Newcomer ATM in Uruguay for dollars

[IgnaMe]

Can anyone tell me where these mythical ATMs in Uruguay that give dollars are,I'm down here for a long time a few months will née sto replenish the reserves want to have a plan in place.i want to sty over night in montevideo and take out 2-3k$ depending on timing, etc... I can pull 1kpor dia.

 

[MikeDos]

FYI - Rumor has it that for the last two weeks, people have only been able to withdraw a maximum of USD$200 a pop at BROU ATMs, meaning they have to spend a lot more in transaction fees than before.

 

[TaisonCer]

About 5 weeks, was able to withdraw 2.400 USD in three separate 300 USD operations in Colonia (was the limit then).
I'll have more USDs withdrawn in Uruguay in about 5 days, will update.

 

[Sebanian]

I was in colonia 2.5 weeks ago and I could USD 300 at a time. However my bank blocked my card and that was all I got.
My Uruguayan friend can withdraw USD 500 with his credit card. Either way I will be in a couple of cities in Uruguay this weekend and can update.
Also, depending on how much money you need, it might be easier just going to the cashier in the bank and getting everything at once!

 

[IgnaMe]

I have a schwab card don't care about fees just née a large withdrawal

 

[SokKal]

I have a schwab card don't care about fees just née a large withdrawal

Be very careful with Schwab. Repeated large US dollar withdrawals in Uruguay will run a very high risk of getting your account closed by their compliance department.

 

[SlechCarson]

Be very careful with Schwab. Repeated large US dollar withdrawals in Uruguay will run a very high risk of getting your account closed by their compliance department.

Why is that? Do you have any evidence to back this up? Repeated withdrawals in other countries are ok? I've used my Schwab card all over the place and never had any issues.

 

[SokKal]

Why is that? Do you have any evidence to back this up? Repeated withdrawals in other countries are ok? I've used my Schwab card all over the place and never had any issues.

Personal experience.

I withdrew a fair amount of money by asking to have the ATM daily limit increased for single days over the space of a couple weeks, and withdrew dollars in Uruguay. I promptly received a letter from Chuck to say "we're closing your account" due to "a business decision".

I called them and spoke to them and they wouldn't confirm the reason, but when I asked is it because I withdrew a bunch of cash in a fiscal paradise, the woman said "mmhmm, but I can't confirm that".

I would assume once you cross the threshold for IRS reporting, possibly with the implication of structuring, they will look at your account closely. If you have huge brokerage balances with them or something, maybe they don't mind too much, but if you're leaching the ATM fee waivers, then be careful.

 

[TechNow]

Personal experience.

I withdrew a fair amount of money by asking to have the ATM daily limit increased for single days over the space of a couple weeks, and withdrew dollars in Uruguay. I promptly received a letter from Chuck to say "we're closing your account" due to "a business decision".

I called them and spoke to them and they wouldn't confirm the reason, but when I asked is it because I withdrew a bunch of cash in a fiscal paradise, the woman said "mmhmm, but I can't confirm that".

I would assume once you cross the threshold for IRS reporting, possibly with the implication of structuring, they will look at your account closely. If you have huge brokerage balances with them or something, maybe they don't mind too much, but if you're leaching the ATM fee waivers, then be careful.

This is pretty common with any institution that is geared for "savings". Someone needs to pay the ATM fees. So if you have an ATM fee waiver, you are generating more costs to them than your account generates in profits. No savings bank is going to hold on to unprofitable customers.

Any account that is going to have rapid turnover (money in, money out type activity) should be a checking account at a commercial bank. A savings or investment bank is going to ask you to close the account if you use it to turnover your money quickly and don't keep increasing your balance over the long term.

 

[SokKal]

This is pretty common with any institution that is geared for "savings". Someone needs to pay the ATM fees. So if you have an ATM fee waiver, you are generating more costs to them than your account generates in profits. No savings bank is going to hold on to unprofitable customers.

Any account that is going to have rapid turnover (money in, money out type activity) should be a checking account at a commercial bank. A savings or investment bank is going to ask you to close the account if you use it to turnover your money quickly and don't keep increasing your balance over the long term.

Just to be clear, this was an account where the cash withdrawals were peanuts relative to the total account balance. The clear implication for the reason that the account was closed was large cash withdrawals that, I guess, looked to them like structuring.

These were ATM withdrawals that did not have any ATM owner fee (BROU has no ATM Fee), so reimbursing hard money was not the issue.

 

[earlyretirement]

Just to be clear, this was an account where the cash withdrawals were peanuts relative to the total account balance. The clear implication for the reason that the account was closed was large cash withdrawals that, I guess, looked to them like structuring.

These were ATM withdrawals that did not have any ATM owner fee (BROU has no ATM Fee), so reimbursing hard money was not the issue.

Absolutely this happens. Schwab also closed my account a few years ago. I had a very large balance with them but they still closed it. I was pulling out cash almost daily out of the ATM's and I'm sure that is why they closed it. I also had another bank that waived all ATM fees and reimbursed any charges and that bank also shut down my account after repeated withdrawals.

As Expatriado mentioned, the bank is paying for these fees. With interest rates at almost nothing, these banks even if you have big balances, will still close them down if you are withdrawing too many times overseas.