Expat Community > Uruguay

withiniswithout
Joined 2017
Posts: 14

BROU Bank--Don't leave UY without closing account

6 years ago

I left Uruguay and am living in Italy. I left a balance in a BROU account, thinking it would be easy to close the account with a phone call and a wire transfer, or perhaps paying the balance to somebody and arranging for them to transfer the money to me.

Guess what? Money cannot be paid to a person, or wired to another bank unless it is a business account. The money cannot be withdrawn without a Power of Attorney that is conferred to a friend, or flying back and going in person . It's going to cost a LOT of money to get what's left from the account. A huge hassle. Who knew! BROU also changed their online platform, and I cannot get into the account anymore. And to fix this I also have to go into the bank or set somebody up with a Power of Attorney to act in my behalf.

BROU must have hundreds of people over a barrel, basically holding accounts hostage. Crazy. Seemingly illegal, but here it is. Word to the wise: If you are leaving Uruguay and you are uncertain if you will ever go back, close your account while you're there.

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

Login

Or, Send Login Link

Expat Community > Uruguay

BROU Bank--Don't leave UY without closing account

Login