Private banks in Uruguay
Uruguay Smart Estate
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If the state-owned BROU is the “skeleton” of Uruguay’s banking system, private banks are its flexible, more modern part. This is where expats, entrepreneurs and investors who value service, multi-currency options and digital solutions most often open accounts.
Main private banks in Uruguay
Several large private banks operate in the country, with both international capital and regional roots:
- Banco Santander Uruguay
- BBVA Uruguay
- Scotiabank Uruguay
- Itaú Uruguay
- HSBC Uruguay
- Banco Heritage
In practice, Russians have reasonably good chances of opening accounts and receiving cards at ITAU, BBVA and Santander. Swiss Heritage and Canadian Scotiabank are more likely to refuse to open an account due to compliance policies. HSBC is gradually reducing its presence in Uruguay, so there is little reason to seek an account there.
All of them are under strict supervision by the Central Bank of Uruguay, which ensures the system’s high level of stability.
In addition to the banks mentioned, there are fintech companies on the market that also issue debit and even credit cards. These are Prex and OCA; obtaining cards from these companies is not difficult.
BBVA website
Features of Uruguay’s banking system
Early withdrawal from a deposit is prohibited
Unlike the practice familiar to many people, fixed-term deposits cannot be closed early in Uruguay. This should be taken into account in long-term financial planning.
A bank card is a discount card
Partnerships between banks and shops or service providers are widespread in Uruguay.
Private-bank cardholders often receive supermarket discounts, special terms in pharmacies, offers at restaurants and cafés, and fuel bonuses. Participation does not require separate registration — it is enough to pay with a card from a bank that partners with that outlet.
In fact, a bank card becomes part of everyday savings. Many Uruguayans get cards from every bank — savings can reach 35%!
A deposit in dollars, pesos or indexed units?
Banks offer a broad range of deposits, with terms varying by duration and size. Dollar deposits are the least profitable, with the lowest interest rates. The most attractive, up to 10%, are peso deposits, given the peso’s stable exchange rate against the dollar.
An available teller (actually, no)
Banks are open on business days from 13:00 to 17:00. Keep this in mind.
Not an instant transfer
Some transfers, especially those made from one bank to another, may not go through immediately and can be delayed until the next banking business day. This also applies to amounts exceeding USD 500.
Theft of bank-card data
Cybercrime is growing alongside the digitalisation of life. To avoid risks, take precautions: do not let your card leave your hands while paying, use two-factor authentication, cover the card numbers with tape or use a special case.
Still have questions? Feel free to contact us for a consultation !
