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Opening a Bank AccountThis forum post has messages dated from 04/01/11 through 03/19/12, please be sure to read all the messages. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.
| Opening a Bank Account I will be living in Montevideo for at least 10 months. I'm working as an English teacher and would like to open a bank account. I need something basic, such as free checking with a card for ATM withdrawals. Has anyone opened an account here? Can you give a recommendation as to which bank is best for this sort of thing? Thanks! |
| "BROU Bank"
Open a SAVINGS account at BROU, you'll get an ATM card. $500 balance and its service charge free (for a limited number of transactions.. higher balance more free transactions). You can get an account in Dollars and/or Pesos and probably Euros.Checks are rarely used. Expert Page: Quick Tips for Getting Settled in Uruguay |
| "BROU Bank"
Rebecca, Next week, I will let you know about the requirement in order to open a bank account. I selected the BROU (Bank of Republica) because they are the biggest bank in Uruguay. They have ATM or branches in each city/village. However, don't expect to use your ATM card in every single store as most of the people are still using only cash. Jean-Francois |
Comment #304/01/11 20:48Rural east Colonia departmento | "BROU and Santander"
I opened a BROU account when I first arrived here 5 years ago. I found the bank fine except for one defect which was critical in my case. Each time I tried to transfer more than 9999 U$S into my account from one of my foreign accounts, BROU would return the money to sender. On my final try I presented myself at the bank two hours before the transaction was due, produced appropriate documentation regarding the incoming money to satisfy the manager, was assured about no possible problems and was allowed to watch as the money appeared on BROU's computer system only to disappear again after a few moments :-)I now use Santander who are difficult, haughty and uncooperative but they do allow me to import unlimited sums of my own money so I put up with them. :-) |
| "I opened an account with HSBC here in Uruguay"
I have an account I opened here with HSBC. It involved a lot of paperwork, including a copy of my Certificate of Good Conduct certified in the UK through the embassy there and translated to Spanish over here, copies of UK bank statements. In addition, they wanted evidence that I would be transferring "good money" from the UK, so I had a solicitor in the UK email them to verify the money I was to transfer was legitimate. They provide cards. I have credit cards and ATM withdrawal cards here. Correct me if I'm wrong, but for most transactions here folk still use cash unless the purchase is big when they use the credit cards(?) I don't think the concept of a debit card has taken off here. |
Comment #604/03/11 15:26Rural east Colonia departmento | "Plastic"
Down here in the sticks, plastic cards are generally useless except for smarter hotels and filling stations. In cash we trust :-)I'm currently being ripped off monthly by Dedicado telecoms because I was foolish enough to sign their contract and give them a mandate on a Visa card. Fortunately its a UK card so I've succeeded in putting a stop on future payments under the terms of the tough UK consumer protection laws. If it has been an ROU card I couldn't have done this. Never again will I give anybody a mandate or direct debit in the ROU as the lack of consumer protection legislation makes it a corporate fraudsters' paradise. I suspect that its the lack of such oversight and protections which makes plastic cards so uncommon here. |
| "Interest rate earned on savings"
Does anyone have experience on savings accounts, or CD's, in Uruguay banks and what the highest interest rate one might safely attain? |
Comment #803/17/12 15:11Rural east Colonia departmento | "Bank interest"
IME Uru banks pay lousy interest and they only pay it on fixed term deposits, not on instant access deposit accounts. The usual rate on dollars for 1 year fixed is around 1% and the rate on pesos is usually 1% or 2% below the rate of inflation.If you are looking for better rates, the government is your friend with dollar bonds, peso T bills and UI (indexed) peso bonds. The gov exempts its own lendings from income tax too. To buy such investments you will either need a broker or certain of the banks (inc BROU) will do the transactions. I use a broker in MVD (message me if you want an introduction) but I haven't tried the services provided by the banks mostly because I don't trust banks :-) |
| "BROU rates"
....Richard, if you Google 'BROU' and open the site.....click on 'Personas' >Inversiones which will bring you to the 'fixed Deposits'> Scroll through to see the rates for Pesos, UI, US$ and Euros.....I hope this is of assistance. |
| "Current CD Rates"
For a six month (180 days) Pesos is 4% and US Dollars 0.35%. Slightly more if you went for 181 days.Aside in Paraguay you can get 4.5% on Guaranis, and 3% on US Dollars for a six month CD. Expert Page: Quick Tips for Getting Settled in Uruguay |
| "Interest rate earned on savings"
Thanks Glen, Ned and Patrick - it is helpful information. I sure have no problem banking in Pesos or up to a year at a time to get the higher interest rate. Sure beats here in the Southwest USA where .00325 is the norm. Although I don't trust banks as much as younger folks to - it is still better than no interest. I also like the idea of Government bonds and will surely look into that. Over in Ecuador, some banks are paying up to 8% according to the boards but I would feel safer banking in the country I am living in. Kudos to you all. |
Comment #1203/18/12 10:16Rural east Colonia departmento | "Not trusting banks."
I was nearly wiped out in 1974 when a Brit bank which was lending me money went bust and I feared that a worse meltdown was about to happen in 2005 which is one of the reasons why I sold up many of my overvalued UK assets, swapped the overvalued pounds sterling for dollars and cheap UI pesos and moved myself down here when the going was good. |
| "not trusting banks"
Sure sounds pretty sensible to me Patrick, am doing the same thing here in the USA which is seemingly devaluing our currency at a rapid pace. Peso or even stable sea shells sure beat what we both experienced in the past. I'm assuming you have no regrets on the move. What was the hardest thing to adjust to in your experiences?? |
Comment #1403/19/12 08:16Rural east Colonia departmento | "Freedom"
"What was the hardest thing to adjust to in your experiences??"Being a small farmer and living in the campo, the greatest shock to me was the degree of personal freedom which I acquired. In the last 5 years I haven't been bothered by a single official as officials prefer to remain in the cities, I'm not subject to income tax and property taxes. The UK's mega-complex systems of agricultural grants, permissions, regulations, inspections, taxes, fees and satellite photos are now just a bad dream. I needed no permissions nor inspections when building myself a modest mock castle on my farm. I've seen similar reactions in battery hens which have been granted freedom to wander around outdoors instead of being confined to cages... it takes them a while to adjust to their new circumstances. I hadn't realised how thoroughly various European government with their micro managing ways had been controlling me until I moved here. I suppose you don't really notice such things when they happen slowly over many years. As for other moans... the bureaucracy and banks can be obstructive business-wise and local working practises in everything but agriculture seem a bit too laid back to me but I reckon that is what helps to keep the ROU pleasantly underdeveloped so I'm happy to live with it. In my (aged) view, the pluses far outweigh the minuses. |
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