The downsides that exist are probably that there isn’t really much of a Bitcoin economy here yet in Uruguay. They haven’t needed it. The next biggest one is that bureaucracy still exists.
Definitely witnessed an uptick in the amount of libertarian minded people here, moving from abroad, which is a huge plus. People I’ve enjoyed connecting with.
The cashless card culture has expanded and is commonplace. I’m becoming one of the minority in local markets still using cash. It’s still used but much less than other Latin economies, at least in major cities like Montevideo and Punta del Este. They have hooked people in with 15-20% discounts in cafes and restaurants if you have a certain branded card. Now people use cards daily.
Supermarkets are pretty much run by a French monopoly here. There’s lots of brands but all with the same/similar owners, which is why veggies and consumables are 2x-3x more expensive than neighbouring countries. I try to avoid lining their pockets by opting for the local markets or “ferias” and building relationships there.
On the plus side, you can exchange significant amounts of dollars for pesos or vice versa without any sort of identification whatsoever. These are large registered businesses. In the U.K., even exchanging $100 felt like an inquisition and a favour I was being granted.
You need to present ID to get a SIM card like most countries, but it’s so refreshing to walk in & pay a competitive FX rate without being asked your name. To not get asked about what you plan to do with your depreciating dollars, or your travel plans etc. Reason being I expect, many big purchases like houses and cars are denominated in dollars, just like neighbouring Argentina. Those assets by the way are also fairly pricey for the region near the coastline cities given the stability on offer.
Renting and purchasing property comes with quite a lot of additional costs. With very little work or effort on the agency side. I gather it’s often best to find a good agent to trust with this process, or even a friend who does it on the side. Or just be prepared to eat that cost.
Linked to the agency world, and being both a positive and negative, sometimes when paying for a service you’ll find you as the buyer need to chase to get things done. The culture is very different here, to the detriment of speediness. It’s almost like businesses are not motivated by money and believe you are lucky to being served at all, even when paying hefty fees. I guess that’s the “tranqui” way.
It’s just a general observation and not always the case, but also potentially provides good opportunities for those people that are responsive and are willing to setup a business here. You will soon find yourself as the exception if you keep your promises and can deliver on time.
For those that are interested…
The downsides that exist are probably that there isn’t really much of a Bitcoin economy here yet in Uruguay. They haven’t needed it. The next biggest one is that bureaucracy still exists.
Definitely witnessed an uptick in the amount of libertarian minded people here, moving from abroad, which is a huge plus. People I’ve enjoyed connecting with.
The cashless card culture has expanded and is commonplace. I’m becoming one of the minority in local markets still using cash. It’s still used but much less than other Latin economies, at least in major cities like Montevideo and Punta del Este. They have hooked people in with 15-20% discounts in cafes and restaurants if you have a certain branded card. Now people use cards daily.
Supermarkets are pretty much run by a French monopoly here. There’s lots of brands but all with the same/similar owners, which is why veggies and consumables are 2x-3x more expensive than neighbouring countries. I try to avoid lining their pockets by opting for the local markets or “ferias” and building relationships there.
On the plus side, you can exchange significant amounts of dollars for pesos or vice versa without any sort of identification whatsoever. These are large registered businesses. In the U.K., even exchanging $100 felt like an inquisition and a favour I was being granted.
You need to present ID to get a SIM card like most countries, but it’s so refreshing to walk in & pay a competitive FX rate without being asked your name. To not get asked about what you plan to do with your depreciating dollars, or your travel plans etc. Reason being I expect, many big purchases like houses and cars are denominated in dollars, just like neighbouring Argentina. Those assets by the way are also fairly pricey for the region near the coastline cities given the stability on offer.
Renting and purchasing property comes with quite a lot of additional costs. With very little work or effort on the agency side. I gather it’s often best to find a good agent to trust with this process, or even a friend who does it on the side. Or just be prepared to eat that cost.
Linked to the agency world, and being both a positive and negative, sometimes when paying for a service you’ll find you as the buyer need to chase to get things done. The culture is very different here, to the detriment of speediness. It’s almost like businesses are not motivated by money and believe you are lucky to being served at all, even when paying hefty fees. I guess that’s the “tranqui” way.
It’s just a general observation and not always the case, but also potentially provides good opportunities for those people that are responsive and are willing to setup a business here. You will soon find yourself as the exception if you keep your promises and can deliver on time.