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Open a bank account in Uruguay

⚠ CRSIn-person requiredNon-residents OKfrom £1,100

Who we work with

We work with Uruguayan commercial banks. An in-person visit is recommended. Minimum deposits from USD 5,000 (fixed deposit, 181-day term); at the second bank the minimum is agreed individually.

About this destination

Uruguay is South America's most stable and transparent country, often called the "Switzerland of South America". With CRS membership since 2018, strong banking secrecy for non-residents and one of the continent's most solid economies, Uruguay is a first-class choice for international bank accounts.

Banking system

All figures are indicative and subject to change. Not investment advice.

Key banks
Banco República (BROU), Banco Itaú Uruguay, Santander Uruguay, BBVA Uruguay, Scotiabank Uruguay, HSBC Uruguay
Credit rating
BBB (S&P), investment grade
Deposit guarantee
Fondo de Garantía de Depósitos, up to USD 250,000 for sight deposits (state-backed)
Currency
Uruguayan peso (UYU); USD accounts widespread
Inflation
approx. 6–9% p.a.
Deposit interest
2–5% p.a. on USD accounts; higher on UYU accounts
Banking secrecy & CRS
Moderate banking secrecy; CRS member since 2018; known for stability and legal certainty.

Knowledge & background

Why bank outside the EU?

EU account registers, EAPO, bail-in risk and de-banking — the full picture.

How our service works: step by step

Five steps from order to activated account.

Declaring your offshore account: what you must report

CRS, FATCA and national reporting obligations explained clearly.

The bail-in: what it means for your savings

SAG-Gesetz, BRRD and what actually happens in a bank resolution.

Questions first?

We'll tell you within 24 hours whether this destination fits your profile.

Quick overview

CRS status⚠ CRS
Minimum depositfrom USD 5,000
Remote openingIn-person required
Non-residentsNon-residents OK
Service feefrom £1,100

Not sure if this fits? Free consultation →

Requirements note

Proof of address and phone number must come from the same country — and that must be a genuine residence, not a PO box address. Our Nomad Package sets up a recognised address in the Philippines, including all required documents. Fully remote, no travel required. Ready in 1–2 weeks.

What's included in our service

  • Personal bank introduction
  • Document preparation and review
  • Application coordination
  • Ongoing support until account is active
  • Compliance and AML guidance

All information is provided for general guidance only and does not constitute legal, tax, or financial advice. Regulations and bank policies change; always verify current requirements before proceeding.