Opening a bank account in Uruguay is fast, simple, and safe. The banking system in Uruguay is probably more stable than banking systems of most other Latin American countries. Uruguay offers fiscal and legal advantages that allow managing your assets with high efficiency.
Bank accounts in Uruguay can be opened for private individuals and legal entities. You can set up a multicurrency bank account too (US dollars, euros, and Uruguayan pesos). It is possible to open a corporate bank account in Uruguay remotely no matter where you company is registered. We must note, however, that not all Uruguayan banks provide this opportunity.
At the same time, a foreign national does not have to be a legal resident of Uruguay to be able to set up a bank account there. You can use your home country’s passport to apply for banking services in Uruguay.
Types of bank accounts in Uruguay
You can open bank accounts of the following types if you choose to bank in Uruguay:
- Investment accounts for companies (with registered shares and bearer shares);
- Current accounts for companies;
- Investment accounts for private individuals;
- Current accounts for private individuals;
- Savings accounts for private individuals.
Please note that it would be a good idea to involve qualified specialists in the process of setting up a bank account in Uruguay. They can help you handle the following important issues:
- Due diligence procedures;
- Presentation of the client’s profile to the bank;
- Preparation of application documents;
- Application for a preapproval;
- Communication with the bank officers;
- Appointment of a personal interview with a bank manager;
- Professional support to the very end of the process.
Frequently asked questions about opening a bank account in Uruguay
Below we answer some of the FAQs that people wishing to open bank accounts in Uruguay ask. We would like to note, however, that you should seek personal professional consultation if this is what you want to do.
Can I open a bank account in Uruguay if I am a citizen of another country and I don’t have a residence permit in Uruguay?
Yes, you can. You will have to bring an ID such as your home country’s passport, for example, but foreigners are eligible to apply for banking services in Uruguay.
Can I open a bank account for a foreign company in Uruguay?
Yes, companies registered in other jurisdictions can establish bank accounts in Uruguay. You have to be aware of the fact, however, that not all Uruguayan banks will take a foreign company onboard. You need professional advice on the matter.
What advantages would I gain if I opened a bank account in Uruguay?
Uruguay offers the advantage of tax and legal certainty in the first place. The political and economic situation is stable in the country and besides, the costs of banking services are lower in Uruguay in comparison to many other countries. In addition, you can open bank accounts in different national currencies in Uruguay.
Do I have to pay a personal visit to Uruguay to set up a bank account there?
Yes, you do have to visit Uruguay and have a personal meeting with a bank manager. You will have to sign an application for banking services in front of them. In some cases, personal presence is required to obtain a bankcard or a password.
How long does it take to open a bank account in Uruguay?
If you apply for professional support, opening a personal bank account will take about 2 weeks and opening a corporate bank account between 4 and 8 weeks.
What documents do I have to supply when applying for banking services in Uruguay?
For private individuals:
- A copy of your passport;
- A utility bill (with your name and address on it);
- A Letter of Recommendation from the bank that currently provides services to you;
- A copy of the latest tax return or a pay slip for the bank managers to see where your money comes from.
For legal entities:
- A complete set of corporate documents apostilled and translated into Spanish if the originals are in another language;
- In addition, company owners, shareholders, directors, and other authorized individuals have to supply the following personal documents:
- Copies of their passports;
- Proofs of residential addresses;
- Letters of Recommendation from their banks;
- Their tax returns.
Can I choose the Paraguayan bank independently?
You could but your chances for service denial would grow in this case. You’d better rely on recommendations from professionals.
Are there any taxes on bank transactions in Uruguay?
No, there are no taxes on national or international bank transactions in Uruguay.
What is the difference between a current account and a savings account?
A current account allows you to make everyday payments, make out checks, and apply for a bank loan. A savings account serves the purpose of money accumulation. A savings account pays an interest while a current account often does not.
What is the difference between a savings account and an investment account?
When you open an investment account, you authorize the bank to invest the money on your behalf. Because the bank managers have vast experience in investments, you stand a chance to earn a better interest that you could earn on your savings account. On the other hand, keeping money in a savings account is safer because it is not directly invested in business ventures.
Can I take out a bank loan in Uruguay?
Yes, all customers of Uruguayan banks – domestic and foreign – are eligible to apply for loans. Each application is assessed individually, however.
Do I have to have a security deposit on my account with a Uruguayan bank?
As a rule, Uruguayan banks do make security deposits obligatory but their amounts are not very high. For example, many banks in the country will want you to have not less than US$ 2,500 on your current account. If you go below this amount, the bank may charge a commission. The commission rates are different depending on the bank’s internal policies.
What is the account maintenance cost in Uruguay?
Account maintenance costs about US$ 40 per month on average in Uruguay. Please bear in mind that banks charge commissions on money transfers in addition to the monthly account maintenance fee.
Can I order a credit card from the Uruguayan bank where I have an account?
Once you have opened a bank account in Uruguay, the process of obtaining a credit card is going to be very simple. Some local banks issue credit cards that can be used in other countries at no extra costs. Uruguayan banks provide high-quality banking services.