Uruguay Banking, Opening Account And Withdrawing Dollars

johnw100

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Hi All

We`re in need of transfering a large amount of cash over from our uk bank, so we are thinking about opening a uruguayan bank account to transfer money across and withdraw something in the region of $8000 usd. We`ve communicated with the bank in Uruguay about what is required, and we seem to have everything. The grey area is the withdrawing that amount of money, they seem to say over $10,000 will require proof of how we came about this amount of money. So does that mean below $10,000 they wont check? I do have proof ie work invoices,etc but its all in English, does it require translation and an apostle to verify them?

Anyone help?

Thanks alot

John
 

citygirl

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I can't speak specifically to the regulations in Uruguay but typically anything under 10.000 USD is off the radar (ie, banks don't need to report it to government, you don't have to declare it when entering/exiting a country, etc.
 

Thereandbackagain

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No problem as long as you stay under 10.000 per month. Next month you may transfer again 9.999 us. Even if you are higher than 10.000 they just requiere something like a bank statement of your account of origin and thats it. I did that many times. Never had any problem.
 

johnw100

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Thanks that sounds encouraging.

Huxley1234: We were told we needed two forms of ID (Passport,etc) and proof of address and also a service bill ie gas, telephone,etc.
 

arlean

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Unless something has changed, you can transfer any amount in. The bank that you transfer from has a form to complete, as best I understand this, certifying that it is legitimate money, Don't hang too much on my terminology, just on the general message. Your Uruguay bank can tell you what you need to ask for from your bank-or perhaps check with your bank--they may already know. I don't think there is any problem withdrawing so long as you backed up the legality of the money when you deposited it but no doubt they have to report it to the U.S. if you draw out $10k or more. Of course if you have a deed or bill of sale or something to verify the money is legitimate, that should do it equally as far as justifying when you deposit. But without that you will need verification from the transferring bank. Things do change of course so it's always good to check to verify.
 

mrporoto

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John,contact me asap,I can help you sort this out no problem.Pm me or send a contact email.I am from UK.cheers.
 

johnw100

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I opened an account last week in Uruguay so thought i`d post an update..

few things to point out. First is that banks open at 1pm until 6pm in Uruguay, which is unusual I have to say. Also, get there an hour or two before it opens if you want to be first in the queue. I arrived at opening time to find that there were 15 people in front of us to speak to the accounts supervisors, so had an hour wait until my number was called.
The process took about 1 1/2hours, it was required that I show proof of where the funds originated. Not sure if thats normal but I took copies of bank statements, wage receipts, utility bills,etc. I said I wanted to transfer $8000 USD into the account so perhaps thats why they wanted proof of funds origin. I actually opened the account with the minimum $200USD and then transferred the money the next day into the account. They didnt need the documents translated into spanish btw.

hope that helps.
 

nlaruccia

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Which bank did you open an account in? In Colonia or in Uruguay? Today someone recommended opening a savings account in Banco Nacion de Uruguay but I'm not sure if it's a good bank to transfer dollars form the States. What are the best, hassle-free banks in Colonia to open an account?
 

D.B. Cooper

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In 2008 I bought a property here. Had to transfer a large sum of money from my Chase accnt. in NYC to a local bank here in BA. Nobody would do it. Some one recommended Casa Puente.
http://www.puentenet.com/home/home.action
When you buy a prop here it's all done in Cold Hard CA$H right on the table. I'd never seen this. But it went through pretty smoothly. I did have to have a letter from my R.E. Lawyer in NYC explaining where the $$$ came from. And I did have to pay the Casa Puente a commission for their services. No big deal.
Everything went very well. No headaches no hassles .
Good luck.
 
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