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Bank accounts in Uruguay for non residents and foreign companies: dollar and peso accounts, due diligence, fees, deposit guarantee and tax on interest

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Last verified: 2026-10-27 · Status: Stable

Non residents and foreign companies can hold peso and US dollar accounts in Uruguay; the gatekeeper is the bank's anti money laundering due diligence, which BCU rules make enhanced for non residents from countries that do not meet international standards and for foreign politically exposed persons. At the State bank BROU, new non resident foreign individuals pay UI 300 to become clients and UI 150 a month to keep a savings account, and must place a fixed term deposit of at least US$5,000 for 181 days. Deposits are guaranteed up to US$10,000 (foreign currency) and UI 250,000 (pesos) per person per bank, and interest on local bank deposits paid to non residents bears IRNR at scheduled rates, 12 percent on dollar deposits up to one year.

USD figures use UYU 40.214 per US dollar, the BCU quotation for DLS. USA BILLETE on 26 October 2026, retrieved from the BCU quotations service on 27 October 2026. Amounts in Unidades Indexadas (UI) use UYU 6.6516 per UI (BCU quotation for 1 October 2026) where the norm fixes the UI of the first day of the month, and UYU 6.6792 per UI (27 October 2026) otherwise. Conversions are for orientation only.

Key facts

Enhanced due diligence for non residents	Mandatory for non residents from countries not meeting AML standards; risk based otherwise RNRCSF art. 299 (Circular Nº 2483), as of 2026-10-27 · in force
Deposit guarantee, foreign currency, per person per bank	10000 USDDecreto Nº 103/005 art. 5, as of 2026-10-27 · in force
Deposit guarantee, pesos, per person per bank	250000 UIDecreto Nº 103/005 art. 5, as of 2026-10-27 · in force
IRNR on foreign currency bank deposit interest, up to one year	12 %T.O. 2023 Title 8 art. 18 A), as of 2026-10-27 · in force
IRNR on foreign currency bank deposit interest, over three years	7 %T.O. 2023 Title 8 art. 18 A), as of 2026-10-27 · in force
BROU minimum fixed term deposit for new non resident foreign clients	5000 USD (181 days)BROU fee table, as of 2026-10-27 · in force
BROU monthly savings account fee, non resident foreign clients	150 UIBROU fee table, as of 2026-10-27 · in force

The rule

1. Banks, exchange houses, financial service firms and transfer firms must apply enhanced due diligence to higher risk clients. The BCU rule deems higher risk, among others, business relationships and operations with non resident clients from countries that do not meet international anti money laundering standards, non face to face operations using new technologies that may favour anonymity, foreign politically exposed persons and their relatives and close associates, and unusual operations. Enhanced due diligence requires senior management approval and a detailed profile report backed by documents such as audited financial statements, tax returns, profit distribution minutes or sale contracts, and in all cases copies of tax returns or equivalent filed with the tax administration.
Cost to do it: No regulatory fee; the cost is the documents (accountant's reports, apostilles, translations) the bank asks for.
Example: A foreign holding opening a dollar account for its Uruguayan subsidiary's dividends can expect requests for its financial statements, tax returns and beneficial owner details. / Not applicable.BCU, Recopilación de Normas de Regulación y Control del Sistema Financiero, Book III, as amended by Resolución SSF Nº 2025/336 (Circular Nº 2483), Art. 299, 2025-07-15 official text · verified 2026-10-27

2. BROU's published conditions for non resident foreign individual clients: client registration fee UI 300, savings account opening UI 150, fixed term deposit opening UI 150 and a monthly savings account administration fee of UI 150 that cannot be waived; new clients in this segment must place a fixed term deposit of at least US$5,000 or equivalent for at least 181 days.
Cost to do it: UI 300 (UYU 2,004, about US$50) to register, UI 150 (UYU 1,002, about US$25) per opening, UI 1,800 a year (UYU 12,023, about US$299) in administration fees, plus US$5,000 tied up for 181 days.
Example: First year at BROU for a non resident individual with a savings account and the mandatory fixed term deposit: UI 2,400 of fees, about UYU 16,030, plus UYU 201,070 deposited. / About US$399 of fees in year one and US$5,000 placed for 181 days.Banco de la República Oriental del Uruguay (BROU), published fees for non resident foreign clients, Fee table, clientes no residentes extranjeros, 2026-10-27 official text · verified 2026-10-27

3. BROU's list for foreign companies opening a business account includes identity documents of the members, proof of address, the RUT registration, bylaws in notarized testimony with a Spanish translation by a public translator if needed and the Ministry of Foreign Affairs apostille, publications, registry certificates no older than 15 calendar days, a list of directors, a note naming shareholders above 10 percent of capital, proof of business volume and the last three years' balance sheets.
Cost to do it: Translation, apostille, notarial and registry certificate costs; vary by case.
Example: Not applicable. / Not applicable.Banco de la República Oriental del Uruguay (BROU), requirements for foreign companies, Requisitos sociedades extranjeras, 2026-10-27 official text · verified 2026-10-27

4. The Bank Savings Protection Fund guarantees deposits of any kind of non financial sector individuals and companies in the covered financial intermediation institutions, up to US$10,000 for the total foreign currency deposits of each person in each institution and up to UI 250,000 for total peso deposits in each institution. Financial institutions, and shareholders and senior staff in their own institution, are excluded.
Cost to do it: Not applicable.
Example: Peso deposits are covered up to UYU 1,669,800 (UI 250,000 at UYU 6.6792) per bank. / Dollar deposits covered up to US$10,000 per person per bank; peso deposits up to about US$41,523.Decreto Nº 103/005 (regulation of Ley Nº 17.613 on bank savings protection), Art. 5, 2005-03-07 official text · verified 2026-10-27

5. Interest on deposits in Uruguayan financial intermediation institutions paid to non residents bears IRNR at scheduled rates: in pesos at a fixed nominal rate 5.5 percent up to one year, 2.5 percent from one to three years and 0.5 percent over three years; in pesos with an adjustment clause 10, 7 and 5 percent; in foreign currency 12 percent up to one year and 7 percent over three years (the consolidated table leaves the one to three year foreign currency cell blank). The bank is the withholding agent. Exchange differences on foreign currency holdings and deposits are exempt.
Cost to do it: 12 percent of interest on a dollar deposit of up to one year.
Example: Interest of UYU 160,856 on a dollar deposit of up to one year bears UYU 19,303 of IRNR. / US$4,000 of interest (4 percent on US$100,000), US$480 withheld.Texto Ordenado 2023 (DGI), Title 8 IRNR; Decreto Nº 149/007, Title 8 art. 18 literal A) and art. 19 literal E); Decreto 149/007 art. 34 literal a), 2022-10-20 official text · verified 2026-10-27

Deposit	Up to 1 year	Over 1 and up to 3 years	Over 3 years
Pesos, fixed nominal rate	5.5%	2.5%	0.5%
Pesos with adjustment clause (for example UI)	10%	7%	5%
Foreign currency	12%	Not stated in the consolidated table	7%

IRNR on interest from Uruguayan bank deposits paid to non residents (T.O. 2023 Title 8 art. 18 A)

Worked example

Non resident individual at BROU: registering costs UI 300 (about UYU 2,004, US$50), opening a savings account and the compulsory fixed term deposit UI 150 each (about UYU 1,002, US$25 each), and the account costs UI 150 a month (about UYU 12,023, US$299 a year). The US$5,000 fixed term deposit stays placed for at least 181 days, and dollar interest on it bears 12 percent IRNR.
Corporate cash buffer: a foreign parent keeps US$100,000 (UYU 4,021,400) at a Uruguayan bank for a year at 4 percent. Interest of US$4,000 bears US$480 of IRNR withheld by the bank; only US$10,000 of the deposit is covered by the guarantee fund.

Step by step

1. Choose a bank and request its list; prepare apostilled and translated corporate documents, beneficial owner information and recent tax returns.
2. Register the Uruguayan entity with the DGI (RUT) before opening a business account, since the RUT is on the bank's list.
3. Expect senior approval and a source of funds review if the bank classifies the client as higher risk.
4. Open peso and dollar accounts as needed; transfers abroad need no FX permit.
5. Keep documents current; banks review profiles periodically and may freeze activity until updates arrive.

Common traps

Account opening is the slowest FX step in practice: incomplete apostilles, translations or tax returns delay it, even though the law requires no FX permit.
BROU's non resident monthly fee cannot be waived, and the US$5,000 fixed term requirement ties up cash for 181 days.
The deposit guarantee is small for companies: US$10,000 per bank in foreign currency.
Interest on dollar deposits of up to one year bears 12 percent IRNR, much more than peso deposits.

Sources

Related: Uruguay country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide

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