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Banking in Uruguay

Best banks in Uruguay for expats & digital nomads

Opening a bank account is one of the first things you do after moving to Uruguay. Here are the accounts that work for newcomers and non-residents, plus the fintech we would set up before you fly.

How to open a bank account in Uruguay

Uruguay is relatively foreigner-friendly: the state bank BROU opens a basic account for a foreign passport-holder with proof of a local address and no tax ID needed. Private banks (Itaú, Santander, BBVA, Scotiabank) generally require a cédula de identidad or at least a RUT tax number, proof of address and proof of income; a local mobile number helps as security codes are sent by SMS.

Our top pick

Wise multi-currency account

Wise is the option we recommend for almost anyone moving to Uruguay: hold and convert 40+ currencies, get local account details to be paid like a local, and send money at the real exchange rate with low, transparent fees. It works before you even arrive, so you can receive income and pay deposits while your local account is still being set up.

Open a free Wise account →

Affiliate link: we may earn a commission at no cost to you. Wise is a fintech, not a bank; balances are safeguarded, not covered by deposit insurance.

Top banks in Uruguay

BROU (Banco República)

traditional
Easiest account for a new arrival

State bank; its basic account (Cuenta Básica) can be opened by foreign passport-holders with proof of a local address, no local tax ID required.

Itaú Uruguay

traditional
Residents wanting good app and fast SWIFT

Large private bank; stricter onboarding; typically wants a cédula or RUT plus proof of income.

Santander Uruguay

traditional
Retail products for residents (loans, mortgages)

Part of Santander Group; opens for foreigners who can show a meaningful economic tie (residency process, lease, local job).

Scotiabank Uruguay

traditional
US/Canadian clients and CRS/FATCA compliance

Offers a 100% digital bimonetary (UYU/USD) account for Uruguayan residents.

BBVA Uruguay

traditional
Residents wanting a Spanish-group bank

Subsidiary of BBVA Group; requires cédula or RUT, proof of address and income.

Prex

digital
Prepaid card and app-based UYU/USD wallet

Local fintech offering a card and app account as a lighter-weight option.

International accounts & neobanks

Payoneer

Available to Uruguayan freelancers and businesses to receive international USD/EUR payments.

Availability changes; confirm on each provider's site.

Next steps in Uruguay

See the full Uruguay tax, cost and visa profile, or compare Uruguay with other destinations. Not sure where to go yet? Take the finder quiz.