Chile Forum

Well we were not able to get any confirmation that was still the case. Without sharing any sensitive details that was shared with us, the problem with this report we seen was that it happened a couple of years ago. We know accounts were being opened a couple of years ago relatively easily (easy for Chile) at many banks. Everyone went nuts last year with the OECD entry.

That said, we did suddenly see some action from other banks after the earthquake / change of government. People that could not get accounts opened before, suddenly started getting calls from banks offering checking accounts. Now, I caution that it is too early to tell if this is a trend, but there is hope the stupidity is being sorted out.

We have also seen some action on the problems with international wires being resolved somewhat. I think a lot of this has to do with the new government cleaning house, and the banks following by cleaning out all of their left-wing middle executives to put in place more right connected executives. The, 'we only provide banking to poor people' types are being shown the door. Yes, we have literally heard that come out of the mouth of regional manager at Banco Estado. They were operating banco estado like it was a charity operation, rather than a bank. Take the rich peoples money, and loan it to the poor people was a concept they could not grasp ( or the other way around if you like ). There was just way too many people in the banking industry that simply did not understand banking.

Not sure if Admin has contacted the Scotiabank in Santiago recently - all their contact details are available further back in this thread - but we have been assured that all the bi-lingiual (Spanish/English) services (yes including credit and debit cards) that we were offered 2 years ago, are still available to expats who wish to open accounts now.

But I would suggest that anyone who wants to know more just pick up the phone and contact them directly to find out for themselves. As I said previously, if you only speak English you should have no problems - even the guard at the door speaks English. If it is true that Scotiabank Chile feels that they can fill a niche that has not been adequately filled by any other bank in Chile ... and you need to open an account here , then test them to see if they live up to their claim. They have for us.

As far as the integration of Scotiabank and Desarollo Bank is concerned, we were able to cash our Scotiabank cheques at the Curico branch of the Desarollo Bank last week so we no longer have to drive to Talca to withdraw larger amounts of money than we would be able to get from the ATM's.

Yea, actuelly that is the best way for anyone to go about it. Call them or attempt to open. We might be able to open a dozen accounts at any particular institution, and then for whatever reason the next person that tried gets denied. Best to have as many people as possible test them out.

I've been with BDD, now Scotia for a few years. Took Chilean income to get account. Speed of transfers has always been very arbitrary, one day to one week, depending on dollar.
Think I'll ask your contact how the rates, fees, time, etc. really work. See if I can get a straight answer... but doubt it.

I saw that HSBC has started personal banking in Chile at the end of April, with 3 branches in Santiago. Anyone had experience of trying to open an account with them? Does being a customer of HSBC international help?

Yea, I would be interested hearing about HSBC also. We have a lot of clients that are international clients of them, but they have not been able to solve the banking problem anymore than just walking in to a local bank off the street. In spite of all their advertising to the contrary.

zer0nz wrote:HSBC Advance Elegibility Criteria
Become an HSBC Advance customer and enjoy all the benefits of being a global customer.

Requirements:
Demonstrate a monthly income equal to or greater than $2.000.000 pesos or
Possess a minimum investment of $14.000.000 pesos at HSBC Chile or
Demonstrate a Net Patrimony equal to or greater than $140.000.000 pesos.

Really its only for professional expats who hold money here and earn pesos

How so? If the "or" is correct in those requirements, it looks like a deposit of $30K USD will unlock the door to getting an account. It's a chunk of money, but not an outrageous sum.

Residency? If they require residency, then they are no more use than any other bank. If they require proven income from in Chile declared with the Chilean IRS to establish credit prior to issuing an account, they are also no better than any other bank.

If a gringo tourist with $30,000 (or whatever amount) can walk in off the street and open a checking account (savings account would be o.k., but still not the same as a checking account in Chile), then I would be impressed. The final test is can they keep it open the first time a foreigner wires money in internationally.

If those items can be tested in practice, I would be impressed.

Otherwise their advertising is just a bunch of advertising.

FrankPintor wrote:Does being a customer of HSBC international help?

It ought to, with the amount of cash they demand just to hold a basic offshore account. I jacked in HSBC International a few years ago when they raised their minimum balance to GBP25k!

James.

Hi Susie,

Well, following your advice I went to visit the Scotiabank here in Viña del Mar. The woman whom assited me was quite indifferent and unhelpful. She was adamant about not being able to open an account unless I could document income here in Chile. I don't know if she couldn't understand when I said "jubilado", but she was unmoved. I offered to make a large deposit in place of monthly income, but she remained unimpressed.

Actually, now I wouldn't bank there if they paid me, which they obviously are not going to do. I don't know where they get off with this attitude toward potential clients, but this is strictly "third world", and I certainly don't need it.

Thanks anyway,

Albert

The manager's name is Lucrecia Salim Baudrexel
email: lucrecia.salim@scotiabank.cl
The branch address is:
Av. El Rodeo 12699
Lo Barnechea, Santiago, Chile
Tel: (56-2) 3931176
Fax: (56-2) 3931190

Also, regarding the above quote, a friend of mine had reported to me some months ago, that the above email contact simply never returned their emails, that were rather polite and well-written, and informative messages, BTW, with questions about their services (though in English).