Chile Forum

HEy guys,

HSBC has really been going hard on there international banking advertising. I was just wondering what types of experiences people have had with the bank. I will be moving to Chile in a couple months. I will be facing the issue that is so often talked about on this forum (foreigners don't get bank accounts). So, is HSBC a good option? Maybe open an account in Canada and then get some sort of benefit in Chile because of it?

Or, should I just be looking to do the straight ATM withdrawls? Find a bank in Canada that will provide me with a Cirus / Plus network Mastercard / Visa debit card and use Chilean ATM's to withdraw cash.

Another quick question... If I were to get a job (Engineering) with a big international company... how does payment work? They employ foreign people a lot so do they pay them with Cheques because they can't get banking accounts?

Cheers,

A

there is no strict answer to this, as you have already read on the forum. In our case, with a contract to work in Chile we were able to easily open a bank account (savings, chequing, visa and mastercard), using a contact through our relocation agent. If you get a job, you need a contact such as this to help you get the account. In our case,w e had no idea it was actually difficult to get bank accounts as the bank executives came to my husbands work and our hotel room to get the paperwork signed - in chile it is all about who you know. If you are working with a reasonably sized international company, they will want to pay you in chile (generally), and will likely therefore try to help you get sorted on the bank thing. Many of the people who struggle to get bank accounts are here without a job, and that is the biggest hurdle, no matter how much savings they have in reserve.

Thanks Steph.

I just read a good post from Admin that didn't show up on my search. For anyone reading this post that hasn't read it yet, here it is:

http://www.allchile.net/chileforum/topic5702-12.html

So if there is no solution to banking in Chile at the moment, the real question is how should I set up my banking in Canada so that I can access my money in Chile. I assume do this "Find a bank in Canada that will provide me with a Cirus / Plus network Mastercard / Visa debit card and use Chilean ATM's to withdraw cash". Admin has also recommended I have several cards, on different networks. So, I would need to find another bank in Canada that would hopefully be easy to transfer funds to that offers a card on the other network.

I use Scotiabank (it a fairly major retail bank in Chile) in Canada and Chile, having the account in Canada makes it easier to deal with the bank in Chile for me.

yea, on the banking you need to parse the posts very carefully with people that have managed to get bank accounts. Typically they are already working for a company in Chile, when they get an account after just arriving without full permanent residency. Essentially the company is creating the credit history and providing the source of income needed for a credit history that banks want to see.

Everyone else is hit or miss, based on a bunch of circumstances particular to their situation.

The HSBC advertising is mostly full of it, unless you have several hundred thousand dollars with them somewhere else already. You need to be one of their premium clients, not just average joe with a savings account in another country.

Again two most critical factors to getting an account (checking account, not savings account) in Chile with any bank:

-- Full permanent residency, or at least temporary residency (with qualifications attached that often these accounts can be closed if you do anything strange such as wire money to them internationally).

-- income source and credit history (start declaring some income as soon as you arrive to the IRS, regardless if you are required to or not)

Thanks guys.

some of my employers pay in cash, others pay by check. the checks can be cashed easily at the bank that issued the check.....as long as you get to the bank in the morning. all the banks at 2PM. my checks usually aren't very big....never more than 250.000. for larger checks, there may be other issues involved. also....some people negotiate to receive their salaries split between CLP and USD....half in pesos, half in dollars, to protect against wild swings in the currency markets.

admin wrote:-- Full permanent residency, or at least temporary residency (with qualifications attached that often these accounts can be closed if you do anything strange such as wire money to them internationally).

-- income source and credit history (start declaring some income as soon as you arrive to the IRS, regardless if you are required to or not)

Hello Everyone

I was planning on opening a Chilean saving account with HSBC so I can exchange my CAD income to Peso and withdraw from my Chilean bank card, hoping to save some fees and exchange rates. (I have a HSBC Premier account and supposedly can use the international online banking system, and oh boy even as a Premier account they still want like 3 sets of signed documents with my fingerprints and they want to see my U Cert.....) Would they consider that as 'strange' activities and close my Chilean saving account? Or am I better off just stick with my Canadian bank card(s) and withdraw Peso directly from my Canadian account?

I understand my company office in Santiago will arrange for a contract (how strange I have to sign a new contract with my own company....) and with that they'll send me through whatever system to get a working visa and bank accounts, etc, etc. But from what I read in this forum it could still be months before those come through that's why I want to set up this HSBC dog and pony show now. I'd love to hear your advises.

Thanks in advance.
Saku

I suggest you read the various posts made by Simone, who had disastrous experiences with HSBC here, even though before coming to Chile, he was a client of theirs outside. In desperation he closed his account and they didn´t give a damn. HSBC here do not operate in anywhere near the same way as they do outside. Rather they seem to have employed local people from other banks who have managed to install the same unbelievably inefficient customer service techniques. It´s like the association of banks in Chile have made a pact that none will improve their service so that in that way, none of them will have to do the same to compete. I´ve tried various banks and even though I´ve always been given the " preferential client" status or become part of their "privileged" private banking area, not one of them has ever been capable of in assisting me in any aspect; probably because they know that if I move banks, I´ll find it just the same. I´m with HSBC outside and have no complaints whatsoever but wouldn´t dream of talking to them here

Thanks for the info paladin. I sort of remember that post from Simone but couldn't find it again without the poster's name. It's a shame to hear about the HSBC in Chile and even more so when my account manager in Canada has been so helpful in doing up the forms, etc. Guess I'll just treat this as a little experiment and let that form go with the flow and see where it ends up. I won't be transferring any large sum into the Chilean side anytime soon that's for sure. I'll update later if that piece of paper even got anywhere.
cheers, Saku

Poster's name is actually SimonC, and I think this is the thread you are looking for. post60168.html?hilit=HSBC#p60168

Steph wrote:Poster's name is actually SimonC, and I think this is the thread you are looking for. post60168.html?hilit=HSBC#p60168

The latest! after having closed my account with HSBC in Jan 2011 (or so I thought having signed at least 50 documents!) I yesterday received an "estado de cuenta" for Feb and March charging me interest for having no money in my account! the saga continues..... it appears that closing an account is just as difficult as opening one