Open a bank account in Uruguay

Yes, a non-resident can open a bank account in Uruguay. But it is not the same account someone with a Uruguayan ID opens, and that difference determines the requirements, the costs and what you will be able to do with it. Here is the distinction almost no article explains, plus the real requirements and what to expect from the process.

The framework is set by Law 19.210 on Financial Inclusion and Central Bank regulations. Specific requirements are defined by each bank: confirm with the institution before starting.

The distinction that changes everything: resident or non-resident

Uruguay allows foreign nationals without residency to open accounts. What changes is the type of account you can access.

If you have residency and a Uruguayan ID

You get the full system, including accounts under the financial inclusion regime, which carry a concrete benefit: accounts used to receive salaries, pensions and benefits have no opening, maintenance or closing cost, and require no minimum balance. They also allow you to withdraw funds at any time, with no notice period or minimum holding requirement.

There is also the basic savings account, reserved for individuals who are nationals or resident foreign nationals, with a monthly deposit cap of 7,000 Indexed Units.

If you do not have residency

You get non-resident accounts, which are a different product: they usually require higher minimum opening and maintenance amounts, carry costs, and fall outside the free financial-inclusion regime.

The practical conclusion: if you plan to settle here, order matters. Starting your legal residency and obtaining the identity document first opens up a far better range of products than opening a non-resident account and migrating it later.

What documentation is required

Requirements vary by bank and account type, but the core repeats:

Identity document: Uruguayan ID if you are resident, valid passport if you are not.
Proof of address, in Uruguay or in your country of origin depending on the case.
Evidence of the origin of funds. This is the point that generates the most questions and the most rejections.
Banking references, common for non-resident accounts.

Why they ask you to justify the origin of funds

It is not arbitrary bureaucracy: anti-money-laundering regulations require banks to know their customer and document where the money comes from. In practice that means presenting payslips, tax returns, deeds from the sale of an asset or accountant’s certificates, depending on your source of income.

The clearer and better documented that story is, the faster the account opening moves. Turning up without that paperwork prepared is the most common cause of delay.

Contáctanos para más información

Which currencies you can hold

The Uruguayan system allows you to operate in Uruguayan pesos, US dollars and euros, and holding accounts in more than one currency is common. For anyone earning abroad and spending in Uruguay, that flexibility is one of the strongest reasons to bank here.

Types of account available

Savings account for individuals: the most common for everyday use.
Current account for individuals and companies, with a chequebook.
Investment accounts, for those trading financial instruments.
Company accounts, both local and foreign.

If you are going to invoice on your own account, sort out the structure first: see how the sole proprietorship works, or the types of companies in Uruguay depending on your projected turnover.

Can it be opened from abroad?

Several banks allow the process to be started remotely, especially for non-resident accounts, but it is common for at least one in-person step to be required, or signature before a notary with apostilled documentation. Confirm with the bank before organising a trip, because policy varies considerably between institutions and changes over time.

If you are going to sign documentation from abroad, resolve the apostille or legalisation first and, if it is in another language, the official translation.

Argentinians, Brazilians and Spaniards

There is no special regime by nationality: the entry point is the same for everyone and depends on whether you are resident or not. What does change with the country of origin is the supporting documentation — which income certificates exist, how they are evidenced and whether they need an apostille or translation.

For Mercosur nationals, including Argentinians and Brazilians, the fast route to a full account runs through Mercosur residency, which is considerably simpler than the general route.

Frequently asked questions

Can a non-resident open a bank account in Uruguay?

Yes, through accounts specifically for non-residents. They do not, however, get access to financial-inclusion accounts or the basic savings account, which require residency.

Do accounts in Uruguay have maintenance costs?

Accounts used to receive salaries and pensions have no opening, maintenance or closing cost and require no minimum balance. Non-resident accounts usually do have costs and minimums.