Uruguay Banks

[rando]

A question, can anyone reccomend a decent bank to deal with in Uruguay ? I can say from experience that BROU is a horrible option.

 

[arlean]

Really, Rando? What happened to you with BROU? I haven't heard that before and I'm interested. And if you did have a problem, which BROU?

A lot depends on if you are US. If you are, most of the banks in Uruguay won't talk to you, There are a couple that will and BROU is one of them. I'll be watching to see if anyone here knows. If not, I can find out. So far BROU has worked for everyone I know so I haven't paid a lot of attention otherwise. (Also this applies if nothing has changed. Things change here in S.A. so much a person needs to keep checking!)

 

[HenryNisental]

Banco Comercial is pretty good. Do not even try the israeli Discount bank if you are American, or any Swiss bank there.

 

[ElCordobés]

I have BROU too. Been about 3 years. No problems. I'm a US Citizen as well.

 

[French jurist]

I'm at BROU too.
Do you guys give systematically each year the "certificacion de ingresos" to the BROU bank?

 

[arlean]

It's important to be careful with BROU though. This hasn't happened to me but I know expats who, for example, made a deposit and the account number was wrong and the money went to the wrong account. They said it was her fault because it was up to her to check the account number and be sure it was right.

So that's just a word of warning to be cautious. Otherwise I haven't heard of problems. If there are though, it's good to let everybody know--not just here but in Uruguay--which I would. To Frenchie, what is the "certificacion de ingresos?"

 

[French jurist]

Re: Arlean:

When you opened your bank account, BROU likely asked you for a "certificacion de ingresos" (document proving the funds you'll receive are legit, etc.).

When I opened mine, it was OK to provide only Purchase orders from my clients, but otherwise, it's needed to ask an Escribano publico to write such a document.

E.g. if you certificacion de ingresos mentions a monthly income of 3000 USD, it's better not to receive more than that on your account (otherwise the bank might have problems with the money laundering policies, etc.).

I'm just wondering what would happen if I don't give this document this year... (it has to be submitted annually)

 

[artigas]

The banks may be different, but the banking union is the same everwhere, so do not expect a big difference in service. However, most private banks will charge you a pretty steep monthly service fee and usually ask for a lot more paperwork. Also be aware that BROU is particularly disorganized and that each BROU branch s a little bit different from any other branch, so if one branch does not work for you, just go to another branch until you get what you want, or you get less of what you do not want.

 

[Matiasba]

BROU is quite an Institution in Uruguay. Clearly the most respectful of the banks. Institutions in Uruguay are a lot more serious than in Argentina.
At least that I used to think till the moment they gave us USD fake bills (1800 from a total of 10,000).

 

[sleazemerchant]

Re: Arlean:

When you opened your bank account, BROU likely asked you for a "certificacion de ingresos" (document proving the funds you'll receive are legit, etc.).

When I opened mine, it was OK to provide only Purchase orders from my clients, but otherwise, it's needed to ask an Escribano publico to write such a document.

E.g. if you certificacion de ingresos mentions a monthly income of 3000 USD, it's better not to receive more than that on your account (otherwise the bank might have problems with the money laundering policies, etc.).

I'm just wondering what would happen if I don't give this document this year... (it has to be submitted annually)

An annual "certificacion de ingresos" is only required by BROU if you want to deposit $10,000 USD or more per month in your account. In case you need one, you get your accountant to type up the "certificacion de ingresos", have it get certified by the colegio de contadores, and finally get it authenticated by the Argentine cancilleria (previously you also had to have it authenticated by the Uruguay consulate, but they now accept The Hague convention). At this point the document is acceptable to the BROU management and you are good to go.