An update to my Banco Itau experience...
After receiving my "products" from the bank at the end of June, I was now feeling very pleased with myself. Because I was off on holidays to Australia at the end of the following week, I didn't bother trying to transfer any funds from Australia to Chile, thinking that I'd do it when I got back.
OK, I've now returned, visited the bank again on the Monday morning and filled out the relevant bits of paperwork about converting transferred amounts from USD to CHP automatically such that CHP show up in my account. I was then advised to wait until Friday before making a transfer in order for them to get the paperwork processed and everything in order.
The process for this transfer, again perhaps only for afficionados of banking, is as follows;
- transfer from my bank in Oz to an intermediary bank in the US (in this case Wachovia Bank)
- Banco Itau Chile has an account with Wachovia Bank, for which I have the account name and the account number
- I am advised to use the Banco Itau Chile account name in the transfer paperwork, BUT to use my account number here in Chile, which is obviously different to the account number that Banco Itau Chile has with Wachovia Bank. When I ask about this, because it seems crazy, I am reassured that this is correct, but just to make sure, it is confirmed as correct with someone in Santiago HQ.
- Once Banco Wachovia receive the money, apparently they do some checking up to see whether I'm doing some money laundering, and once they are satisfied all is OK, then they will forward the money to Banco Itau Chile.
It is now one week since I pressed the "OK to transfer" button and still nothing in my account. I visited the bank this morning, and it was confirmed that nobody can find any evidence of the transfer in the Banco Itau system. Perhaps wait a bit longer was the helpful suggestion - try looking again this afternoon!
Despite the reassurances, I'm feeling a bit concerned about this, as (under instruction) I didn't use the Banco Itau Chile account number for Wachovia Bank. I have every suspicion that Wachovia Bank executives are scratching their balding scalps and wondering what account to stick this money into...
Let's see what this afternoon brings