Non-Resident savings account

Itaú is the best option for opening a savings account for non-residents in Uruguay.

For non-resident accounts (this applies to people who are neither Uruguayan citizens nor permanent residents), the following documents are required:

• Passport.
• Utility bill.
• Proof of income (Retirement letter, Work Letter, or Accountant’s certificate + Apostille + Uruguayan translation).
• Bank statement.
• Bank reference letter indicating:
  • How long you have been banking with them.
  • What products you hold (savings account, checking account, credit card, etc.).
  • That you are up-to-date on your payments.
• Latest tax return.
• FATCA compliance (only for US citizens/taxpayers).
• Opening fee: USD 200.
• Monthly fee: USD 100.

• The documents must be sent to the bank via email.
• Itaú offers discounts at restaurants and other establishments.
• Itaú does not require a long-term deposit; other banks require deposits of USD 10,000 or more at six-month intervals.
• You can open a cheaper Resident account once you receive permanent residency.

• Location in Buceo: https://maps.app.goo.gl/5awysyqgEE24Vx4F9

The Central Bank of Uruguay (BCU) has imposed strict requirements on Non-Resident accounts since the Uruguayan banking crisis of 2002.

The 2002 banking crisis was triggered by the 2001 Argentine crisis. Due to Uruguay’s heavy reliance on Argentine exports and its unbacked bank funds, the Uruguayan population was last in line to protect their savings.

The BCU financed a large portion of foreign deposits and ran out of reserves. This brought an end to the hegemony of the then-ruling Colorado Party, which had governed the country for nearly two centuries.

December 2001 (TV series): https://es.wikipedia.org/wiki/Diciembre_2001

2001 Crisis: https://es.wikipedia.org/wiki/Crisis_de_diciembre_de_2001_en_Argentina