'Banking accounts' Retirement

susan (196.40.14.116) - 04/04/08 16:00

What are the requirements for opening a checking account once you move to Uruguay and seek residency?

Comment #1 Linda from Montevideo - 04/05/08 06:09

I'm not sure residency is part of the bank account equation. I think at Banco de la Republica you need your passport and US$500 to open an account.

The private banks will likely be more picky.

The private banks with U.S. ownership, control, or banking regulation will likely be even more picky if you are a U.S. Citizen/Resident.

Comment #2 Shirly and Martin (63.176.159.180) - 12/17/08 00:45

I would absolutely love to retire in Uruguay. I plan on visiting there in a couple of months just to see if I will like living there or not, but I know once I do retire I am going to go somewhere out of the US and Uruguay is looking pretty good at this point.

Comment #3 Rich (208.66.88.147) - 12/18/08 18:27

I believe Linda is correct. No residency is required, just a passport and U$S 500 deposit. At least that is what I have been told BROU requires. Other banks seem to present more of a hassle.

Comment #4 Dave (63.176.159.113) - 07/10/09 11:37

Hi!

I also looove Uruguay. I remember the ox cart statue in Montevideo, I just stood there and stared at it.

Best wishes to people who live there, hope to visit soon.

Best wishes,

Dave

Comment #5 Elaine (1) from Ireland - 07/10/09 12:20

What ox cart statue?

I opened a couple of bank accounts in BROU fairly recently and it wasn't difficult. I needed 2 forms of ID (I used passport and drivers license).

I opened "savings"(ahorros) accounts though I use it as a current account and I have an ATM card. I think I had to have open a peso account with a minimun of 3000 pesos (about US$110) but to open a dollar account you had to have US$500.

Be aware that Uruguay's banks haven't quite caught up with the rest of the world and there's still a lot of charges and administration costs. For example you can only use your atm card in your banks atms, if you go to any other bank you will be charged. And you are only allowed use your atm card free of charge so many times in one month, then they start charging you. Just another Uruguayan-ism I guess.

For more info check out Banco Republica's website:

• Banco Republica Uruguay (BROU)

Comment #6 tgibob from Thailand - 10/23/09 23:03

"Getting money to Uruguay"

What is the easiest way to get funds from another country? I used to get all the money I needed from my U.S. banks by ATM card, but in Dec '006 Visa and MC added hefty currency conversion charges. After that I arranged with two banks to accept faxed wire transfer instructions from me to my Thai bank. Of course that meant opening a bank account in Thailand which had to be reported. One of the American banks slipped the rug out from me and stopped accepting faxed requests. It has been a never ending battle trying to keep one step ahead of the banks' rules and the country's rules, and all the time you worry about getting thrown in a Thai jail without access to funds. Is there an easier, softer way in Uruguay?

Bob

Comment #7 Lee from Pocitos - 10/24/09 07:47

"BROU Bank"

Just open an account (US Dollar account) at BROU Bank. You'll probably need 2 IDS's. Then wire whatever you need.

When you open the account they will ask you how much you plan to wire IN and OUT every month. It's best to tell them a reasonable amount at that time.

It is more hassle and high opening balances... but the private banks will let you deposit personal checks from the USA. The fee runs around US$40 and a month to clear... but it's an exceptionally easy of getting your money here.

Comment #8 tgibob from Thailand - 10/24/09 08:15

"Getting money"

Do any Uruguay banks have branches in the U.S.? The NY agency branch of one Thai bank has an ABA routing number and it is possible to transfer funds from some American banks electronically to your Thai account using their routing number and your account number at your branch. This has only been going on for a few months and it is very popular since SS and retirement funds can be directly deposited. Is there anything like this there?

Comment #9 tgibob from Thailand - 10/24/09 08:19

"Public/Private banks"

Switzerland has both private and public banks. The private banks do not have to report much to any regulatory agency relying on their reputation for honest accounting. I'm not sure I like that. How are private and public banks different in Uruguay?

Comment #10 Patrick from Rural east Colonia departmento - 10/24/09 14:43

"ROU banking"

You don't need to be a resident to open a bank account. ID and a couple of utility bills seems to do the trick. I'm a mostly sterling based lifeform so I use one of the bigger London exchange companies (Caxtonfx) who give me good rates on US dollars and do wire transfers for free.

The 2001/02 ROU crunch resulted in much tighter banking controls especially with respect to maintaining liquidity levels. Unlike their northern brethren, ROU banks have to treat call deposits as call deposits rather than using them to back long term lending which is why they charge charges and pay little or no interest on instant money accounts. Its also why they have managed to avoid the assorted northern banking catastrophies. If you want interest from ROU banks, you have to lend the banks your money on fixed term deposits. The longer the term the more you get.

The easiest/cheapest account to open is with BROU but in my experience, once you have an account with them, their red tape and regulations can be a major pain. I've had BROU return transfers to the UK and to the TFB in Thailand. They seem to freak out at amounts of 10k U$S or more.

I now bank with Santander Uruguay. Although they were pickier than BROU when I first opened the account and demanded a minimum balance of 1500 U$S, once they got to know me the usual BROU problems vanished. Last year I transfered all my liquid money from the UK just before sterling collapsed with a view to buying gov and corporate bonds over here as rates were particularly attractive. I sent 15k to BROU who rejected it and sent it back to the UK without bothering to phone me but Santander's response to 450k was a phone call from the manager asking me to drop round for a drink when I had the time and give him some idea about where the dosh had come from :-)

It also seems to be that different branches operate with different degrees of severity depending on the particular manager and on how well he knows you.

Comment #11 Terry (1) from Dubuque, Iowa USA - 10/25/09 12:56

"Business Accounts"

Patrick

Is there a branch of the Santander Uruguay Bank in Montevideo. We plan to open a business account when we arrive in two weeks. You sound like you know a few do's and don's of the banking world as well as construction.

Terry

Comment #12 Lee from Pocitos - 10/25/09 14:36

"Banks in Uruguay"

Check out the Uruguay Guide here (the link for the Free Ebook in the menu. It has a section on banking that lists the main office and contact number for all the banks in Uruguay.

I did hear that CA Bank, ie: Credit Agricole or Credit Uruguay is packing their bags and leaving... probably selling their branches here to someone else. Not sure what is actually going on, but some who get their social security checks direct deposited are concerned as that's the only back they can be direct deposited in.

• Banks in Uruguay

Comment #13 Patrick from Rural east Colonia departmento - 10/25/09 23:11

"Santander"

There are several in MVD. Its the ROU's largest private bank.

I use the somewhat stone age branch in Colonia Valdense without the benefits of cash machines but the MVD branches are rather more 21st century than 19th :-)

• Santander Uruguay

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