Banking
Uruguay — Best Banks for Foreign Residents
BROU (Banco República), a state-owned bank, is consistently reported as the most foreigner-accessible for a first account due to its lower documentation requirements. Private banks such as Itaú, Santander, and BBVA are the main choices for expats, offering broader English-language service and more developed online banking than BROU. Scotiabank is reported as used by some North American expats due to its cross-border ties.
Key facts
- BROU (Banco República) — state-owned, most accessible for new arrivals, extensive branch network including smaller towns.
- Itaú — private bank reportedly popular with expats for its app and international transfer handling.
- Santander and BBVA — private banks with a broad presence, reportedly used by foreigners with higher balances or business needs.
- Scotiabank — smaller private-bank presence, reportedly used by some North American expats given its cross-border ties.