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☛ EN Advice Opening a Bank Account in Chile

Discussion in 'Chile' started by texkourgan, Jul 15, 2013.

  1. texkourgan

    texkourgan Addicted member
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    Hello!

    Is it difficult for expats to open a bank account in Chile? Which documents are required? How long does it take to open an account?

    What bank services are available in Chile? Is internet banking or mobile banking an option? Are there any restrictions for expats regarding the services, such as loans?

    Which bank would you recommend? Have you had any notable experiences, good or bad?

    Please share your stories so other members can learn from your experience! Thanks for offering your advice and tips.
     
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  2. ninchile

    ninchile Member

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    For expats, opening a checking account can be complicated. Checking accounts come with a credit card and facilities to take out consumer loans, so a bank isn't going to give credit to someone without a banking/credit history in the country.

    Once you have some sort of temporary residency (Subject to Contract Visa, Temporary Visa for Professionals, Temporary Visa due to Marriage, etc.) and your RUT (Taxpayer ID Number) you should be able to request a Cuenta RUT from Banco Estado. I say should, because, as with most things in Chile, people's experiences vary. Some bank employees may have the idea that if you are foreign you can't open an account. So, it may take visits to more than one office to get them to approve the account.

    Once you have the account set up, you will have to take another few trips back to get your ATM card working and to get set up to do online transfers and payments. However, it is worth it because then you don't have to stand in line to pay your different bills, such as utilities, cable TV, etc. You can pay online. If you freelance like me, you can also receive payments from clients via bank transfers.

    The Cuenta RUT comes with an ATM card to withdraw money; it costs CLP300 to withdraw from an ATM and CLP600 from a bank branch. However, the account doesn't have monthly maintenance fees. It doesn't come with checks, but checks are not commonly used these days. The most significant limitation of the account is that you can only have CLP3 million in it at a time. However, once you have the Cuenta RUT open for a little while, it should not be a problem to open a savings account with no deposit limit and you can transfer money between the two. I have done it, as have several other expats I know.

    If you have permanent residency and can show proof of a stable income, then it gets easier to apply for a full checking account with credit cards. I am not sure what the minimum income would be for this, maybe CLP500-600,000 a month. Again it would vary between banks and who you deal with, so you may need to shop around.

    Of course, if you have a "pituto" (contact), i.e., you know someone who works in a bank or a friend who knows someone who works in a bank, then things get a lot easier. Some people have even reported being able to get a checking account on a Temporary Visa with some help from someone they knew. Don't be surprised, though, if the person asks you for a favor later.
     
  3. Cyrilexpat

    Cyrilexpat Administrator
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