Banque Heritage Uruguay

[momordica]

Hello,

Have anyone tried this swiss bank regulated in Uruguay?
Would they open an acc for someone who is willing to make only 20k starting deposit?

 

[Sols]

It's the Uruguay subsidiary of the Swiss bank Banque Heritage. Assuming they have roughly the same onboarding criteria (which is usually the case for European private banks in Latin America), you need around at least 1,000,000 USD/CHF/EUR equivalent to open an account.

But I don't know for sure about the requirements in Uruguay.

 

[catslover]

I can't give you specific feedback about this bank, but as a resident of Uruguay (at least up to now), I will recommend to avoid Uruguayan banks.

There are two things that I must say in favor of Uruguay. On the one hand, banks tend to better defend foreign capital than local capital (this is good only in the context of the current question, in general it is a bad thing). On the other hand, I must also say that the banks here are much more serious than those of the remain South American countries.

Unfortunately, the Latin American economy is collapsing, and when Latin American countries collapse, the first thing they do is keep the money from the banks. As an example we have Argentina and Venezuela.

 

[momordica]

Thank you.
I find it oddly interesting how we all think things are going to collapse in the place we are originally from.

As for the banking. Might be because you are local. I got asked only few very simple questions about nature of my business, US compliance and if I am a tax resident in Uruguay. When they realized I am not, they opened bank account very quickly... and did not even asked where I am a tax resident. (it is empty on the contract). I received a text that I can pick up the card while I was drinking mate on plasha. Good country.

 

[mrsv]

Thank you.
I find it oddly interesting how we all think things are going to collapse in the place we are originally from.

As for the banking. Might be because you are local. I got asked only few very simple questions about nature of my business, US compliance and if I am a tax resident in Uruguay. When they realized I am not, they opened bank account very quickly... and did not even asked where I am a tax resident. (it is empty on the contract). I received a text that I can pick up the card while I was drinking mate on plasha. Good country.

How is your banking experience going so far? Do you need to travel to Uruguay to open an account?

 

[momordica]

How is your banking experience going so far? Do you need to travel to Uruguay to open an account?

Hi, the banking so far has been good. Received intl. transfers from what in Europe would be called questionable jurisdictions like Dubai and BVI and had no problem. However, we are talking about 10s of thousands, not hundreds or millions. I did cash deposits at the self-serving ATMs, also 10s thousands of dollars, sent them abroad right away, no problem.
I believe the bank is not reporting, bc they to this day do not actually know in which country I have/had tax residency prior my arrival.
I travelled and applied for a residency (10 years tax holiday on foreign income). I think that is the best way. Once you have a cedula (local ID), they do not question why you want the bank acc.
I can also report that I was able to open bank acc at Itau and state owned BROU. You need three local references (you give local phone numbers), and they call to the person, if they know you.

Santander and Scotia have not been so friendly. HSBC was prone to open, but they needed some more proofs, mostly to know your net-worth and they needed to see volume you have in your previous bank accounts.
I managed to do this on my very limited Spanish, if you are fluent, big plus.

 

[mrsv]

Hi, the banking so far has been good. Received intl. transfers from what in Europe would be called questionable jurisdictions like Dubai and BVI and had no problem. However, we are talking about 10s of thousands, not hundreds or millions. I did cash deposits at the self-serving ATMs, also 10s thousands of dollars, sent them abroad right away, no problem.
I believe the bank is not reporting, bc they to this day do not actually know in which country I have/had tax residency prior my arrival.
I travelled and applied for a residency (10 years tax holiday on foreign income). I think that is the best way. Once you have a cedula (local ID), they do not question why you want the bank acc.
I can also report that I was able to open bank acc at Itau and state owned BROU. You need three local references (you give local phone numbers), and they call to the person, if they know you.

Santander and Scotia have not been so friendly. HSBC was prone to open, but they needed some more proofs, mostly to know your net-worth and they needed to see volume you have in your previous bank accounts.
I managed to do this on my very limited Spanish, if you are fluent, big plus.

Thanks! I was asking to try to open as a non-resident I don't plan to move there but is good to know it works.

 

[momordica]

Thanks! I was asking to try to open as a non-resident I don't plan to move there but is good to know it works.

You do not have to move there, just pretend you have the interest to live there, and once you get the temporary cedula, the banking will be easier.

 

[mrsv]

You do not have to move there, just pretend you have the interest to live there, and once you get the temporary cedula, the banking will be easier.

That's interesting, what do you need to do to get a temporary cedula?

 

[momordica]

That's interesting, what do you need to do to get a temporary cedula?

Book an appointment at the immigration office, and some documents from the country of your residency (birth certificate copy, criminal registry copy), proof you have approx 2k usd month income. There are immigration agents you can hire for this and they walk you through the process.