Ola Uruguay Real Estate and Investments

Last week I gave you my top tips on how to best exchange money. If you missed it, you can read it again here. But the truth is that with the dollar as low as it currently is, you are best to withdraw pesos directly from your account, and avoid exchanging altogether.

From my calculations, the best rates available are the ones you get from the bank when you withdraw money in pesos. ATM’s are always a convenient option, although their fees are higher, and they tend to have lower daily withdrawal limits. Their exchange rates, however, are still better than going to an exchange kiosk.

ATM’s—the easier, costlier way to get cash

As in most urban centers, ATM’s are conveniently scattered around Montevideo. You can find them in the mall, outside the supermarket, and on major thoroughfares. Normally they work charmingly, though sometimes they can be tricky.

To begin with, you will always have the option of Spanish or English. Then you will choose what network you will wish to use. Most times it will be the International Visa/Mastercard Network. You then will be asked if you want to process the withdrawal through your savings account, checking account, or run the withdrawal like a credit card transaction. My card works when I take money from my checking account, though I know some expats have had success running their cards like a credit card. Trial and error is the recommended path to knowing what will work with your card.

Next you have to choose if you wish to take out pesos or dollars. As I said, you get a better rate with pesos since you avoid having to exchange dollars. No matter the currency, you will probably be charged by your bank for using an ATM that is not one of theirs. With my bank (Wells Fargo), it is $5 a transaction.

To avoid taking out the dreaded mil peso (or 1,000 peso) bank note, withdraw increments of say, UR900 instead. It isn’t that thousand peso bills aren’t accepted, it’s just that you will get a lot of huffing and puffing about changing them at smaller businesses. I have had taxis refuse to take me to my destination when I mentioned I only had a thousand peso bill.

If your card happens to get rejected, try choosing a different method of processing (savings, checking, or credit card) or change your withdraw amount. Usually banks have a $250 to $300 daily cap (or around 4,800 pesos).

Going to the bank is cheaper and you can withdraw more

If you have the time to spare and the dollars to save, head to the Banco Republica nearest you to withdraw cash from a teller, instead of using an ATM. I say Banco Republica, because it is the only bank that I have encountered that has let me use my non-Uruguayan check card to withdraw cash—in either dollars or pesos.

When you enter, don’t go to the normal tellers, but rather to the business tellers. Present your passport and ask to withdraw cash. Once again, for daily purchases, it is better to withdraw pesos than dollars, to avoid having to change them at lower rates. For example, today the exchange houses are trading at 19.25, but a recent withdraw from the bank gave me a conversion rate of 19.65.

The teller will run your card like you are making a purchase, rather than withdrawing cash, and thus daily withdrawal limits shouldn’t apply.

Once they run your card, they will give you a receipt, which you take to the normal teller window where they call your name.

Over-the-counter bank fees do apply ($3), though they tend to be cheaper than ATM fees, and you can withdraw more money at a single time.

Find the nearest Banco Republica location to you here: http://www.bancorepublica.com.uy/web/guest/institucional/red-fisica/montevideo

Happy withdrawing!