How to Send the Purchase Money to Uruguay When You're Buying from Abroad
INGAR · · Buying
There are three possible routes, and you should pick one before you wire anything
To buy real estate in Uruguay, the law does not require you to hold a Uruguayan bank account. Nor is there a single mandatory channel for sending the purchase price.
The money can travel from your account abroad straight to the seller's account, stop first in an account of your own in Uruguay, or sit in the custody of your escribano (Uruguay's notary-lawyer, who handles title work and closings) when they act as depositary. Which option is right depends on the receiving bank, the source of the funds, and how the deal is papered.
What you do want to respect is the sequence: choose your escribano, document where the money came from, put the payment route in writing, and only then send the wire.
The short answer
- The buyer normally picks their own independent escribano.
- A local account can make the closing smoother, but it isn't always required.
- The bank, the brokerage and the escribano all need to be able to reconstruct where the money came from and how it traveled.
- The deposit gets wired only after your escribano has reviewed the document and confirmed the receiving account.
- Ley 19.210 (Uruguay's financial-inclusion law) caps the use of cash and requires the means of payment to be identified in the paperwork.
- A last-minute change of account number gets verified through a separate channel before a single dollar goes out.
Buying from overseas? We work with whichever escribano you choose and coordinate the calendar among buyer, seller, banks and brokerage. Before you put down a deposit, we confirm with your escribano and with every institution involved exactly how the funds will travel and what documentation each party needs. Message us on WhatsApp, take a look at our services for foreign buyers, or estimate your total outlay with the closing-cost calculator.
How much can be paid in cash as of 2026
This rule changed recently, and the old figures are still circulating. Ley 20.469, published April 10, 2026, rewrote Article 35 of Ley 19.210. The text now in force says cash payment is allowed up to:
"a) The sum of 200,000 Unidades Indexadas […], or
b) Five percent (5%) of the total value of the transaction, provided that amount does not exceed 450,000 Unidades Indexadas."
It also adds two details that tend to get lost:
- "Cash may be used when either of the two conditions above is met." It's one or the other, not both at once.
- "Any remaining balance on the transaction must be paid using means of payment other than cash." And cash here means "paper currency and metal coin, whether domestic or foreign": dollar bills count too.
Why we don't publish the equivalent in pesos or dollars
Because it goes stale in thirty days. Article 35 itself settles the conversion this way: "Amounts expressed […] in unidades indexadas shall be converted using the quoted value on the first day of each month."
In other words, the ceiling moves every month, and the dollar equivalent moves on top of that with the exchange rate. Any figure you read in an article — including this one — may be out of date by the time you sign.
The right way to use this information: hold on to the limits in UI (Unidades Indexadas, Uruguay's inflation-indexed unit of account), since those are what the statute sets and they don't change, and ask your escribano for the equivalent in the month you'll actually be signing. It's a one-minute calculation using the UI value published by INE (Uruguay's national statistics institute).
Why it matters that the payment method is identified on paper
Article 35-BIS of the same law requires the instrument documenting the transaction to spell out the specific means of payment used, in the form set by regulation. For a wire, that means recording the required details; for other instruments, identifying the instrument itself.
And the rule has teeth: the Registros Públicos (Uruguay's public property registries) check compliance and will not definitively record transactions that fail to identify the payment method.
The same article clarifies that non-compliance does not void the underlying transaction. That's a relief, but it doesn't make the requirement optional: a registry objection can hold up the documentary closing and complicate a future sale, mortgage or proof of ownership. The fix is simple and cheap: settle the payment mechanics with your escribano before you sign.
Escribano first, wire second
In Uruguay it's standard practice for the buyer to choose the escribano. Article 1673 of the Civil Code provides that "the costs of the deed and other expenses incidental to the sale shall be borne by the buyer, unless otherwise agreed."
That article governs who pays the costs; it doesn't literally say "the buyer chooses." The right to choose follows in practice from the fact that the buyer hires and pays the professional protecting their purchase. The notarial role is broken down in detail in this guide.
Ideally that professional is independent and picked by you. A brokerage coordinates with your escribano and hands over the transaction paperwork; it does not stand in for their advice.
Before signing off on any transfer, your escribano should know: the price and the currency; which account and which country the funds will leave from; who will hold title to the receiving account; whether there will be a deposit, a balance of price or financing; which documents explain where the money came from; and what details have to appear in the deed or the purchase agreement.
The three routes your money can take
1. From your foreign account straight to the seller
This works if your escribano signs off on the structure and the seller's bank will accept the transfer. It avoids an intermediate hop, but it demands tight coordination on timing, SWIFT instructions, intermediary banks and the net amount the seller needs to receive.
Don't send the money days early just because you already have the account number. When the funds go out and when they're released have to be tied to the documented conditions of the sale.
2. From your foreign account to an account of your own in Uruguay
This route lets the Uruguayan bank review the source of funds ahead of the closing, and makes for an easy domestic transfer when it's time to pay.
It's convenient, but opening the account isn't automatic: every bank applies its own acceptance, documentation and risk policies, and non-residents or remote applicants can face enhanced scrutiny.
That's why it pays to start the account-opening process before you lock yourself into a rigid closing date. There's no guaranteed general turnaround, so check with the bank before signing a deposit agreement with a fixed date. The usual opening requirements are covered in the relocation guide.
3. Into an account held by the escribano acting as depositary
Article 35-BIS expressly allows bank-based means of payment in the escribano's own name when they are holding a sum connected to the transaction as depositary, and states that doing so is no bar to practicing the profession.
That doesn't mean every escribano offers an escrow-style account, or that the entire price has to run through one. It has to be agreed in advance, with documentation of the capacity in which the money is received and the conditions under which it can be released.
The useful rule: never assume who's going to receive the funds. Ask your escribano for a written schedule listing account, account holder, bank, currency, timing of the transfer and release conditions.
The source-of-funds file
The scrutiny doesn't end once the bank accepts the wire. Ley 19.574 (Uruguay's anti-money-laundering statute) lists escribanos and real-estate brokerages among the reporting entities for property transactions, and Decreto 379/018 requires them to apply due-diligence measures and obtain a reasonable explanation of where the funds came from.
None of this is personal suspicion or a requirement the brokerage invented: it's part of Uruguay's anti-money-laundering framework, built to international standards.
What you'll need to produce depends on how you built the capital:
| Source of the money | What's typically requested |
|---|---|
| Sale of another property | Deed or sale contract, the closing statement, and a bank statement showing the proceeds arriving |
| Employment savings | Pay stubs or employment contracts, tax returns, and statements that show the balance building up over time |
| Sale of investments | Brokerage or investment-account statements, settlement confirmations, and the transfer to your home bank |
| Dividends or distributions | Financial statements, the resolution approving the distribution, tax filings, and proof of the bank credit |
| Inheritance or gift | Probate paperwork or the relevant deed of gift, plus proof the funds arrived |
| Mortgage financing | Loan approval and loan agreement; scrutiny focuses on the equity portion the bank isn't covering |
A large bank balance proves you have the money, but it doesn't explain how you got it. What everyone is looking for is a coherent chain: the activity or event that generated the funds → the deposit into an account in your name → the transfer earmarked for the purchase.
Cross-border deals may call for translations, legalizations or apostilles. Ask about this at the very start: pulling those together after the deed date is set is the single biggest cause of delayed closings.
How to set up a SWIFT transfer
Ask the receiving bank for the complete instructions. Depending on the currency and the institutions involved, they may include the beneficiary's name and address; the account number or IBAN; the receiving bank's name and address; the SWIFT/BIC code; the intermediary or correspondent bank; the reference or description that has to travel with the payment; and who bears the fees.
Not every wire needs a correspondent bank supplied by the customer. If yours does, the receiving bank has to give you the exact details.
Ask, too, whether fees are paid by the sender, shared, or deducted from the beneficiary. In a property purchase, what matters is that the agreed net amount arrives, not just that the correct figure left your account.
When the calendar allows and your escribano agrees, a small test transfer confirms the details work. That test doesn't replace verifying the recipient, and it doesn't license you to send the price early.
The one safeguard worth more than any checklist
Banking instructions get verified through two separate channels. If you received the details by email, confirm them by phone with your escribano using a number you already had. If they arrived over WhatsApp, check them against the signed document or directly with the receiving bank.
Stop the transaction cold if the account changes hours before the wire; if the new account holder is neither the seller nor the agreed depositary; if you're asked to split the money among third parties with no notarial explanation; if a sudden urgency appears that wasn't on the calendar; or if someone tells you not to check with your escribano "so we don't lose time."
A brokerage can coordinate the transaction, but it should never ask you to deposit the purchase price into an agent's personal account. If some different structure is proposed, your escribano needs to review and explain it before you agree to it. The same logic, applied to listings and deposits, is covered in this guide.
The deposit: how much, and to whom
In the Uruguayan market a deposit of around 10% of the price is common, but there's no single percentage fixed by law. The amount is negotiated and should be proportionate to the terms of the deal.
Before you wire it, the purchase agreement or deposit document should establish, at minimum: price and currency; the receiving account and the capacity in which the money is held; the deadline for the title search and signing; any conditions precedent; what happens if financing is denied; what happens if the title search turns up a defect that can't be cured; when the money is refunded, forfeited or credited against the price; and who collects fees.
Don't send a deposit because someone showed you proof of ownership or because the listing has good reviews. Your escribano goes first.
Deed day
There's no single choreography. The price can be wired directly to the seller, released from the escribano's custody account, or handled through another non-cash instrument the transaction permits. What matters is that:
- the escribano has completed the agreed checks;
- the payment method matches what will be documented;
- the seller receives the agreed amount in the agreed currency;
- and the deed, the payment and the handover of possession are coordinated.
If the international wire takes longer than the signing, the contract has to say what happens while the funds clear. That's not something you settle with a verbal promise across the table.
What about platforms like Wise?
A regulated platform can be genuinely useful for upfront costs, professional fees or smaller transfers. It's a mistake to treat it as a blanket substitute for the banking route in a property purchase.
Limits, available currencies, required documents and whether the receiving bank will accept the funds all change over time. On top of that, the escribano has to be able to identify the means of payment and reconstruct ownership and origin of the funds — which is precisely what Article 35-BIS demands.
Before using any platform for a sum tied to the purchase, get sign-off from your escribano and from the bank that will receive the money. If either one won't accept that route, pick a different one before you send.
How the ITP is calculated (and why it's usually less than you think)
The Impuesto a las Trasmisiones Patrimoniales — Uruguay's property-transfer tax — runs 2% for the buyer and 2% for the seller on transactions for value. The important question is: 2% of what.
Article 5 of Title 19 of the Texto Ordenado (Uruguay's consolidated tax code) is explicit. For real estate, the base is "the assessed value set in accordance with Article 64 of Title 1 […] adjusted for the change in the consumer price index." And it goes on:
"If that adjustment produces a value greater than the price stated in any of the legal acts referred to in subsections A), B) and C) of Article 1 of this Title, the taxable amount in such cases shall be that price."
Read together, that means something you'll see stated wrong nearly everywhere: the base is not "the greater of the price and the assessed value." It's the adjusted assessed value, with the price acting as a ceiling.
In practice, since assessed values usually sit well below market prices, the buyer's ITP ends up amounting to less than 2% of the actual purchase price. It's one of the rare times the math runs in the buyer's favor.
Even so, don't fund your closing off an estimated percentage: ask your escribano for the adjusted assessed value and the concrete calculation for that specific parcel.
Beyond the ITP, your budget has to cover notarial fees, the brokerage commission, certificates, registry filings, transfer costs and bank or mortgage charges. You can put together a first estimate with the closing-cost calculator, but the numbers from your escribano and your bank are the ones that govern. The full breakdown is in this guide.
A timeline that doesn't rely on guessing
| Stage | What to settle |
|---|---|
| Before the deposit | Pick your escribano, explain where the funds come from, and decide which of the three routes is workable. If you need a local account, start the process before committing to a date. |
| When signing the deposit agreement | Wire only to the account your escribano has vetted, with refund conditions in writing. |
| During the title search | Complete your source-of-funds file. Request the final banking instructions and the cost estimate. Confirm currency, correspondent bank, fees and the cutoff date. |
| Before the deed | Re-verify the account through a second channel. Agree on what happens if the money arrives short or after hours. |
| At closing | The escribano coordinates the deed, the payment method, the handover of possession and the paperwork for the registry. |
Frequently asked questions
Do I need a Uruguayan bank account to buy property?
Not as a general legal requirement. The money can go from your foreign account straight to the seller, pass through an account of your own in Uruguay, or sit with the escribano acting as depositary. Which route is workable depends on the receiving bank, the source of the funds and how the transaction is documented.
How much of a Uruguayan property purchase can be paid in cash?
Since Ley 20.469, Article 35 of Ley 19.210 allows cash up to 200,000 UI, or up to 5% of the total value of the transaction provided that doesn't exceed 450,000 UI. Meeting either condition is enough; the balance is paid by non-cash means. UI amounts are converted using the quoted value on the first day of each month.
What value is the ITP calculated on?
On the assessed value set by Catastro (Uruguay's property-assessment office), adjusted for consumer-price inflation. If that adjustment produces a figure higher than the price in the transaction, the taxable amount becomes the price. It isn't "the greater of price and assessed value": the price acts as a ceiling, which is why the ITP usually lands below 2% of the actual purchase price.
Can the escribano receive the purchase money?
Yes, when acting as depositary. Article 35-BIS of Ley 19.210 permits bank-based means of payment in the professional's own name in that situation. It isn't automatic: it has to be agreed in advance, with documentation of the capacity in which the funds are held and when they can be released.
What happens if the means of payment aren't identified in the deed?
The Registros Públicos enforce that requirement and will not definitively record transactions that don't meet it. Article 35-BIS itself clarifies that non-compliance doesn't void the transaction, but a registry objection can hold up the documentary closing and complicate a future sale or mortgage.
Can I use Wise or a similar platform to pay for the property?
It can work for upfront costs or professional fees. For the purchase price itself, get advance sign-off from your escribano and the receiving bank: the means of payment has to be identifiable, and ownership and origin of the funds have to be traceable.
How much is usually wired as a deposit?
Around 10% of the price is common, but there's no single legally mandated percentage. What matters isn't the amount so much as whether the document states who is being paid, in what capacity, and under what circumstances the money comes back.
Why am I being asked for so much paperwork about where my money came from?
Because escribanos and brokerages are reporting entities under Ley 19.574, and Decreto 379/018 requires a reasonable justification of the source of funds. What everyone is looking for is a coherent chain running from the event that generated the money, to its deposit into an account in your name, to the transfer that funds the purchase.
The bottom line
Moving the money doesn't start with a SWIFT form. It starts by working out with your escribano who receives it, from which account, with what documentation, and at what moment.
A Uruguayan account can help, but it isn't a blanket legal requirement. The escribano can hold funds, but not every transaction uses that route. And for the ITP you need the adjusted assessed value from Catastro: applying 2% to the listed price doesn't get you there.
The whole transaction gets far cleaner when every step can be backed up with a document and no bank account shows up as a surprise.
This article provides general information current as of July 27, 2026. It is not a substitute for advice from an escribano, accountant, attorney or financial institution regarding a specific transaction.
Sources
- Ley 19.210 — Article 35, restrictions on the use of cash (as amended by Ley 20.469) — IMPO
- Ley 19.210 — Article 35-BIS, identification of means of payment, registry review and the escribano as depositary (IMPO)
- Ley 20.469 — Article 3, new wording of Article 35 (IMPO)
- Texto Ordenado 2023, Title 19 — Articles 5 and 7, ITP taxable base and rates (IMPO)
- Civil Code — Article 1673, costs of the deed (IMPO)
- Ley 19.574 — reporting entities and due diligence (IMPO)
- Decreto 379/018 — controls and justification of the source of funds (IMPO)
- INE — value of the Unidad Indexada
Legislation consulted on IMPO on July 27, 2026.