece of paper. So just figure out how to give them the piece of paper. Perhaps in UY you could do just do what I did in AR if you don't know anyone who lives there who will let you use their address. Just get a receipt from the address where you stay--maybe. I hope if you do it you post your experience for others. Lots of people in AR would like to bank across the river.

But BROU is easy if you can just provide what they need. Well, when my son opened his account, he gave his US address and phone number and his US driver's license to prove the address and that worked. So I dont' know if that has changed. Down here in S.A. things do change Sorry I can't be more specific but hope this will help at least a little until something more specific comes along.

 

[arlean]

P.S. In Uruguay you can hold a US dollar account and/or a Uruguay peso account.

 

[After5]

Most European bank branches in Uruguay (I'm speaking specifically of Colonia) cater to Argentine and other foreign residents. Several years ago we opened a US dollar account at one of the European branches using a North American address -- no Uruguayan address or utility bill was required.

Last week we visited the branch, and the bank wanted us to fill out a new form. Again, there was no need for a local address in Uruguay. This time we gave them our address in Buenos Aires.

The bank will issue debit cards for us, which can be used internationally to withdraw dollars from our US dollar savings account. However, the bank will not send the cards to us. We must return to the branch to pick them up.

With an Italian passport, you should have no problem to open an account. The exception is for US citizens, who have become the lepers of the global banking system thanks to the FATCA (Foreign Account Tax Compliance Act) of 2010, which requires every bank in the world to execute an agreement with the U.S. IRS tax agency, or face 30% withholding on remittances from their U.S. correspondent bank.

European banks in Uruguay are most solicitous ... until one reveals the scarlet letter of the blue yanqui passport. Then the bank officer's smile instantly fades, and the would-be depositor is politely escorted to the door. There may be exceptions if one asks around ... but as always, things are changing, and not in a favourable direction.

 

[AlexanderB]

That confirms my exact suspicions. Thanks for the insight, After5!

Wonder how they would feel about a Russian federative passport...

 

[BAliving]

Is it possible to open an account in ARS? Or only in USD? Having it in ARS would be so much easier, considering the difficulties of purchasing dollars..