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'Opening accounts' Expat

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Opening accounts

This forum post is dated 11/29/09. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.

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Forum Post
11/29/09 12:36

Patrick

Rural east Colonia departmento

Opening accounts

The easiest ROU bank in which to open an account is BROU. The private banks are much fussier about opening accounts and can take several days to consider whether or not they want your money. Unlike the north, the ROU central bank learned from its banking collapse of 2001/2 and imposed all sorts of strict regulations... one of which being a ban on the banks lending on the "security" of instant access deposits. Thus ROU banks find instant access deposits much less attractive than their northern cousins who still commit the sin of borrowing short and lending long because they know their governments will bail them out when the next bubble hits.

Once you have a bank account, BROU shows its bureaucratic credentials and can make it difficult transfering sums larger than 10k U$S into the ROU. Last year I sold a farm in the UK and transfered a very large sum to Banco Santander and 15k U$S to BROU. Santander accepted the dosh without fuss and the manager phoned me to ask if I could drop by for a drink and show him some paperwork about it in the next couple of weeks. On the other hand BROU returned the 15k to England without bothering to contact me at all. Needless to say, I closed my BROU account.

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