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Opening a bank account questions

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godeep
  4/29/2015 11:29 EST

Does anyone know what the current banking rules are for US residents to open an account? I found some information but it appears to be dated so I'm hoping that someone who has recently gone through the process can share with us what is required or if opening an account for US residents is even possible? Many thanks in advance for your help.

focus
  4/29/2015 20:50 EST

Hi Godeep,

US citizens who have not started their residency and do not have an Uruguayan id can only open an account at BROU. To do so you need to bring two forms of ID (passport, driver's license), proof of residential address (original, current invoice from known utility or communications company) and proof of income (latest tax return).

In some branches you will have to have everything translated to spanish. The Pocitos branch does not require this. You should allow for 3 days to have it all done (but we got it done in about two hours),

If you have a cedula (by starting the residency process), you can open an account pretty much anywhere and I recommend the Discount Bank.

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focus
  4/29/2015 22:00 EST

I should also mention that they seem interested in knowing how much money you intend to deposit in the bank on a monthly basis. I can only assume they are interested in that from a business standpoint so to show a decent incoming monthly amount is probably more interesting from their standpoint. However they also try to correlate everything (incoming income to tax return), you should be aware any claims you make may be challenged.

Morell
  4/29/2015 22:26 EST

We also had to have a current customer of the branch sign a form saying they knew us before BROu would open an account for us - we are not even from the US.
I have heard different branches have slightly different requirements.

Wanderlustspirit
  4/29/2015 23:35 EST

I opened the bank account with Michael so he has covered most of it. I also brought a few additional items that they seemed to appreciate, namely, a letter of reference from my bank & a copy of my bank statement to show I had funds. You also need 2 forms of IDs, I used my driver's license & passport from the U.S.

You also have to complete the IRS w-9 & I signed easily 10 different forms. You also should have your husband's passport # as they request this. Due to FACTA, it is the most convoluted process I have ever experienced.

They made me sign a form stating my money was not from drug laundering. I could only open a savings account. Lastly, I need to get a letter from my accountant stating WHERE the money I will be wiring to the bank to purchase a home in Uruguay came from. Lots of extra work for Americans.

No idea of details for a business account as I only opened a personal account.

godeep
  4/30/2015 00:28 EST

Thank you all for the valuable info. I'm going to have to start practicing my jumping skills to make it through all the hoops.

Chris

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edykizaki
  4/30/2015 08:08 EST

best explanation of this process I have seen! very valuable!

Flyingbluejay
  4/30/2015 14:59 EST

Greetings Wanderlustspirit,

How kind of you to post this information, it is another piece of the puzzle for which I am appreciative.

You should have a PM from Flyingbluejay with even more queries.

Thank you again.

Regards,

Flyingbluejay
  4/30/2015 15:11 EST

Greetings focus,

It seems the up button is not working for me and now I have hit the down button by accident on both posts. So sorry! Posting was not in the plan but now it is a must.

Thank you for the information and for assisting Wanderlustspirit in her quest which was multi-faceted and of interest to those of us here.

Your contributions are appreciated.

Regards

LD
  4/30/2015 18:31 EST

Focus,
Thank you so much for the info. I'm following the details because we will be visiting this summer--but moving the following summer due to well whatever. Should I set up a bank account when I visit this summer or wait until I move to UY? Should I start the residency process when we are there? or wait?
We are coming for 3 weeks.
Thank you for all of your suggestions. I just love this forum--you all rock!!!

Morell
  4/30/2015 18:47 EST

Things change here quickly but we were told if you apply for residency and then leave, they will throw your stuff away after six months of absence.

You have to apply for permission to leave once you are "en tramite" and everything is computerized now so they have all the info.

Personally I would wait until you are actually living here.

You also have only so long to import your household goods once you get your temporary residency. I believe you must start this within 60 days of getting your first temporary cedula.

http://www.imb.com.uy/eng/documentos/import-customs-regulations.pdf

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focus
  4/30/2015 20:32 EST

Hi Flyingbluejay,

No problem. They say any publicity is good publicity.

focus
  4/30/2015 20:36 EST

Hi LD,

You are most welcome. I believe Morell has summed up nicely why you will have to wait. It's a crazy world we live in so nothing would surprise me but I think that controls on the movement of capital might not come until later than your planned move date.

Wanderlustspirit
  4/30/2015 22:32 EST

LD - I have a different take on the timing of capital controls. They are being implemented in other global markets currently (i.e. Greece) & new controls were "tested" in the U.S. as recently as a month ago.

The risk is if you opened an account & then were unable to move to Uruguay to reside. However, my understanding is that since funds can be wired internationally (I picked up the wiring instructions for BROU while at the bank), you could always wire the funds back to your U.S. bank if for some reason the move to Uruguay did not occur. Best of luck with your upcoming trip!

kimbo47
  4/30/2015 23:10 EST

I agree with your comment on timing. But if you open a checking account you should be able to write a check or wire the money as you say.
By the way I was told that now the IRS requires owner to report in their tax return all the foreign accounts even if smaller than $10,000.

Wanderlustspirit
  5/1/2015 08:38 EST

That is true Kimbo. I had to sign a paper stating that the IRS would be notified I have a savings account in Uruguay. I believe this was just one of the changes that occurred due to FACTA legislation.

Wanderlustspirit
  5/1/2015 08:41 EST

Btw, I had to sign this form even though the bank employee knew I was opening the account with $ 300.

Wanderlustspirit
  5/1/2015 10:02 EST

If you want to fully understand the implications of FACTA & what it means to you, listen to the 4/16/14 podcast ("radio" heading) at www.trunews.com Very detailed analysis.

Wanderlustspirit
  5/1/2015 11:09 EST

Btw - FACTA created a reciprocity agreement w/other countries (I.e. You tell the IRS of the U.S. What our citizens and/or green card holders have in accounts in YOUR country & the U.S. Will tell that country what accounts their citizens have in U.S. Accounts. So much for any privacy laws.

crazyfarmer
  5/1/2015 11:51 EST

Banks provide no service that we need, and charge for the privilege. They hold your money hostage, limit your access to it, charge you money to get it back, and ultimately steal it from you.

Most people don't realize that money is loaned into existence by banks rather than just printed by the government. And your taxes are used to pay interest that the government owes back to the banks. Then they print more reducing the value of the money that you have already earned which is a form of taxation, then they tax you when you make it, tax you when you spend it, and tax you when you die reducing what your children get.

They've also signed most countries on to other-worldly amounts of derivative debt that you as a taxpayer will be required to repay. Of course you can't, which is the whole idea.

And now they're talking about negative interest rates on saving.

Banks are evil. And all of us should choose not to participate.

Morell
  5/1/2015 12:16 EST

We have some Uruguayan Government Bonds through BROU giving us almost 15% interest a year plus Canadian Bank stocks that give us 16% interest so we are happy with banks.

crazyfarmer
  5/1/2015 13:29 EST

The rate of inflation in Uruguay at the moment is 7.5% if you believe official numbers. So at best you're really only getting half that rate of return. Assuming the Canadian inflation numbers are true, those investments are doing considerably better.

But the cynic in me seriously doubts that you're getting a reliable rate of return over 15%. If you were, everyone all over the world would be jumping on those investments right now. But they're not. Which makes me ask why. And the answer is almost certainly risk. The reason stocks are doing so well is because those with first access to printed money are pouring their money into stocks. So the inflation from printed money is ending up in stocks instead of in the general economy. This can't last forever.

Then there's ethics. When the world wide financial collapse comes, the banks may be the only ones left standing. So maybe that's a smart investment. but I would never choose to profit from something that makes money by robbing people.

Morell
  5/1/2015 13:34 EST

Well you first have to believe in the "world wide financial collapse" which I don't.

Be as cynical as you wish.

LD
  5/2/2015 07:20 EST

Thank you so much for the great advise.

LD
  5/3/2015 06:31 EST

Yes, I just filed out tax returns and there is new information on the forms--such as list ALL foreign bank accounts. I had just never seen that before, so it was interesting. Thanks again for all your support. I will await until I move to set up a bank account. I will focus on schools and a place to live when we visit for 3 weeks in the summer. thanks again

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