BANKS OF URUGUAY
Private Banks and the Key Features of Banking
If the state-owned BROU is the “skeleton” of Uruguay’s banking system, private banks are its more flexible and modern component. This is where expats, entrepreneurs, and investors most often open accounts, valuing service quality, multi-currency options, and digital solutions.
Yury Sazonov
Uruguay Smart Estate Expert
Major Private Banks in Uruguay
Several large private banks operate in Uruguay, including institutions with international capital as well as strong regional roots:
All of these banks operate under the strict supervision of the Central Bank of Uruguay, which ensures a high level of stability across the financial system.
In addition to traditional banks, the market also includes fintech companies that issue debit—and in some cases even credit—cards. The most well-known are Prex and OCA, and opening cards with these providers is typically straightforward.
Several large private banks operate in Uruguay, including institutions with international capital as well as strong regional roots:
- Banco Santander Uruguay
- BBVA Uruguay
- Scotiabank Uruguay
- Itaú Uruguay
- HSBC Uruguay
- Banco Heritage
All of these banks operate under the strict supervision of the Central Bank of Uruguay, which ensures a high level of stability across the financial system.
In addition to traditional banks, the market also includes fintech companies that issue debit—and in some cases even credit—cards. The most well-known are Prex and OCA, and opening cards with these providers is typically straightforward.
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Key Features of Uruguay’s Banking System
No Early Withdrawal of Term Deposits
Unlike practices common in many other countries, term deposits in Uruguay generally cannot be withdrawn early. This is an important factor to consider when planning long-term finances.
A Bank Card = A Discount Card
In Uruguay, banks widely collaborate with retail chains and service providers.
Cardholders of private banks often receive discounts at supermarkets, special offers at pharmacies, promotions at restaurants and cafés, and fuel discounts. No separate registration is required — simply paying with a card issued by the partner bank is enough.
As a result, a bank card becomes a daily savings tool. Many Uruguayans hold cards from several banks, as total savings can reach up to 35%.
Deposits in Dollars, Pesos, or Indexed Units?
Banks offer a wide range of deposit products with terms and rates depending on maturity and amount.
Bank branches operate on business days only, typically from 1:00 PM to 5:00 PM. This limited schedule is important to keep in mind.
Transfers Are Not Always Instant
Some transfers — especially between different banks — may not be processed immediately and can be delayed until the next business day. This also often applies to transfers exceeding USD 500.
Bank Card Data Theft
As digitalization expands, cybercrime continues to grow. To reduce risks, it is recommended to:
No Early Withdrawal of Term Deposits
Unlike practices common in many other countries, term deposits in Uruguay generally cannot be withdrawn early. This is an important factor to consider when planning long-term finances.
A Bank Card = A Discount Card
In Uruguay, banks widely collaborate with retail chains and service providers.
Cardholders of private banks often receive discounts at supermarkets, special offers at pharmacies, promotions at restaurants and cafés, and fuel discounts. No separate registration is required — simply paying with a card issued by the partner bank is enough.
As a result, a bank card becomes a daily savings tool. Many Uruguayans hold cards from several banks, as total savings can reach up to 35%.
Deposits in Dollars, Pesos, or Indexed Units?
Banks offer a wide range of deposit products with terms and rates depending on maturity and amount.
- U.S. dollar deposits usually offer the lowest interest rates.
- Peso deposits are the most attractive, with yields of up to 10%, especially given the relative stability of the peso against the U.S. dollar.
- Some banks also offer deposits in indexed units, providing inflation protection.
Bank branches operate on business days only, typically from 1:00 PM to 5:00 PM. This limited schedule is important to keep in mind.
Transfers Are Not Always Instant
Some transfers — especially between different banks — may not be processed immediately and can be delayed until the next business day. This also often applies to transfers exceeding USD 500.
Bank Card Data Theft
As digitalization expands, cybercrime continues to grow. To reduce risks, it is recommended to:
- never let your card out of sight during payment,
- use two-factor authentication,
- cover the card number and CVV, or use a protective card holder.