Banking in Uruguay

Banking in Uruguay can seem complex at first, but understanding the system is essential for anyone planning to live or invest in the country. Uruguay offers a stable banking sector with both state-owned and international banks. Foreigners can open accounts, though requirements vary and the process can be bureaucratic. The country uses the Uruguayan peso (UYU), but US dollars are widely accepted and many locals maintain dual-currency accounts. This dollarization of the economy provides some stability against local currency fluctuations. Key banks include BROU (state-owned), Santander, Itaú, and Scotiabank. Each has different strengths for expats, from English-language support to international transfer capabilities.