Before you start

Cédula de identidad, provisional or definitive
Proof of income — an employment contract, pension or income from abroad
Proof of address in Uruguay
A Uruguayan mobile number for the bank's app

Step-by-step

1
Get the cédula first — it is the gate
Uruguayan banks work from the cédula, not the passport. The provisional card issued to a 'residente en trámite' is generally accepted, which is precisely why obtaining it early matters so much.
In personWho: YouBefore the bank appointment
2
Choose between BROU and the private banks deliberately
BROU, the state bank, has the largest branch and ATM network and is where most salaries land; Itaú, Santander, Scotiabank and BBVA offer better apps and service for professional customers. Many residents end up with one of each.
In personWho: You
3
Open peso and dollar accounts together
Rents, property and many services are quoted in dollars while salaries are paid in pesos. Having both currencies under one client relationship avoids converting at a counter every month.
In personWho: You
4
Give your employer the account for salary payment
Under the financial-inclusion law, wages are paid into an account or onto a prepaid instrument rather than in cash, and you choose the institution. Employers cannot require you to use theirs.
Via employerWho: You
5
Expect large payments to be electronic by law
Property purchases and other large transactions must be made through electronic means above statutory thresholds. Rent above a threshold is likewise expected to be paid electronically. Plan for a bank transfer rather than a bag of cash at a closing.
OnlineWho: You
6
Use a specialist service for moving money internationally
Uruguayan banks' outbound transfers carry fees and a spread. Specialist services are cheaper for regular transfers, though Uruguay's banking system is well regarded and stable for holding balances.
Mobile appWho: You

Documents you’ll need

Cédula de identidad
Passport
Proof of income
Proof of address
Uruguayan mobile number

Things most newcomers don’t know

The provisional cédula is usually enough to open an account, which is the whole point of getting one.

Uruguayan banks are conservative and passport-only applications rarely succeed. The provisional cédula issued while a residence file is pending is a Uruguayan identity document and is generally accepted. This is the mechanism by which a year-long residence wait stops being an obstacle to earning and being paid — and it is why the first DNM appointment matters more than the last one.

Source: Banco Central del Uruguay; community-reported

Uruguay legislated cash out of large parts of the economy, and that reshapes how you pay for things.

Ley 19.210 on financial inclusion requires salaries, professional fees and large transactions to run through electronic means, with statutory thresholds above which cash is simply not a lawful option. It also attached a VAT reduction to card payments, though the size of that benefit has been trimmed since it was introduced — check the current rate rather than the number in older articles. The practical effect is that card and transfer coverage here is deeper than the country's size suggests.

Source: Banco Central del Uruguay

This is a peso country whose expensive things are priced in dollars.

Salaries, groceries and buses are in pesos; property, many rents, cars and large services are quoted in US dollars. Residents hold both currencies as a matter of course and banks provide parallel accounts without comment. Deciding when to convert — rather than converting monthly at whatever rate the counter offers — is a real financial decision here and one newcomers tend to make by default.

Source: community-reported

Uruguay's banking secrecy has been substantially dismantled, which matters if that was the attraction.

Uruguay was once described as the Switzerland of South America. It now participates in automatic exchange of financial account information and has lifted bank secrecy for tax purposes in defined circumstances. Anyone choosing Uruguay for confidentiality is working from a picture that is fifteen years out of date; the current attractions are stability, a functioning state and the territorial-leaning tax treatment, not opacity.

Source: Banco Central del Uruguay; DGI

Common mistakes to avoid

Attempting to open an account on a passport before the cédula exists.
Opening only a peso account and converting to dollars for rent at a counter each month.
Assuming an employer can dictate which bank your salary goes into.
Planning a property purchase around cash payment, which the law does not permit above the threshold.
Choosing Uruguay for banking secrecy that no longer exists.

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.