Open a bank account

Opening a bank account in Uruguay is very easy and secure.

At Carlos Picos Consultora, we offer you alternative bank accounts in the name of your company or personal in Uruguay and in other parts of the world such as Switzerland, Liechtenstein, Andorra, among others.

Our firm is a reference in tax, legal and accounting matters. In recent years we have been strengthened in the financial field by achieving alliances or agreements with banks on different continents to refine business or wealth around the world.

Advantages of opening a bank account in Uruguay

We know that in the current financial framework it is important to manage a strategy to diversify risk where you can choose a new place to secure your money in different currencies, choosing one or more banks in different countries.

Uruguay also offers tax and legal security advantages that allow you to manage your business assets with total flexibility.

Types of accounts:

  • Investment Accounts for Enterprises (with nominative shares, or bearer shares)
  • Current accounts for enterprises (with nominative shares, or bearer shares)
  • Investment accounts for natural persons (personal)
  • Current accounts for natural persons (personal) 
  • Savings for natural persons (personal)


FAQs Opening of Accounts in Uruguay

  • Can I be a foreign natural person, without residence and open a bank account in Uruguay?

Yes, you can do it. In Uruguay there are no special restrictions for opening a bank account because they are foreign.

  • Can I open a bank account for a foreign company?

Yes, bank accounts can be opened for foreign companies of any jurisdiction.

  • What are the advantages of opening a bank account in Uruguay?

Uruguay offers tax and legal security advantages that allow you to manage your assets with total flexibility and with extensive cost advantages compared to the region and the world. They can also be multi-currencies (US$, Uruguay Pesos, Euros).

Our expert executives will be able to carry out this assessment so that you can compare the benefits in your particular case.

  • Will I never have to travel to sign documents?

It is not necessary to travel to sign documents. We take care of the complete process of opening your bank account without having to be present.

  • How long does the procedure take?

Once you have paid the service and sent the documents, the procedure takes approximately 2 weeks for natural persons and 4 weeks for legal persons.

  • Which documents should I submit?


For natural persons:

  • Identity card
  • Home constancy (service in his name not more than 3 months old)
  • Bank reference letter
  • Tax return constancy of the country where he resides


For legal persons:

All the company documentation, duly certified and apostilled (and translated into Spanish if it has been made in another language).

In addition, the following documentation is available from members, shareholders, final beneficiaries, agents and/or directors:

  • Identity card
  • Home constancy
  • Bank reference letter
  • Tax return constancy of the country where he resides


  • Should I make an international transfer to pay for the service?

There are many options for payment for the service. We will find the most easy way to make the payment process easier.

  • How can I evacuate doubts about the process?

From the first contact we will assign you an executive who will guide you throughout the process of opening the bank account.

  • Can I select the Bank with which it will be opened?

You can select any bank in Uruguay. However, according to the profile of your application, we will evaluate which Bank is best suited to your requirements.

  • Do you help with the process of incorporating capital into my bank account?

Our service is exclusively for opening the account. The process of incorporating capital into the account should be coordinated with the selected bank.

  • What depends on whether it is a Current Account or a Savings Account?

We can manage both a current account and a savings. The current account allows you to issue checks and contract an agreed line of credit. The Savings Fund is exclusively for natural persons, and the current account is for a legal person.

  • How is an investment account different from a savings bank for individuals?

In an investment account you may have the opportunity to obtain certain returns, depending on the amount you invest.
The savings bank is intended to “save” the money you get, like for example for payment of salaries, rents, business profits or others, but that money will be fixed in the account and will not carry out investment operations.

  • How is an investment account different from a Business current account?

With corporate investment accounts, returns can be obtained on the basis of invested capital amounts. While a business current account is where the company receives for example the payments from its customers and in turn makes the company the corresponding payments to suppliers and other expenses associated with the company’s activity. Also, by having a current account, the Bank can offer you a chequebook, in addition to the corresponding credit and debit cards.

  • What is an agreed credit?

For current accounts it is a credit associated with your account that you agree with the Bank. You can make withdrawals, payments and turns against that limit and you will be charged for the amount and time you use it.

  • Should I hold secured balances in the account?

Banks usually request to maintain certain non-high average account balances. E.g. In some Uruguayan banks, the minimum average required is U$S 2,500 in the case of current accounts and U$S 750 for savings banks. If these averages are generally not met, banks charge a fee. The amounts of these commissions depend on each Bank.

  • Are there monthly account maintenance charges?

The average monthly charge at Uruguayan Square Banks is USD 40. In addition, a fee will be charged for transactions issued


Let’s talk?

(598) 9277 2326

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