Banking How Hard is it to Start a Bank Account in Uruguay?

[HansonYes]

I'm aware that there are older discussions on this topic, but I'm interested in finding out if there have been any recent changes or updates.

As an EU citizen with an EU passport, I'm particularly curious to learn if having a local (or Argentine) address is necessary to initiate a bank account. Additionally, I'd like to know if there are any banks that demand less paperwork and streamline the process.

Your insights would be greatly appreciated, and I'm certain this information could prove helpful for other expats too.

 

[earlyretirement]

SUPER easy. I opened one at HSBC and it was very easy. The banking system in Uruguay is wonderful. Light years ahead of Argentina. Then again just about any country is light years ahead of Argentina's banks.

I don't think you need a local address. I have a house in Punta del Este but at the time I opened it I didn't have an address in Uruguay. I just used my address in Buenos Aires but I don't think it matters. I just had to show my Passport. EU shouldn't be a problem. These days most banks around the world do NOT want American clients do to all the hassles, red tape and paperwork but you shouldn't have any problems from the UK.

 

[JeffJerson]

I used to have in HSBC Uruguay in 2007-2011..I started with 4000 usd..and in 4 years they emptied my account to zero for "multa" because I did not get their mail that I must maintain a minimum 20,000 usd.

 

[earlyretirement]

I used to have in HSBC Uruguay in 2007-2011..I started with 4000 usd..and in 4 years they emptied my account to zero for "multa" because I did not get their mail that I must maintain a minimum 20,000 usd.

Wow. Really? Was it an HSBC Premier account? I have HSBC Premier accounts in several countries including Uruguay. I can't remember if that's why they waived the fees but I have less than $20k in mine and never had fees. Same as my accounts in Argentina. I've never ever gotten charged any fees.

Definitely I wouldn't open an account with any bank that charges that kind of fees. Ceviche, how much were they charging you each month?