Usa Expat Opening Bank Account In Uruguay ?

[bobsnowpuppy]

I opened an account at BROU in July of this year. I am a US citizen living in Argentina. I took with me a copy of utility bills from from my US address, a copy of my retirement statement, my US driver's license and my US passport. Be sure to bring a completed w-9 form because it is part of the new requirements mandated from the u.s in July of this year. If you go to their website, you can email a consultant regarding opening the account and they will email you back with the list of items you will need. The consultant did not tell me about the w9 form. I had to download it while at the bank and complete it. This was challenging because the bank did not want me to use my computer inside the bank. as long as you maintain a $500 minimum, there are no monthly service charges. You get a debit card with the account. You can maintain your balance in either dollars or Argentine pesos. I waited 3 hours behind other people to be assisted, and then it took three more hours to complete the account paperwork. Be prepared to be very patient. They do not open these accounts very often and the rules are new from the United States-they are trying to catch tax evaders. Also they told me there would be someone bilingual available, no one was available to speak English. The account has to go through their headquarters in Montevideo I believe in order to gain approval. Until that happens they will not assign an account number and you will not be able to deposit funds so your account may not get opened the same day that you go. You may have to return another day. I hope this helps.

 

[bobsnowpuppy]

BTW, I went back to check and you only need to maintain $200 USD not $500.

 

[sleslie23]

I should clarify this. Only BROU will open an account for US Citizens who aren't legal residents of Uruguay.

I need to clarify myself again. I spoke with the finance person in my company's UR office yesterday. According to her, BROU is the only bank in Uruguay who will open an account for US citizens - residents or not.

Also according to her, all the other banks are closing accounts of US citizens, even those with residency. I still find this hard to believe, but she swears it is true.

All thanks to our friend FACTA.

 

[bobsnowpuppy]

When researching, I found the same thing, that only BROU will open and all others are closing. I asked at BROU and was told it is because the banks don't want to handle the paperwork and reporting the US is pressuring them with. The US wants those tax evaders to pay up! The changes the US enacted in July, 2014 have made it even more cumbersome. But, with lots of patience and documentation you can open an account and the people at BROU were very friendly about the whole process even though it took days to complete.

 

[fred mertz]

Does anyone know what interest rates the Banco Republica of Uruguay pays for savings accounts and long term accounts? I read over 9% !!

 

[bobsnowpuppy]

9% sounds more like their loan rate. They told me .10% when I was there in July for a savings acct. No interest on checking - at least not on the checking acct I opened.

 

[fred mertz]

In the EEUU bank interest rates are about .00002%. Donald, Warren and Bill probably get 2.3%.

 

[sleazemerchant]

9% sounds more like their loan rate. They told me .10% when I was there in July for a savings acct. No interest on checking - at least not on the checking acct I opened.

I'd just like to correct some misinformation posted in this thread; BROU will allow customers to open accounts in Pesos Uruguayos, USD, and Euros; those 9% interest rate figures you are quoting are only for accounts denominated in UY Pesos; standard USD and Euro savings accounts pay ZERO interest and even the USD and Euro "plazo fijos" (certificate of deposits) pay next to nothing.
If you have some real money you are trying to get a decent (in today's near-zero interest rate environment) ROI on you can open an account at the BROU Banca Executiva which is located in the same building (in Colonia) but is accessed from the same door where the ATM and safe deposit boxes are located. BROU Banca Executiva sells only investment grade rated bonds (S&P BBB- or higher). Minimum investment is $10,000 USD for Uruguay government bonds and $50,000-$100,000 USD for foreign government bonds (among those offered are USA, Chilean, Colombian, Brazilian, and Peruvian bonds). Obviously you must be a regular BROU account holder in good standing to open a Banca Executiva account; essentially you deposit money in your regular BROU account and Banca Executiva transfers the funds to/from that account for securities purchases and/or coupon payments.

 

[bobsnowpuppy]

Thanks for further info but I don't believe anything I posted here was "mis" information as I just relayed what my BROU account exec told me.

 

[sleazemerchant]

Thanks for further info but I don't believe anything I posted here was "mis" information as I just relayed what my BROU account exec told me.

I wasn't specifically accusing you of mis-informing the forum; somewhere further up in the thread someone wrote that it was possible to maintain an account in Argentine pesos (incorrect) and omitted the fact that an account could be held in Euros.