Ola Uruguay Real Estate and Investments

The Uruguayan peso is the official currency but U.S. dollars are accepted in many stores, supermarkets, and restaurants. Be aware of the exchange rate you are offered however. It might work out better for you to exchange your dollars for pesos at one of the currency exchange offices (casas de cambio). These exchange offices are commonplace in the cities and larger coastal towns, however, inland you’ll probably have to change your money at a bank at a slightly higher rate.

Travelers checks
Travelers checks can be cashed at banks or at a casas de cambio, just remember to bring your passport as identification. Commission will be around 3%. There have recent reports of people finding it increasingly difficult to cash travelers checks in Uruguay, so it might be wise to consider an alternative method of carrying money on your trip.

The Peso
One peso is made up of 100 centécimos. Banknote come in 5, 10, 20, 50, 100, 200, 500, and 1,000 denominations. Coins come in 1, 2, 5, and 10 pesos, and 50 centécimos.

VAT
The VAT (IVA) rate charged on goods and services varies depending on the product up to a maximum of  22%. Market sellers, artisans etc. are not required to collect and pay VAT so you’ll find their products are cheaper.

ATMs
You’ll find a good network of ATMs across Uruguay, especially in larger towns and cities. If you are taking a trip to the countryside or to a remote village, make sure to find out in advance if they have an ATM. You can locate ATMs that accept MasterCard, Maestro, and Cirrus cards at the following link: http://www.mastercard.com/us/personal/en/cardholderservices/atmlocations /index.html. Most will offer you choice of pesos or dollars.

Credit Cards
Larger stores, supermarkets, hotels, and restaurants accept credit cards (American Express, Diners Club, MasterCard, and Visa). Many of the smaller establishments do also, but they may charge a higher price for your purchase if you are paying with a credit card. This is to cover fees that they have to pay to the credit card companies for your transaction.

Quirks
By the way, don’t be surprised if instead of small change, the store owner gives you gum or candy. You’ll also find some prices given in values that can’t be made up by a combination of peso coins, such as $17.45 (the smallest peso coin available is 50 centécimos).

Es lo que hay.