Banking Services for Non-Residents in Uruguay in 2023

You will find a lot of articles on the Internet regarding relocation to Uruguay, but you will hardly read any trustworthy information about the possibilities of opening bank accounts in Uruguay for tourists and non-residents. And this may be a serious problem for some of you, especially if you are planning to relocate to the Latin American jurisdiction for a long time or even to obtain the right to permanent residence in Uruguay.

How to open an account in Uruguay if you are a resident of the USA, Europe, or Asia? Let’s take a closer look at the matter.

Uruguay For Life, Business, and Investment

Uruguay has long been a beacon of stability in the region alongside such large neighbors as Argentina and Brazil. Here are some advantages of the jurisdiction that are surely worth noting:

• Uruguay has preserved leading positions in its region by the level of economic development, GDP, advantages of immigration programs offered, and also conditions for business. 
• The majority of foreigners describe Uruguay as a “charming country.” The pace of life is slower here than in the USA or Europe, the government interferes less with the lives, and the people are concentrated on the needs and priorities of their families. And this is an advantage of Uruguay where you will feel calm and comfortable.
• Montevideo, the capital of Uruguay, looks like a quiet provincial town despite the fact that there are several million people living here.
• To the east of Montevideo, you will find the resort town of Punta del Este which has been actively developing in the past three years. However, life in the town practically freezes during 6-8 months. In summer (from late December to the middle of February), the cost of rooms in hotels gets sky-high, restaurants are only accessible if booked in advance, and the town is in constant motion. The town population increases by 20 times thanks to tourists that wish to bask on the Atlantic Ocean coast.
• You can work in the country even if you are a foreigner, and the salary will only be limited by your professionalism.

The best gift for those who are going to relocate to Uruguay is the local people. The natives are very friendly! And the local expats are even friendlier and they love close communication, especially those that relocated to Punta del Este from Europe and the USA.

Here are some more details on Uruguay:

• Uruguay: Climate in Summer, Winter, and Off-Season
• Salaries in Uruguay by Profession in 2023
• How Much Money a Foreigner Needs to Live in Uruguay in 2023
• Uruguay for Temporary and Permanent Residence: How to Relocate in 2023

Argentinians and Brazilians are the most common tourists in the country. The wealthy people in Argentina have been using Uruguay… as a bank account for many years! They brought suitcases of dollars to Uruguay and deposited them in the country’s banks, and also invested in high-quality agricultural lands and resort real estate. This is how they could keep their assets far from home to preserve them.

Investment and business profits from relocation to Uruguay are just as evident:

• Absence of taxes for companies that generate profits abroad
• Access to the world market
• Growing prices of real estate that yields good investment profits
• Absence of currency control, etc.

In 2023, Uruguay has become a new attractive destination for those seeking relocation off the beaten track. Do you want to live on the Atlantic Ocean coast in a country with a stable economy and political system? Enjoy the charming relaxed atmosphere of this subtropical paradise? Then waste no time.

Bank Account in Uruguay for a Non-Resident

Uruguay has local and some foreign banks that provide financial consulting services and serve local customers and non-residents alike, but imposing some restrictions on the latter. For example, the residents of MERCOSUR countries (Argentina, Venezuela, Paraguay, Brazil) can easily open a bank account in Uruguay, while foreigners from Europe and Asia have very limited access to banking in the Latin American jurisdiction.

However, there are exceptions to the rules, and opening an account in a Uruguayan bank is not a mandatory condition for tourists and foreigners. You can use an easier and more accessible option to access your assets – for instance, by getting a card from a foreign bank to make payments in Uruguay.

Bank Account in Uruguay for Residence Permit Holders

If you have a Uruguayan ID document along with the right to long-term residence in the country, you can address any country bank to open an account and obtain a local debit or credit card. Before that, you will need to prepare some documents and comply with a number of requirements:

• Provide a local ID document.
• Confirm the origin of funds, such as a salary slip or a copy of property sale certificate.
• Confirm the place of registration (residence) in Uruguay.
• You may also need a certificate to confirm that you have a bank account in a foreign country.

Some banks of the Latin American jurisdiction may request a minimum deposit on the account which is later used by the customer upon his or her discretion.

Bank Account in Uruguay for Foreign Tourists

If you are just traveling across Uruguay and you are not planning to stay in the country for long or for good, it will be more difficult to get a card from a local bank or open an account. The immigrants that have recently settled down say that each financial institution sets its own rules. Nevertheless, the general principle is similar to the norms used for the local customers that permanently reside in Uruguay.

However, you are sure to find at least one bank that opens accounts for tourists from non-MERCOSUR countries – for instance, this is Brou bank that set the following requirements for non-resident customers (information as of May 2023):

• A 6-month deposit in the amount of 5,000 with interest accrued (to tell the truth, it is quite low). Then the money is transferred to an ordinary account and may be spent by the customer.
• The income should be confirmed by a notary that is easy to find in Uruguay.
• The certificate of registration/residence (certificado de domicilio) is issued at any police department. You can obtain it by confirming payment of utility bills at the place of residence or taking two Uruguayans along with you who will be your attorneys for one day.
• Passport and a second ID document are mandatory documents for foreign customers that wish to open a personal bank account in a Uruguayan bank. 

You should also have a local phone number, and the bank may offer you its insurance products or other services in its interests.

Bank Account in Uruguay for a Foreign Company

You can open an account with a local bank for a company registered in Uruguay as an offshore entity – or you can do so with a bank abroad. Sometimes the latter option is even better as it helps you have access to different currencies at the place where your income is generated. 

In any case, your company should be registered simultaneously with opening an account. The best way to find out which bank will agree to provide services to your company is to use the pre-approval service.

How to Get Access to Money in Uruguay For Foreigners Without a Residence Permit

If you have no visa or 5,000 dollars to deposit with a local bank, there are several accessible ways of managing your finances while you are in Uruguay:

1. Open an account with any foreign bank whose payments are accepted in Uruguay.
2. Open an account with a payment system that can issue cards for traveling and different transactions, including in Uruguay.
3. Take cash with you, but keep in mind the limitations on the amount of imported currency.

Account for Foreigners in Uruguay: Summary

Uruguay is a great place to start a business and relocate to, and also a close financial haven for Argentinians and Brazilians. Today Uruguay is no longer an offshore center, but it still offers good tax benefits to foreign investors, as well as access to the banking sector and investment services.