Banking

Uruguayan banking regulations (imposed by the Uruguayan Central Bank) differentiate between non-permanent residents and permanent residents.¹ The former must establish a long-term deposit whose funds can be withdrawn upon showing a permanent resident ID card. Scotiabank and BROU (Bank of the Republic) offer USD and UYU savings accounts for 16-17 year olds and a UYU savings account for 14-17 year olds respectively.

All the following services are included:

  • Assistance with collecting the required foreign documents (they’ll differ per bank and income source).²
    • Utility bill.
    • Latest tax statement.
    • Bank statement of previous month for each account you own.
    • Proof of income/funds:
      • Retirement benefit statement.
      • Work Letter (with letterhead).
      • CPA Certificate + Apostille + Uruguayan Translation is required for foreign business owners.
    • Letter from your bank stating the following:
      • Since when do you operate with them
      • Which products you have with them
      • That you’re in good standing with them
  • Assistance with collecting the required Uruguayan documents.³ ⁴
  • Interpreting and scheduling assistance with local offices.
  • Social Security (BPS) user setup to verify payroll tax contributions.
  • Tax Administration (DGI) user setup for tax payments and certificates.
  • Abitab Mobile ID user setup (authentication service required to receive DGI notifications issue digital invoices and access your medical history).
  • Free Prex card (required to withdraw PayPal funds) order through Abitab.
  • Free bus pass.
  • Free (birth, marriage, divorce, etc) certificate registration (required for permanent resident IDs and other procedures).
  • Procurement of Uruguayan translator and notary documents.
  • Free Internet and/or cellphone service setup (for proof of address).

¹ Some banks apply additional differentiation based on having Uruguayan tax residency.

² US citizens must comply with additional FATCA regulations and disclosures.

³It’s far easier to open a bank account as a Uruguayan Social Security (BPS) and Tax Administration (DGI) taxpayer or as a Uruguayan employee.

⁴The Uruguayan 2002 Banking Crisis has been the worse financial crisis in recent history, majorly due to a then big dependence on Argentine exportation and deposits, which previously collapsed during their political and economical 2001 Crisis.

The Uruguayan Central Bank (BCU) passed a resolution in 2021 making it obligatory for non-permanent legal residents to place a long-term deposit (6 months minimum, it can be recovered with a permanent resident ID) in order to operate with a Uruguayan bank in response to the then rapidly climbing amount of foreigners coming into the country. In order to prevent another destructive bankrun like the one that depleted the economy in 2002.

*My services are available nationwide.

**All of my relocation services aren’t included.

Cost: 250 / 10000 UYU (60% up-front and 40% once the whole process is complete) or an hourly 50 USD / 2000 UYU rate.¹⁴