Quick answer. At Carrasco (MVD), skip the exchange counters and casas de cambio in arrivals and use a Banco Itau, Santander or BROU ATM. Uruguay's bank machines dispense pesos at the Visa/Mastercard interbank rate and usually add no operator fee of their own, so with a Wise or Charles Schwab card your all-in cost is essentially the mid-market rate. The Uruguay-specific twist: foreign card payments at restaurants and hotels are exempt from the 22% IVA (VAT), so paying by card there literally beats paying cash. Withdraw a small peso float for ferias, tips and intercity buses, and put restaurant and hotel bills on the card. Always decline DCC and choose Uruguayan pesos (UYU). Into the city: the COT and CopSA airport buses run to the Tres Cruces terminal, or take a taxi or Uber (about 20-25 minutes to central Montevideo).
Where to get peso at MVD
The key Carrasco fact is that the exchange counters and casas de cambio in arrivals are the expensive option, while any Uruguayan bank ATM (Banco Itau, Santander or BROU) gives the interbank peso rate usually with no operator fee. And remember the bigger lever: card payments at restaurants and hotels dodge the 22% IVA. The cost math below assumes you withdraw or exchange the equivalent of $100 in pesos.
| Option | Where | Markup | Total Cost |
|---|---|---|---|
| Banco Itau / Santander / BROU ATM (MVD arrivals) | Arrivals hall | Interbank rate, usually no operator fee | ~$100 |
| Bank ATM + Schwab (any fee refunded) | Arrivals hall | Interbank rate, fee refunded | ~$100 |
| Foreign card at a restaurant / hotel (IVA-exempt) | In town | Interbank rate minus the 22% IVA | Better than cash |
| Casa de cambio / exchange counter | Arrivals / 18 de Julio | 5-12% off interbank under 'sin comision' | ~$88-93 |
| Accepting DCC at any machine | Anywhere | +5-10% if you choose 'charge in USD' | ~$90-95 |
Where to find the Banco Itau, Santander and BROU ATMs at Carrasco (MVD)
Carrasco International (MVD) is Uruguay's main gateway, about 20 km east of central Montevideo, housed in the sweeping single terminal designed by Uruguayan architect Rafael Vinoly and opened in 2009. It handles most international arrivals (the largest operator is JetSmart and the region's carriers Aerolineas Argentinas, LATAM, Azul and GOL, plus Copa, American and Iberia) through one arrivals hall. In that hall you will pass currency-exchange counters and casas de cambio that quote a peso rate looking reasonable but routinely running 5-10% off the interbank rate. The fix is a real bank ATM carrying the Banco Itau, Santander or BROU (Banco Republica) wordmark. All accept foreign Visa and Mastercard, dispense pesos at the interbank rate, and mostly add no operator fee of their own. Uruguay has no Bank of America Global ATM Alliance partner, so a BoA card pays its 3% non-network fee; a Wise or Charles Schwab card is cleaner. The bigger money-saver in Uruguay is not the ATM at all: a 2005 tourism law makes foreign-card payments at restaurants and hotels exempt from the 22% IVA, so paying those bills by card beats paying cash. Withdraw only the peso float you need for markets, tips and buses, and decline DCC.
Main Terminal (Rafael Vinoly design, opened 2009)
JetSmart, Aerolineas Argentinas, LATAM, Azul, GOL, Copa Airlines, American Airlines, Iberia and regional carriers. The single curved terminal handles all scheduled international and domestic flights
In the arrivals hall, walk past the currency-exchange counters and casas de cambio and look for a Banco Itau, Santander or BROU ATM. All accept foreign Visa and Mastercard and mostly add no operator fee; there is no Bank of America Alliance partner here, so a no-FX-fee card (Wise, Schwab) is best. Withdraw a small peso float for buses, ferias and tips, decline DCC and choose pesos, then head to the airport-bus stop, the taxi rank or the Uber pickup. Save the card for restaurant and hotel bills to capture the IVA exemption.
Do you actually need cash at Carrasco (MVD)?
Mostly no, and less than you would expect. Because foreign-card payments at restaurants and hotels are IVA-exempt, cards actually beat cash there. You want a small peso float for ferias, tips and public buses. Here is what works on a card and where a little cash helps:
COT / CopSA airport bus (~UYU 150-250 to Tres Cruces): Scheduled coaches from outside arrivals to the Tres Cruces central bus terminal in Montevideo, where you can connect onward; buy at the counter or on board. COT also runs direct coaches to Punta del Este (about 90 minutes).
Taxi (~UYU 1,200-1,700 to central Montevideo): Metered airport taxis wait outside arrivals; about 20-25 minutes to the center. Many take cash pesos, so pull a float from an airport ATM first.
Uber (~UYU 1,000-1,500 to central Montevideo): Uber operates at Carrasco and bills your card through the app, usually cheaper and clearer than a street taxi.
Hotel / private transfer (Varies (arranged in advance)): Montevideo and Punta del Este hotels commonly arrange a transfer billed to the room or card, convenient with luggage or for late arrivals.
⚠ DCC trap. When the ATM or terminal asks if you want to be charged in your home currency instead of the local currency, always decline and choose the local currency. Accepting locks in a 3-13 percent markup that your no-FX-fee card cannot undo. Full DCC explainer →
Frequently Asked Questions
Do I need cash to get from Carrasco (MVD) to Montevideo?
No. COT / CopSA airport bus accepts contactless. Most taxis accept cards. Uber and other apps are card-only.
Can I order peso before flying?
Yes. CEI Currency Exchange ships physical peso to your US address in 2-5 days at rates well below airport counters. Order 50-100 peso for taxis and tips on day one.
Is it true I save the 22% VAT by paying with a foreign card in Uruguay?
Yes, on the right purchases. Under Uruguay's tourism-promotion law, non-resident travelers get the 22 percent IVA (VAT) automatically deducted when they pay with a foreign-issued card at restaurants and for hotel and short-term accommodation, plus some car-rental and catering services. The discount is applied at the point of sale, so a restaurant bill paid on a foreign Visa or Mastercard rings up meaningfully cheaper than the same bill paid in cash. That makes a no-foreign-transaction-fee card (Wise, Schwab, or any 0% FX credit card) the best way to pay for meals and lodging, and it means you only need a small amount of cash pesos for markets, tips and buses.
Which ATM at Carrasco is best, and should I use the exchange counter?
Use a Banco Itau, Santander or BROU ATM in the arrivals hall rather than the exchange counters or casas de cambio. The bank machines give the interbank peso rate and usually add no operator fee of their own, so a Wise or Charles Schwab card lands you at essentially the mid-market rate. The counters bury a 5 to 10 percent markup in the rate. There is no Bank of America Alliance partner in Uruguay, so a BoA card pays its 3 percent non-network fee at any bank. Whatever card you use, decline DCC (the 'charge in USD' offer) and choose Uruguayan pesos. Because card payments beat cash at restaurants and hotels thanks to the IVA exemption, keep your ATM withdrawal small.
How do I get from Carrasco Airport to central Montevideo or Punta del Este?
For Montevideo, the COT and CopSA airport buses run from outside arrivals to the Tres Cruces central bus terminal, from where local buses and taxis fan out across the city; buy the ticket at the counter or on board. A taxi or Uber into central Montevideo takes about 20 to 25 minutes and runs roughly UYU 1,200 to 1,700 (about $30-40); Uber bills your card through the app. For Punta del Este, COT runs direct coaches from Carrasco (about 90 minutes) and many hotels arrange transfers. Pull a small peso float from an airport bank ATM if you plan to take the public bus, which prefers cash.
Can I order Uruguayan pesos before flying?
Sometimes. Most US home banks do not stock Uruguayan pesos, though a specialist service such as CEI Currency Exchange may source them on request with insured delivery. In practice it is rarely necessary: pesos are easy to pull from any Banco Itau, Santander or BROU ATM at Carrasco on arrival, and because the IVA exemption makes card payments cheaper than cash at restaurants and hotels, you need less cash than in most countries. The cleanest setup is a Wise card for card payments plus a small on-arrival ATM withdrawal for markets, tips and buses.