Chile Forum

According to them, it's absolutely hassle-free for transfers under 10,000 and I will need to supply a proof of the origin of funds (e.g. my recent Canadian monthly statement) if it's over 10,000. Do you think I can trust this info?

The simple answer is NO!!

The advice to get to know the people at your local international desk is very good. We are very good buddies with everyone up and down the food chain at Banco Estado in Temuco (and a few in Santiago office above them) from problems related to clearing wires for clients. Most do go through o.k., and yes under 10,000 are mostly hassle free, but do you really want to wing it with Chilean bureaucracy and that kind of money? Best to be prepared.

In theory you are suppose to have both documentation of where the money is coming from and where the money is going. Sometimes no one even asks us for money laundering paper work on wires for as much as $200,000 US. Other times we jump through hoops for a week to clear wires under $10,000 US. It really depends on what branch, who you are dealing with, and so on. The good news they have never lost our money, just try not to be in a hurry.

With the more remote branches, schedule more hoops and problems including them not having a clue about what to do to release the funds. Small branches we often end up showing them how to clear the wire, and making the calls up the line to get the money out of the money laundering committee in Santiago. Some of them can not accept international transfers at all.

Make sure they clear it to pesos when it hits the bank, otherwise you might have a whole lot less money when it finally pops out the other side of the banking system. Also make sure they set the payment flag from the point of origin. Banco estado likes to try and collect on their end also. Seems to happen about 50% of the time we send wires. Keep your transaction info so you can prove you payed it.

One more thing. Make sure that your account is unconditional. Their is another cuenta de oro with a 500,000 peso a day withdrawal limit. Did that once with $11,000 deposit by accident, and had to go to the bank every day to get the money out to pay for a property.