Banks in Uruguay: 2025 Guide for Foreigners

Uruguay has built a reputation as one of South America’s most reliable and transparent banking hubs, attracting foreigners who want stability, strong privacy, and access to the international financial system. While the process is more straightforward than in many neighboring countries, opening and maintaining a bank account in Uruguay comes with certain rules that foreigners should be aware of.

First, presence matters. Most banks require you to be physically in Uruguay to start the account-opening process, even though in some cases pre-approval can be arranged remotely. You will need to present valid identification, usually a passport, and proof of residence, either in Uruguay or abroad. Banks also ask for documentation that justifies the origin of your funds, such as tax returns, employment contracts, or property sale records. This requirement is part of Uruguay’s strict compliance with international anti-money laundering (AML) and tax transparency standards.

Another factor is banking culture. Unlike in offshore jurisdictions where accounts are marketed for secrecy, Uruguayan banks emphasize legal transparency while still offering privacy protection within the law. The Central Bank of Uruguay supervises all institutions, ensuring strong regulatory oversight and deposit security. Foreigners can open accounts in multiple currencies, including U.S. dollars and euros, which makes Uruguay particularly attractive for investors and entrepreneurs who operate internationally.

Finally, expect a cautious but professional process. Banks typically run background checks and may request references from your home bank. The approval timeline can vary, sometimes just a week, sometimes several weeks, depending on the complexity of your case and the bank’s internal procedures. Once open, accounts allow access to online banking, international transfers, and investment products, making Uruguay a practical gateway for those seeking a stable financial base in Latin America.

Benefits of Having a Uruguay Bank Account

Opening a bank account in Uruguay provides not only access to the country’s stable financial system but also a range of practical advantages for both residents and non-residents. Uruguay has built a reputation for financial reliability and a secure environment, making it attractive for individuals and businesses alike. Below are five key benefits:

1. Financial Stability and Security. Uruguay is known for its stable banking system, backed by strong regulatory oversight from the Central Bank of Uruguay. The country has avoided major financial crises in recent decades, giving account holders confidence in the safety of their funds.

2. Access to International Banking Services. Many Uruguayan banks provide multi-currency accounts, online banking platforms, and international transfers. This makes it convenient for foreigners, investors, and entrepreneurs who need to manage money across different countries.

3. Favorable Tax Environment. Uruguay applies a territorial tax system, meaning foreign-sourced income is generally not taxed. This makes holding an account particularly attractive for non-residents, expatriates, and international businesses who want efficient tax planning solutions.

4. Gateway to South American Markets. A local account simplifies doing business in Uruguay and across Mercosur countries (Argentina, Brazil, Paraguay, and others). It allows foreign investors to pay suppliers, receive payments, and manage local transactions seamlessly.

5. Personal Convenience and Investment Opportunities. Having an account in Uruguay helps with daily life,  paying utility bills, property expenses, or tuition fees if relocating and applying for residency and citizenship. It also facilitates participation in local investment opportunities, such as real estate or government bonds, which are often easier to access with a local account.

6. Facilitating Residency by Investment Program. For those pursuing residency in Uruguay through investment, such as real estate purchases, business establishment, or government bonds, a local bank account is essential. It provides the official financial record required to prove investment activities, ensures smooth fund transfers, and strengthens the residency application process by demonstrating financial ties to the country.

7. Supporting Residency for Digital Nomads and Retirees. Uruguay has become an attractive destination for digital nomads and retirees due to its stable economy, safe environment, and good quality of life. A local bank account is often required to prove financial means, receive pension transfers, or show regular income. For digital nomads, it simplifies managing international earnings and converting them into local currency, while retirees benefit from seamless access to their pensions and secure financial management.

Top Banks in Uruguay 

In Uruguay, banks are known for their transparency, international accessibility, and high regulatory standards. They serve all, offering a range of financial services from savings accounts and mortgages to business financing and investment products. Below are some of the most reputable banks in the country:

Banco República (BROU)

Banco de la República Oriental del Uruguay (BROU) is the largest and most important state-owned bank in Uruguay. Founded in 1896, it plays a central role in the country’s economy and offers services tailored to both individuals and companies.

• Overview: BROU operates with more than 120 branches across Uruguay and maintains offices abroad in Buenos Aires, New York, and other cities. It is widely trusted by locals and expatriates for its broad accessibility and government backing.
• Services and fees: BROU offers current and savings accounts in pesos, dollars, and euros, international transfers, credit cards, mortgages, and business loans. Account maintenance fees are relatively low compared to private banks, but vary depending on account type. Fees can be found here. 

Banco Santander Uruguay

Banco Santander Uruguay is a subsidiary of the global Santander Group, one of the world’s largest financial institutions. It has a strong reputation for providing innovative services and digital banking options.

• Overview: Operating in Uruguay since 1978, Santander has more than 60 branches and 200 ATMs across the country. It is considered one of the leading private banks in Uruguay.
• Services and fees: The bank offers multi-currency accounts, mortgages, investment products, credit cards, and corporate banking solutions. Santander Premier clients enjoy personalized wealth management. Fees vary depending on the service, but the bank is generally positioned as a mid- to high-tier option.

BBVA Uruguay

BBVA Uruguay is part of the Spanish BBVA Group, recognized for its digital banking leadership and commitment to innovation.

• Overview: BBVA has around 40 branches and is particularly strong in Montevideo. It caters to both retail and corporate clients, with emphasis on digital banking tools.
• Services and fees: Services include savings and current accounts in pesos and foreign currencies, personal loans, mortgages, investments, and online trading platforms. BBVA charges standard maintenance fees but often provides discounts for digital-only services.

Itaú Uruguay

Banco Itaú Uruguay is a subsidiary of Brazil’s Itaú Unibanco, the largest bank in Latin America by assets. It is known for offering a wide variety of services and international reach.

• Overview: Itaú has more than 40 branches in Uruguay and is particularly popular with international clients from Brazil and Argentina.
• Services and fees: Itaú provides personal and corporate accounts, investment funds, credit and debit cards, and financing solutions. Fees are higher than those of state-owned banks, but services are tailored for high-net-worth individuals and cross-border businesses.

HSBC Uruguay

HSBC Uruguay, part of the global HSBC Group, offers international clients seamless access to global financial services.

• Overview: HSBC has operated in Uruguay since 1997, focusing on private banking, trade finance, and wealth management. It is widely chosen by expatriates and multinational companies.
• Services and fees: HSBC provides international accounts, private banking, mortgages, and investment products. Its fees are generally higher than local banks, but the global connectivity and premium services justify the cost for many international clients.

Choosing the right bank in Uruguay ultimately depends on your individual or business needs. For those seeking stability and government backing, BROU is often the first choice. If you prefer international connectivity and advanced digital banking, Santander, BBVA, and HSBC offer strong solutions.

Uruguay Banking for Residents and Non-residents: What Are the Differences?

Uruguay’s banking system is open to both residents and non-residents, but the conditions under which they can access financial services differ. For residents, opening a bank account is relatively straightforward, as local documentation, such as a cédula (national ID) and proof of address in Uruguay, is usually sufficient. Non-residents, however, face stricter requirements, particularly regarding proof of the origin of funds and international bank references. This stems from Uruguay’s commitment to global compliance standards, including FATCA and CRS, which obligate banks to monitor and report certain financial activities.

Residents often benefit from easier access to consumer products such as credit cards, personal loans, and mortgages. Non-residents, on the other hand, are generally limited to deposit and savings accounts, foreign-currency accounts, and investment-related services. That said, both groups enjoy the same high level of regulatory security and access to multi-currency banking, which is one of Uruguay’s strongest advantages in the region.

For many foreigners, the difference comes down to documentation and access. While non-residents can still open accounts and hold funds securely in Uruguay, they must be ready for a more detailed vetting process and fewer consumer-credit opportunities compared to residents.

For a brief comparison, please refer to the table below:

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Requirements to Open a Bank Account in Uruguay as a Non-resident

Opening a bank account in Uruguay as a foreigner is possible, but the process is far from simple. In recent years, transparency reforms and tighter compliance with international anti–money laundering standards have raised the bar for non-residents. 

Identity and Residency Documents

The first step is providing valid identification. This can be a passport, national ID card, driver’s license, or a Mercosur card for citizens of neighboring countries. Non-residents do not need to hold local residency, but banks expect full documentation before proceeding.

Proof of Address

Applicants must also present recent proof of address, typically in the form of utility bills (water, gas, electricity, or landline telephone) or official tax receipts. These documents must be no more than three months old and must clearly state the applicant’s full name and residential address.

Source of Funds

Perhaps the most scrutinized step is demonstrating the origin of funds. Clients are required to submit financial documents such as tax returns, salary slips, or contracts proving the sale of property. This step reflects Uruguay’s strict stance on compliance, aiming to prevent illicit flows of capital into its financial system. New clients might be required to deposit up to 50,000 USD during the account opening, the amount can be wired out shortly.

Banking History

Finally, banks expect proof of an existing relationship with another financial institution. This typically means a reference letter from a bank abroad or a recent bank statement, with Argentine accounts often serving as the most common source for regional applicants.

For non-residents, these requirements can seem extensive, but they highlight Uruguay’s effort to balance financial openness with regulatory responsibility. The country wants to remain competitive as a financial hub in Latin America while reassuring international watchdogs that its system is no longer a weak link in the fight against money laundering.

How to Open a Bank Account in Uruguay?

For non-residents, opening a bank account in Uruguay is a carefully structured process that blends paperwork, compliance checks, and patience. Please see the detailed procedure for opening a bank account in Uruguay below. 

Step 1. Choose Your Bank

Uruguay has a mix of state-owned and private banks, with Banco República (BROU) being the most prominent. While international banks like Santander and Itaú also operate in the country, all follow strict compliance protocols. Non-residents often find state banks slightly more accessible, though private banks may offer a wider range of international services.

Step 2. Prepare the Documentation

Before approaching a Uruguayan bank, applicants must ensure that their paperwork is in order. Banks expect to see proof of identity, evidence of a stable residence, and clear documentation that shows where the funds originate. In addition, applicants are usually asked to demonstrate an existing relationship with another financial institution abroad, often through a reference or statement. Missing even one of these elements can delay or derail the process, so preparation is key.

Step 3. Visit the Branch in Person

Uruguay may require most non-residents to visit a bank branch in person. This face-to-face verification is part of the country’s anti–money laundering compliance. Applicants should expect an interview-style meeting where bankers may ask about professional background, reasons for opening the account, and the intended use of funds.

Step 4. Compliance Review

Once submitted, the documents undergo a compliance and risk assessment. This stage can take several days, depending on the complexity of the applicant’s financial background. Banks place particular focus on the origin of funds and whether the profile fits within Uruguay’s regulatory framework.

Step 5. Account Approval and Access

If approved, the client receives account details, along with access to online banking platforms and international transfer services. Some banks may impose minimum balance requirements or limit services for non-residents initially, easing restrictions as the relationship develops.

Uruguay Banks and Cryptocurrency

Uruguay’s banking sector has become increasingly cautious toward cryptocurrency clients. Local banks often decline account applications linked to digital assets, citing anti-money-laundering concerns. This shift reflects the country’s broader move away from its past reputation as a discreet offshore haven. Today, transparency rules mean that anyone looking to open an account must clearly demonstrate the origin of their funds.

Yet while traditional banks remain wary, Uruguay’s policymakers are moving in the opposite direction, laying the groundwork for a thriving digital asset ecosystem. At the seventh edition of the Blockchain Summit Global in Montevideo, supported by Uruguay XXI, over 60 international and local speakers debated the future of blockchain, Web3, and cryptocurrencies. A central panel on crypto regulation featured Patricia Tudisco of the Central Bank of Uruguay, alongside leading legal experts, and confirmed what many already sensed: the country is at a pivotal moment in defining its crypto future.

Uruguay’s Central Bank has recently amended its Charter to introduce the concept of Virtual Asset Service Providers (PSAVs), signaling a transition toward clearer rules. Secondary regulations are expected soon, designed around three pillars: consumer protection, anti-money-laundering compliance, and alignment with international standards. The move is seen as a step toward balancing innovation with responsibility, an approach that appeals to both fintech startups and global investors.

Stablecoins were another hot topic at the summit. The Central Bank indicated that fiat-backed stablecoins could be classified as electronic money, allowing their issuance under existing regulatory licenses. If confirmed, this would place Uruguay among the few Latin American countries offering a pragmatic path to legitimizing stablecoin use.

The event also underscored Uruguay’s broader ambitions as a tech hub. Panels explored the growing role of artificial intelligence, with companies such as Zapia and Infuy showcasing exportable solutions, and the launch of the Blockchain Chamber of Uruguay marked a new institutional effort to connect regulators, startups, and industry players in building a sustainable ecosystem.

Taken together, Uruguay offers a paradox: a conservative banking sector on one side, and a forward-looking regulatory and innovation environment on the other. For entrepreneurs and investors, it is precisely this tension, between strict compliance and progressive policymaking, that makes Uruguay one of the most interesting places to watch in Latin America’s crypto evolution.

Which Bank is the Best for Foreigners in Uruguay?

If foreigners have to pick one standout bank for foreigners in Uruguay, HSBC Uruguay often emerges as the most convenient and accessible choice. It's the first fully digital bank in the country, allowing 100% remote onboarding for personal and Premier accounts, so you can open an account from abroad, a rare and valuable flexibility for non-residents. HSBC also offers fast crediting of funds, 24/7 online transfers, and strong global connectivity, especially advantageous for those dealing with international transactions. 

Is There a Bank of America in Uruguay?

No, there is currently no Bank of America branch in Uruguay. Bank of America previously operated in Uruguay under the BankBoston name, with 15 branches and an accompanying credit‑card operator called OCA, but these operations were sold to Itaú in 2006–2007 and the BankBoston brand was discontinued in the country. 

Can I Open a Bank Account in Uruguay as a Non-Resident?

Yes, non‑residents can open bank accounts in Uruguay, though the process often comes with additional requirements. Many foreign nationals can open accounts, typically in U.S. dollars, by providing a valid passport, proof of address (domestic or international depending on the bank), documentation verifying the source of funds, and sometimes a bank reference (e.g., from their home bank). Some banks may also require a substantial initial deposit or a time‑bound holding deposit, for example, one bank may require around USD 5,000 held for six months before converting to a regular account. 

Can a US Citizen Open a Bank Account in Uruguay?

Yes, a US citizen can open a bank account in Uruguay, but the process can be more complex for non-residents due to strict anti–money laundering regulations. Most banks require in-person visits, proof of identity (passport), proof of address, and documentation of the source of funds. Some banks may also request a local tax ID (RUT) and additional background checks. While possible, account opening for US citizens often takes longer and may involve higher compliance requirements due to FATCA reporting obligations.

Do You Have to Be in Uruguay to Open a Bank Account?

No, you don’t have to be in Uruguay or a resident to open a bank account. However, most banks require a personal interaction. Non-residents can open accounts with just a passport and supporting documents such as proof of address, income, or banking references. In many cases, the process can be done remotely through consultants, though some banks may require higher minimum balances or additional paperwork.

Can I Open a Bank Account in Uruguay for a Foreign Company?

Yes, a foreign company can open a corporate bank account in Uruguay. Uruguayan banks generally allow account openings for companies incorporated abroad, provided they present the necessary documentation and comply with local formalities.

How Long Does it Take to Open a Bank Account in Uruguay?

For individuals, particularly through services like Golden Harbors, the process typically takes about 2 weeks once documents are submitted. For corporate accounts, it commonly takes around 4 weeks.

What Are the Easiest Countries to Open a Bank account as a Foreigner?

Some of the easiest countries to open a bank account as a foreigner include Hong Kong, Singapore, Mauritius, UAE, Panama, Belize, and the British Virgin Islands, which are well-known for offshore banking and often allow remote onboarding (sometimes through fintechs or intermediaries), while Switzerland and the Cayman Islands are also options but usually require higher deposits or in-person visits. In Europe, digital banks like Monese, N26, and bunq make it simple for non-residents to open accounts online with minimal documentation, and countries such as Portugal, Hungary, Georgia, and Armenia are relatively straightforward for traditional accounts.