Banking Can Tourists Take Out US Dollars in Uruguay?

[InesBorges]

Is it possible for tourists to get US dollars from ATMs or their own bank accounts (Citi, HSBC) in Uruguay?

 

[SamBarto]

I've had success with an HSBC account at almost all ATMs in uruguay.

 

[RickPc]

I'll continue to take it a little more offtopic.

Uruguay is still a good place for financials especially compared to Argentina but they recently got strongarmed by the OECD in particular into tax info sharing agreements amongst other stuff. They share tax info with other countries now. The other one is if the USA wants to investigate terrorism and also for general crimes.

There's still more privacy than many places but it's really not that great any more.

It doesn't really effect criminals - they use companies and hide behind them. It really just effects the ordinary people who can't afford company incorporation fees like expats from countries with a global tax policy who try to tax things like your Argentine income.

Because of this it can be very hard for US citizens to get a bank account in Uruguay. Most uruguayan banks just don't want the hassle of uncle sam.

There should be more info on Uruguay account here. I looked into it as a way to avoid all the hassle needed for an Argentine account but it was hard to get the details. I found the BROU bank seemed very cheap but that made me suspicious and I don't know where their investments are, or how well capitalised as to how well protected they are from economic problems.
The other thing about BROU is that they are the national bank so info sharing is a lot quicker, not a good one if you want some privacy.

Anyone know anything about merchant accounts either?

Regards the original question,
be aware that many places are fussy about the condition of the notes. You might need to give them an iron!

 

[bwyonsea]

Why don t you just open a bank account in Uruguay, you make a wire transfer bank/bank and then you have no limit?????????????????????????????????????????????????????????????????
That´s how argentines use Uruguay for sending money to Switzerland.
The dollar controls are for taking away dollars, not for incoming with them.
Regards

 

[earlyretirement]

I'll continue to take it a little more offtopic.

Uruguay is still a good place for financials especially compared to Argentina but they recently got strongarmed by the OECD in particular into tax info sharing agreements amongst other stuff. They share tax info with other countries now. The other one is if the USA wants to investigate terrorism and also for general crimes.

There's still more privacy than many places but it's really not that great any more.

It doesn't really effect criminals - they use companies and hide behind them. It really just effects the ordinary people who can't afford company incorporation fees like expats from countries with a global tax policy who try to tax things like your Argentine income.

Because of this it can be very hard for US citizens to get a bank account in Uruguay. Most uruguayan banks just don't want the hassle of uncle sam.

There should be more info on Uruguay account here. I looked into it as a way to avoid all the hassle needed for an Argentine account but it was hard to get the details. I found the BROU bank seemed very cheap but that made me suspicious and I don't know where their investments are, or how well capitalised as to how well protected they are from economic problems.
The other thing about BROU is that they are the national bank so info sharing is a lot quicker, not a good one if you want some privacy.

Anyone know anything about merchant accounts either?

Regards the original question,
be aware that many places are fussy about the condition of the notes. You might need to give them an iron!

Exactly true. It's not so easy for Americans these days as most foreign banks around the world simply don't want to deal with Americans. There are too many reporting procedures right now and especially coming in the future so banks just don't want to open new accounts for Americans.

I opened an account in Uruguay many years ago. It wasn't difficult for me as I have a long-standing relationship with HSBC and my Premier Manager in London just made a phone call and they opened one. But even then I had to show quite a bit of paperwork as I recall. Several years later when my wife opened an account there, there was even more paperwork.

Now I'd think they really wouldn't be thrilled to open an account there for Americans. Same thing in places like Hong Kong and Singpore. They just don't want to deal with Americans.

There is really no such thing as "offshore" anymore. All these banks are sharing information. If you do open up a bank account there, I'd recommend keeping it below $10,000 US so you don't have to send the required paperwork to the IRS that you have an "offshore" account. Big flags for getting audited.