Uruguay (UY)

Monthly fee: Free digital account (cuenta básica); $U 0–200/month for full account

Requirements: Cédula de identidad (Uruguayan ID) required. Temporary residents can open account with residency resguardo. Proof of address (utility bill or rental contract). Source of funds documentation for amounts over USD 10,000.

• + Largest ATM network in Uruguay — withdrawals free at all BROU ATMs
• + Largest branch network including interior towns
• + State-guaranteed deposits (implicit government backing)
• + BROU Pagos digital wallet for mobile payments
• + USD and UYU accounts available
• + Most landlords and utility companies prefer BROU for direct debit

• - No English interface
• - Long queues at branches
• - Website and app less polished than private banks
• - Limited credit card products for new residents

Monthly fee: $U 300–800/month (account maintenance)

Requirements: Cédula de identidad and proof of address. Minimum monthly income or balance may be required for full account.

• + Modern app and online banking (itau.com.uy)
• + Good credit card options with international acceptance
• + Part of Itaú Unibanco group — useful for those with Brazil connections
• + English-speaking staff available at some Montevideo branches

• - Monthly fees of $U 300–800/month higher than BROU — BROU's free digital account is significantly more cost-effective for budget-conscious expats
• - Fewer branches in interior Uruguay — primarily concentrated in Montevideo; limited coverage in smaller departments and rural areas
• - International SWIFT fees: USD 25–50 per outbound wire plus 1–3% exchange spread — Wise is significantly cheaper for regular overseas remittances
• - Cédula de identidad required before account opening — foreigners must obtain Uruguayan residency documentation first; processing takes several months for initial residency

Monthly fee: $U 400–900/month

Requirements: Cédula de identidad and proof of address. Some premium accounts require proof of income.

• + Strong global brand — useful for expats from UK, Spain, and Latin America
• + Good international wire transfer capabilities
• + English-language support available at Punta Carretas and Ciudad Vieja branches
• + Good app and online banking
• + Useful for expats with existing Santander accounts in their home country

• - Higher fees — $U 400–900/month maintenance fee among the highest of Uruguay's major banks; fee levels in UYU terms rise with inflation
• - Not all services available to new residents immediately — credit cards, overdraft facilities, and investment products typically require 6–12 months of established account history
• - International SWIFT fees: USD 25–50 per outbound wire plus 1–3% exchange spread — Wise is significantly cheaper for regular overseas remittances
• - Cédula de identidad required before account opening — temporary residents must use resguardo de cédula; full account access requires completed Uruguayan residency

Monthly fee: $U 400–800/month

Requirements: Cédula de identidad and proof of address required.

• + Good mobile app
• + Useful for Spanish and Latin American expats with existing BBVA relationships
• + Competitive mortgage products

• - Limited English support — interface and most branch staff primarily in Spanish; English service not guaranteed at most BBVA branches
• - Fewer ATMs than BROU — BROU's network is far more extensive nationwide; BBVA ATM coverage inadequate for expats living outside Montevideo
• - Monthly fee of $U 400–800/month applies — higher than BROU's free digital account; fees in UYU terms rise with inflation
• - International SWIFT fees: USD 25–50 per outbound wire plus 1–3% exchange spread — Wise is significantly cheaper for regular overseas remittances

Monthly fee: Free (Prex card fee ~USD 5 one-time)

Requirements: Cédula de identidad. Fast digital sign-up at prexcard.com. Available to residents and some non-residents.

• + Fast account opening (no branch visit)
• + Visa prepaid card — works internationally and for online purchases
• + Good for international transfers and dollar-denominated transactions
• + No minimum balance
• + Commonly used by digital nomads and recent arrivals

• - Not a full bank account — cannot receive salary directly or pay utility bills via direct debit; limited for day-to-day resident banking needs
• - No credit card functionality — Prex is prepaid Visa only; no credit-building capability and no unsecured credit line available
• - No physical branch support — all issues resolved via app or online; no in-person assistance available for complex problems
• - Cédula de identidad required for full registration — higher-tier wallet functionality requires Uruguayan identification; new arrivals without cédula are limited to basic tier

Monthly fee: $U 500–1,200/month

Requirements: Cédula de identidad, proof of address, and proof of income. More documentation required than at BROU.

• + English-language support
• + Good for Canadians and North Americans with existing Scotiabank relationships
• + Strong international wire transfer services
• + Good online and mobile banking platform

• - Higher fees — $U 500–1,200/month among the highest monthly fees of any Uruguayan bank; poor value unless you specifically need Scotiabank's North American network connection
• - Limited ATM network — Scotiabank has very few ATMs in Uruguay; BROU's network is far more practical for everyday cash access nationwide
• - Less convenient for everyday UYU cash access — sparse ATM coverage means most expats must plan cash withdrawals carefully or pay surcharges at other banks' ATMs
• - International SWIFT fees: USD 25–50 per outbound wire plus 1–3% exchange spread — Wise is significantly cheaper despite Scotiabank's international orientation