'Can this be done?' Montevideo

Can this be done?

Have U.S. funds from pension ($500) direct deposited (monthly) into the bank account.

If this can be done, then:

Will the income issue be satisfied?

Will the direct deposit be considered a wired transfer an incur fees?

What bank would be best for this type of transaction?

We will relocate six months after the bank account has been established. Are there problems with this approach?

Thanks for response,

Gary

The opening balance for a US$ account was US$300. He chose to deposit a little more than US$500 (US$500 is the minimum for no monthly service charge).

He needed: his passport, his State drivers license from the USA (with an address). If you are from a place that doesn't put addresses on an ID it may be more complicated. They asked where he was staying in Uruguay and he gave them an address (no proof was required).

All of the banks in Uruguay will charge you a fee to receive a wire transfer and you'll probably be charged one to send a wire as well, hence it is impractical to wire US$500 a month.

The private banks will probably be more difficult in that they may request reference letters, proof of [local?] address, much larger opening balances.

Now, I believe you'll find that an escribana to make an income statement for residency purposes will want to see: 1) that you earn the income and 2) that you have it send here [at least US$500/month). When my friend spoke to an escribana it seemed acceptable to: 1) show a income statement and 2) do one transfer of US$6000.

I will repeat my usual suggestion: talk to an escribana directly and find out *EXACTLY* what they will require to prepare an income statement for immigration. Don't rely on what worked for someone else.

I have income from a pension plan that will directly deposit funds to the bank. Is this considered a wire transfer? About how much are the fees? Here in the U.S. I can have direct deposits sent to any bank in any state without incurring fees.

Gary

Someone else here probably knows... but you could also try emailing the American Citizen Services at the Embassy and asking: MontevideoACS@state.gov

They can't tell you anything about the residency process here, but hopefully can tell you about direct deposit for Social Security checks.

I really appreciate your help. Sorry for asking so many questions.

Gary

I don't think so. The Banco de Previsión Social, is not really a "banco". It's just the Gov's retirement funds administrator. It doesn't operate as a commercial bank at all. Your mistake may be due to the fact that it may recognize retirement rights from countries with which Uruguay has agreements in that area (a few countries).

I understand what your saying because it's only for retired(Jubilados with plaza included) people not a regular bank. Thank you for the correction.

Sorry Gary - I know Alberto without a doubt will have a better and more reliable answers for you.

Keep asking questions Gary there is a lot of people that can help you acquire all the information that you need before the big move.

I have a call into my pension plan regarding their knowledge of Uruguay banks and direct deposit.

Thanks for your help.

Gary

It's just a matter of names. There are three so called "Bancos" that are named like that just because of historic reasons: the Banco de Previsión Social or BPS (the Gov's Social Security Agency); the Banco de Seguros del Estado or BSE (the Gov's insurance company), and the Banco Central del Uruguay or BCU (equivalent to the Federal Reserve). None of those is a really a bank. There is another one, the Banco Hipotecario del Uruguay or BHU, that's a special case cause even being a real bank it's specialized in mortgage and real state loans. The rest are common commercial banks.

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