Compare all the best ways to send money to Uruguay

The exchange rate determines how much UYU the recipient will receive.

For instance, in the past month average exchange rate between the US Dollar and the Peso Uruguayo was 44.1522 UYU.

Since USD - UYU exchange rates fluctuate based on market conditions, waiting a few days can result in a better rate and more UYU for your recipient.

If you urgently need the money in Uruguay, we recommend using Wise, which has offered the best UYU exchange rates over the last 6 months.

The cheapest way to fund your transfer to Uruguay is by using a Bank transfer with Revolut, which is 1.1% cheaper than the next best option.

How you pay for your transfer impacts the cost, speed, and the amount of UYU received.

Based on a $2,000 transfer to Uruguay using the last 6-months of our data, the options you have are:

• A bank transfer with Revolut will cost you $0 in fees and a 0.17% markup

• Debit card transfer with Instarem costs $3.93 with 0.95% markup

• Credit card transfers with Instarem costs $15 fee and comes with 0% markup

We recommend not using Bank transfer when sending money to Uruguay, as they tend to be the most expensive.

Credit card transfers tend to add cash advance fees and might have higher interest rates on UYU.

For example, Instarem charges $15 when paying by credit card, compared to $0 via a bank transfer with Revolut.

Whenever possible, avoid sending UYU over the SWIFT network. Despite the name, UYU transfers over SWIFT are slower and come with higher fees.

Money transfer companies will often have minimum and maximum limits on how much UYU you can send.

Often, the amount will also impact the fees and the UYU rate you get.

For example, we found Wise to be the best option for sending large amounts to Uruguay.

There might also be government-imposed restrictions, commercial restrictions, and many more.

This is why it’s important to compare your transfer options to Uruguay.

The speed of transferring UYU to Uruguay depends on several factors, including the amount being sent, the timing of the transfer, and the chosen payment method.

Usually, the quicker you need your UYU, the more it will cost you in fees.

For example, consider a transfer of $2,000 from the US to Uruguay:

• Fastest provider: Among 10 companies servicing Uruguay, Xe consistently offers the quickest delivery times across all deposit methods, appearing in 28.6% of our searches.

• Bank or debit card deposits: Services like Xe for bank account deposits and Instarem for card deposits provide almost instant and cost-effective UYU transfers. Fees are approximately $0 for bank deposits and $Instarem for debit card deposits, with a minimal 1.07% markup.

• Credit card transfers: Based on six months of our data, using Wise for sending UYU via CC can take up to a day and incur a fee of $139.33 with 0% markup. However, be mindful of potential cash advance fees.

• Urgent transfers: For the fastest possible transfers, we recommend opting for cash pickup services through providers like Western Union or Ria Money.

Avoid making UYU transfers over SWIFT

SWIFT is slower for UYU transfers due to the involvement of intermediary banks in Uruguay, so it’s best to avoid it if speed is your priority.

For UYU transfers, you have the following options:

Money transfer companies

You can send Peso Uruguayo via an FX broker (a managed service) or via an online-only company (self-managed).

According to the past six-month analysis, we found that Wise is the overall best way to transfer money to Uruguay, appearing 100% of the time for UYU transfers in our search system.

App

Most money transfer services to Uruguay offer mobile apps, which often provide better UYU exchange rates.

You can check our guide on the best money transfer apps to find one that fits your needs.

In-person

Cash transfers to Uruguay can be made in person through services like Ria Money Transfers or Western Union.

Cash transfers are almost always instant but require the recipient to physically visit the nearest agent to collect UYU.

Bank transfers

We advise you not to use your bank to wire money to UY because of the fees but rather use it to fund your UYU transfer.

There are several ways to receive money in Uruguay, including direct bank deposits, cash pickups, home deliveries, and mobile wallets.

Here are your options:

• Direct bank deposits: to deposit money into the recipient's account in Uruguay, we recommend using Revolut. They appeared in 61.9% of the searches as the cheapest option for bank transfers to Uruguay.

• Cash pickup: if you need immediate access to cash in Uruguay, consider using cash pickup, but check availability.

• Mobile wallets: you can receive UYU directly into your digital wallet like PayPal, but they come with limitations and higher costs compared to using Revolut.

In most cases, UYU will arrive without any involvement from the recipient.

However, if you’re sending Peso Uruguayo as cash, or in large amounts, the receiver might need the following*:

• Valid forms of ID: such as passport, or driver’s license.

• Sender's information: the full name and address.

• Transfer details: the amount of UYU to be received.

• Transfer confirmation number: the sender should give it to the recipient.

• SWIFT code / IBAN: sometimes you may need to include IBAN and/or the SWIFT code.

*The exact documents you need might vary by the company you use.

For larger Peso Uruguayo transfers, money transfer companies may ask for a source of funds and proof of address. This is done in accordance with AML policies.

If you’re making a large transfer to Uruguay, we recommend using Wise.

There might be tax implications and government-imposed limits when sending Peso Uruguayo to Uruguay.

Some UYU transfers may be subject to various taxes, including gift tax and commercial tax.

Even if there are no limits or taxation involved, certain UYU transfers need to be reported to the tax authorities in Uruguay.

When in doubt, please contact a tax professional in Uruguay or in your country.