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Which banks in UY still offer banking to U.S. citizens residing there?This forum post has messages dated from 01/07/10 through 02/15/10, 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 If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.
Total Uruguay Expat eBook: Banking in Uruguay
| Which banks in UY still offer banking to U.S. citizens residing there? We've been put through a financial wringer here in UY, and even after 11 years living here, because of my salary being paid in the USA, we still haven't found a way to get an Uruguayan issued credit card, so we can benefit from the payment system of quotas used extensively here, and the many discounts available for local-card holders. This has us hamstrung on several fronts, and makes our costs higher than they should be.Does anyone out there know where a U.S. expat can still get a local bank account and apply for a credit card, with notarized proof of a reasonable U.S. salary? Does anyone have experience with this kind of situation? |
| "US Salary Doesn't Compute"
I've found that the banks simply can't understand income from a US salary. One told me it was "complicated" to get proof of a US Salary for a mortgage and then offered the mortgage with CD in any bank in the USA as guarantee. The cash guarantee would be 100% of the mortgage amount. Plus a lien on the property... not a very good deal. They wouldn't say exactly what "complicated" meant. Another offered a credit card with a credit line of $500 or $1000. The only catch was putting up a $5, 000 security deposit. US Dollars. Good luck. |
| "Getting a credit card in Uruguay"
I have had the same response and I'm Irish. I asked in both Santander and OCA (because many of the discounts in shops seem to be with those cards) but they only accept proof of URUGUAYAN income, ie. paying your taxes or pay slip etc.In general Uruguayan "systems" (if you can call them that) really aren't prepared for anyone that doesn't fix in a perfect pidgeon hole box. Even when they are given cedulas from neighbouring South American countries they seem to look at them with great suspicion. I guess it just takes time for them to adapt...and in Uruguay it should take at least double the time it would take elsewhere. |
Comment #301/08/10 09:40Rural east Colonia departmento | "Credit cards"
I use UK and Thai credit cards on the rare occasions when I need to do so and still get offered the quotas. OTOH I don't get the discounts. I have investments in ROU peso and US dollar bonds and Santander tells me that they'd provide me with a card if I wanted one but living in the campo I haven't felt the need to get one yet. |
| "Claro"
Claro refused to accept my US based credit card.. claiming to only accept Uruguay issued Visa/Mastercard. They didn't get any of my business... that is clearly a violate of Visa/Mastercards merchant rules for displaying their logos. |
Comment #501/08/10 13:52Rural east Colonia departmento | "Dedicado"
Dedicado seem happy to take a UK Visa card. |
| "Paying in installments with a Uruguayan-issued credit card"
I assume this issue may have something to do with the fact that the Uruguayan economy has been weak eternally...and, as a result, the local credit market has always been strictly limited to those who can prove that they are "solvent" enough to pay back their loans. An individual's income level is considered a major variable in determining whether or not he/she is credit worthy. Credit card companies have an easier time determining whether or not the information provided by a prospective client is true or not if that income is earned locally. |
| "Banks and Banking in Uruguay"
The Total Uruguay Expat eBook has recently updated its section on "Banks, Banking and ATM's in Uruguay" with the experiences of a U.S. Citizen who is NOT a resident of Uruguay opening a bank account...Follow the link for for "Total Uruguay Expat eBook: Banks in Uruguay" |
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Total Uruguay Expat eBook: Banking in Uruguay
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