Hello,
Banco de la República del Uruguay The state-owned bank of Uruguay, Banco República or BROU was founded in 1896 under the presidency of Juan Idiarte Borda. It is the most important Uruguayan bank with the largest number of customers.
We too, will be opening an account with them. I'm assuming our passports, ce'dula cards and an address of occupation, will be needed. We have and account opened in the states at Banco Santander, and will reopen a local one as well.

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00abuse

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I think you will find that each branch is slightly different.
When we opened an account several years ago, we also had to have a letter of reference from our Bank up north, and we had to get a current user of that branch to write a recommendation to the bank. At a later time we had to take in notarized copies of the sale of our property up north and income statements to show where our money comes from as well as notarized copies of our house and car purchase here. We were told our account would be "limited" if we did not produce the paperwork they requested. We were told the Uruguayan Central Bank requires certain information on all bank customers and if the banks do not comply they will be fined.
You may find the rules different now and other branches may have different requirements.
Some people prefer other banks such as ITAU or Santander which are said to be more customer friendly.

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your level of difficulty will depend on whether or not you are a citizen of the USA. If so the FATCA laws that went into place in mid 2014 have made US cits the lepers of international banking. Basically the US demands that all banks obey their silly IRS rules or have money withheld (30%, i believe, from all transfers or wires). Many banks have just decided not to deal with these clients at all. BROU still does - but Morell (as usual) is right -they're all different. i opened an acct in La Paloma (before FATCA) - with a YEAR'S worth of original bank statements (from my US bank) which they still have... and notaized letters of recommendation from my US bank manager, other notarized letters documenting my balances and income on all my accts in the US.
When i moved to Punta del Este - they wanted utility receipts to document an address here (all in addition of course to the passport and cedula) - that's all i can remember now! Load up and good luck (if you're from the US!) Expect to be surprized. It is all an adventure. Helps if you speak Spanish - or bring a friend who does. have fun. really.

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And you always have to have proof of where your money came from.

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Many thanks to those who have shared their insight and experiences.

And yes, I am a US citizen but have permanent residency in Panama; Source of money is work income reflected in bank statements, so that would not be an issue.

Not too long ago I learned of BROU and may want to invest in their CDs offerings. Thought I would explore further.

Would an informed Uruguay lawyer be helpful in this exploration?

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