Uruguay · Step by Step
Key Facts
- Easiest start. The state bank BROU opens a basic account for foreigners with just a passport and proof of address.
- Private banks. Itaú, Santander, BBVA and Scotiabank want a cédula or at least a RUT tax number and proof of income.
- Currencies. You can hold accounts in both pesos and US dollars — useful in a country where both circulate.
- Get a SIM first. Private banks send security codes to a local mobile, so sort a Uruguayan number before you go.
- Fast by regional standards. A basic BROU account can be opened in roughly one to three business days.
Here's a pleasant surprise for newcomers: Uruguay has one of the most foreigner-friendly banking systems in Latin America. Opening a bank account in Uruguay can start with nothing more than your passport. Here's how the state bank and the private banks differ, what documents each wants, and the simple path from passport to a full local account.
Start with BROU, the state bank
Banco República, universally called BROU, is the easiest door for a newcomer. Its basic account, the Cuenta Básica, is open to foreign passport-holders who can show proof of a local address — a lease or a notarised address letter is enough — with no local tax ID or proof of income required.
BROU has the widest branch network in the country, though staff mostly speak Spanish, so bring a translator if your Spanish is thin. Ask specifically for a US-dollar account (a cuenta en dólares) if you want one alongside your peso account, and expect the basic account to be ready in roughly one to three business days.
The private banks and what they want
Itaú, Santander, BBVA and Scotiabank serve foreign residents well, but they ask for more. Expect to show a cédula de identidad or at least a RUT tax number, proof of address, proof of income, and sometimes a bank reference letter from back home.
They generally won't open an account for a pure tourist with only a passport. Itaú's non-resident account, for example, carries a monthly cost of around US$40.
The trade-off for the extra paperwork is real: slicker mobile apps, easier international wire transfers and well-run dollar accounts.
Documents to bring
Come prepared. For any bank you'll want your passport with photocopies, and proof of a Uruguayan address such as a lease, a UTE or OSE utility bill, or a notarised letter from your landlord.
For private banks, add proof of income — payslips, bank statements or an employer letter — and a tax identifier, either your cédula or a RUT. US citizens complete FATCA forms such as the W-9.
Note that non-resident foreigners opening at BROU may be asked to place a plazo fijo (fixed-term deposit) of at least US$5,000 for 181 days or more; having residency in process changes that picture.
The smart sequence
The path of least resistance looks like this: arrive, get a local SIM and a place to live, open a BROU basic account on your passport, then start your residency. Once your cédula or a RUT comes through, upgrade to a private bank for the better app and services.
In the meantime, Mercado Pago can be activated with a passport for everyday payments and bill-pay, and RedPagos handles cash bill payments around the country. That way you're never stuck without a way to pay while the paperwork catches up.
Living with a Uruguayan account
Day to day, cards rule here — you'll tap for almost everything, and foreign cards even earn that handy tax discount. Online and mobile banking are solid and widely used.
If your income arrives in dollars, keep both a peso and a dollar account, since rent and property are often quoted in US dollars. Watch the monthly fees on private accounts, which add up, and remember that a local mobile number is effectively required, because that's where the security codes that approve your logins and transfers are sent.
Fees, transfers and a final tip
Before you sign, ask each bank for its full fee schedule, because monthly charges and transfer costs vary widely between the state and private banks. If you'll move money in from abroad, test a small international transfer first to see how smoothly it lands and what it costs.
For everyday spending the local cards and apps are excellent, and Mercado Pago covers the gaps. And keep that local mobile number active and topped up — losing access to it can lock you out of your own online banking at the worst possible moment.
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Frequently Asked Questions
Can I open an account with just a passport?
Yes — at the state bank BROU. Its basic account is available to foreign passport-holders with proof of a local address.
Private banks generally want more.
What do private banks require?
Itaú, Santander, BBVA and Scotiabank typically want a cédula or at least a RUT tax number, proof of address and proof of income, and sometimes a bank reference letter.
Can I hold US dollars?
Yes. Uruguayan banks routinely offer both peso and US-dollar accounts, which is handy since rent and property are often priced in dollars.
Do I need a local phone number?
Effectively yes for private banks, which send security codes to a Uruguayan mobile. Get a local SIM before you go to open the account.
How long does it take?
A basic BROU account can be ready in roughly one to three business days once your documents are accepted.
This guide is general information, not legal, tax, immigration or financial advice. Uruguay's rules change, so confirm current requirements with official sources — the Dirección Nacional de Migración, the DGI tax office and the Banco Central del Uruguay — and consult a qualified Uruguayan escribano or abogado before acting. Information is current as of June 2026.
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