Chile Forum

It seems, from previous postings that there is a lot of obstacles to overcome in order to open a Checking account in Chile.
After reading a lot of postings, i have not yet figured out what will be the best way to transfer funds to Chile.
This is taking in consideration 3 factors:
1) Demonstrate enough solvency in order to obtain Temporary residency
2) Obtain the best exchange rate for U$D.
3) Availability of funds in order to purchase real estate
At the present time i have
Savings and Checking with Bank of America.
Savings and Checking with USAA Bank.
Savings and Checking with HSBC Bank.
Of all these i think the only that have offices in Chile is HSBC ( also seems to have a great presence in Argentina)
Most of my savings are deposited on HSBC.
Would it be possible to transfer any of these accounts to Chile,and most important, the balances in U$D and withdraw funds with checks or debit cards?
Or is this the time to check for the latest designs and colors on money belts....
Any ideas will be appreciated.Thanks

Well, after of more than hour spent at the Coral Gables Branch of HSBC, i gathered some Information.

HSBC provide for account holders with more of 50K in different accounts with a service called PREMIER or international banking.
Using this service means that the USA bank will introduce you and streamline the process of opening an acccount in the HSBC bank located in any of the foreign countries affiliated to this program.
Unfortunelly, Chile is not one the countries affiliated to this program.
The Bad news:No deal with Chile.
The good news: Argentina is part of the list, in case someone wants to do business or relocate there (i guess this will go to the "all argentina.net forum LOL).
This link provide list of countrieshttp://www.us.hsbc.com/1/2/3/international-services/relocation/overseas.
HSBC have more than 80 offices in Argentina, but only one in Chile, and works as a Private Banking.
The only country in the region that allows you to operate and have accounts in U$D is Uruguay , and only with accounts of more than 1.000.000,00.
So, basically you at the mercy of the bank in Chile ,who will exchange the dollars you sent at some strange rate and give you $CL.
This leave to this conundrum, if my money is sitting on the States how i can prove solvency to Chilean Authorities in order to obtain temporary residency and RUT?
How can i have an Bank Account in Chile to to start paying for things,besides using cash?
Question: Did somebody tried to start a relationship with the Chilean Banks opening a CD or investment account and from there obtain a checking Account?
I noticed that BankBoston offers a Checking account in U$D, but you have to fulfill these requirements: have an account in $CL , resident of Chile,and a business that requires transactions in U$D.
Perhaps ,those of you with more time living there and having business running in Chile can use this option.
Well, over and out for now, this money transfer part is putting a damp in my plans
As always any new ideas or inputs will be greatly appreciated

You could bring your money in via a "Capitulo 14" using a local stockbroking firm (try LarrainVial for instance). The money is brought in in dollars, exchanged at investment banking rates and held until it needs to be transferred for property purchasing. By bringing your money in via a 'Capitulo 14' it makes it much easier to get an Investor's Visa as it's a specific financial device in Chile aimed at facilitating foreign investment. i.e you brought the money in as an investment in Chile, not just to buy a holiday home for yourself.

I'm not 100% sure that this system is available to the average foreigner wishing to invest here-i did it this way because i have contacts in major financial organisations here (i actually did very little, it was all organised for me-the advantage of having a well connected girlfriend!). I'll see if i can find out whether it was all a bit of a favour for me or whether anyone can invest in this way.

After almost 3 years in Argentina dealing with property and investment, i can tell you that chile is a million times easier and more efficient! Banks work and people cheating you at every turn is the exception rather than the rule....

xxx

I'm a bit confused... the problem is that I'm not very knowleageable about international financial matters.

I've been reading various threads in this forum, and so far I've learned that I can buy property in Chile as a foreigner. But just how do I get my money here in the U.S. transferred to Chile?

Say, for example, that I travel to Chile and find an apartment that I'd like to buy. Then what? Let's say that I can withdraw (via ATM) from my account in the U.S. enough funds to pay the downpayment (btw, is there such a thing there?). How do I pay the rest? Does the total balance have to be paid in cash in one lump sum? and how long after the initial payment?

I guess what I'm trying to determine is how to get such a large amount from the U.S. into the hands of the seller in Chile.
Help...

admin wrote:we are mostly talking about day to day banking. When you buy a property in Chile, at the time of the purchase you can wire it directly to the sellers account. In fact, all transactions over $10,000 US must be done through a bank.

this is my experience in moving money from one country to another. this is me trying to quarterback the issue. i bought 1 hectares of land with a house on it for about 35K USD. i asked Bank Of America if i can easily wire money from California to Chile. they said yes, but i failed to tell them that i was presently working in Korea. apparently when wiring money, you need to be present in country to sign the wire. so i had to wait until i got home to korea and do a general power of attorney for my parents to sign and send money to my bank account with Banco Estado and have my lawyer in Chile take care of it.

sometimes i wonder how these terrorist are able to move money so easily from one country to another. swiss accounts where you to check online as well?

Haven´t tried to open an account in the USA branch of Bancoi de Chile or Banco de Credito e Inversiones? they have offices in Miami and New York AFAIK and you can easily open an account with only an USD 5,000.00 deposit. With this checkbook you can transfer money at 0 cost

How do they know whether one has 10K or more in cash when travelling through SCL? I've never seen anyone have problem, lots of heresay though.