Uruguay has earned a considerable good reputation for its baking industry in terms of security and discretion. Bank accounts remain under strict secret by law. No-one could find how much money you have in it or how you operate with your money. These rules were introduced by the 1960's and have become a rule in the local banking industry.

Anyone, whether local resident or foreigner can open bank accounts. The only document required is a local ID card (known as Cédula de Identidad) or passport, no residency document will be requested. If you are not fluent in Spanish we may assist you with a translator. Just contact us.

The minimum deposit is USD 500. Also international transfers are possible but you will always be required to open the account (for the first time) being physically present in Uruguay. Afterwards you can be anywhere in the world and transfer money as you wish.

You can have a savings account or a debit account. Savings accounts make 5% profit a year.

The important thing is that you never pay tax on the money you deposit or withdraw. There is no income tax in the country so neither locals nor non-residents are charged for their deposits and transactions. Note: the new Income Tax to be introduced by mid 2007 will only tax local residents. If you do not live in Uruguay as permanent resident you will be exempt.

Most international banks are present in Uruguay like Citibank, HSBC, BBVA, ABN AMRO, Santander, ITAU, and also local banks such as Banco Comercial and Banco República (which is for US nationals the best option to open an account according to US expats general opinion for having offices in the United States and making the process pretty easy for transactions to the United States).

Have in mind that Uruguay is a safe finance plaze (this was proved true before, during and after the big financial crisis of the year 2002) and gained a good reputation over the years. To find out more read Bank Accounts and Money Transfers