wcordin
4/20/2010 14:40 EST
We are Trying to purchase a property and have to jump thru hoops it seems to wire any money into our acct at brou. Is that normal?
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Norm123
4/20/2010 22:55 EST
Are the problems you are having with the Uruguay bank or on the US end of the wire?
We are planning on being in Uruguay in September and plan on opening a bank account and wiring money in at that time.
Any information that we can get in advance will be most helpful.
Hope you get things working OK.
Norm
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lasoria
From: Uruguay
5/7/2010 10:49 EST
Because of money laundering problems and concerns, the USA is requiring that Uruguay have much more stringent rules and regulations with regards to wire transfers. One has to provide much information regarding the proceeds of the monies and proof of how they are to be used while in Uruguay. Lots of paper work and more bureaucracy.
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wcordin
5/12/2010 20:10 EST
It took 8 days once the bank got the funds to credit the acct. When you have a wire sent the bank has to put in the swift MSG that the funds are legal and you are a great client etc etc. , which is a joke because the banks in the USA only know someone if they are a celebrity
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Norm123
5/12/2010 23:34 EST
It does not matter where you are in the world, if you wire funds in US$$ it goes through the US. Even wiring USD from Uruguay to Argentina it will go through the US. So in the future I will wire funds in something other than USD.
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kimbo47
4/24/2012 12:51 EST
Norm,
I'm not sure but you may be required to be a resident to open an account because I understand you need a utility bill with your name and address and i assume that means a UY address?
Can anyone clarify this issue?
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davidUR
4/24/2012 18:32 EST
Even though it seems like a big hassle, relatively speaking Uruguay is more reasonable than most other places in the region to open a bank account and wire money. You do not need to be a resident or have a tax ID to do it. But as others point out there are hoops, and they change. The utility bill can be from your home country - It is not a test to see if you are living in Uruguay, because that is not a requirement. Here is a link to a post that will give you some good background on oopening a bank account and banking in uruguay: http://www.paradiseuruguayblog.com/2010/10/banking-in-uruguay.html
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