Chile Forum

Magnyz wrote:8.001 a 10.000 0,30%
10.001 a 25.000 0,25%
25.001 a 50.000 0,25%
50.001 a 100.000 0,15%
Up 100.000 0,10%

are these CLP or USD?

They are USD equivalents.

Magnyz wrote:They are USD equivalents.

Cheers

Cheers ... hope you can find a cheaper way to make the transfer but maybe this is just the way it is here. With my frame of reference for this type of transaction I find this a rip-off.

We where told by a lawyer for one of the big banks this week that they have an official notice from the central bank to not open accounts for any foreigner without residency.

Magnyz wrote:Cheers ... hope you can find a cheaper way to make the transfer but maybe this is just the way it is here. With my frame of reference for this type of transaction I find this a rip-off.

if i find a cheaper way to get money to chile i'll definitely post it.. but by my calculations its not that expensive even with the charge at the Chilean end.. my calcs are US$20 + (0.15% x US$100,000) = US$170 in fees considering i get charged AU$2.50 + 1% for a daily max of 300,000CLP it would cost me around US$1,400 and 155days to obtain $US100K.. so US$170 looks good to me...

Hello There, i have done this is the past, best way to do it, have her send a bank certified check to you here, then open an account with that check in any bank in chile, then wait 15 days to clear and withdraw the money, have done it and it works...Good Luck,, Louis

The fee schedule I posted is for converting from USD (or EUR) to CLP. I don't see how you avoid that by sending a check from abroad.

you can wire under your own name or someone elses directly to a bunch of banks counters (banco estado for one). You then pick up the cash or the valle vista (bank certified counter check) at the bank with your id. You just can not open an account.

You can wire in 100 of millions of pesos and they will just give you the cash and let you walk out the door, but they will not let you open an account. I believe you can even wire it in dollars.

admin wrote:you can wire under your own name or someone elses directly to a bunch of banks counters (banco estado for one). You then pick up the cash or the valle vista (bank certified counter check) at the bank with your id. You just can not open an account.

Charles, can you please explain in more details how this works and which banks do this? We need to wire Euros from a European bank and change them to CLP so we can buy a car. I've looked into an fx broker such as HIfx but they don't handle CLPs. Our Chilean bank account is CLP only and so far the Chilean banks we've talked to won't let us open an account in a foreign currency until we have permanent residency.

To make a wire you need to have a recipient swift number, don't you? How do you wire money to a bank where you don't have an account, and will it work with Euros?

first, go to the source. The girl at the counter is hardly trained to count money. You need to go to the wire desk, of banco estado (or other banks) that is designated to handle international transfers. Best to start with checking on the receiving end with the international desk about the local procedures, and more importantly the particular branches interpretation of those procedures. If there is a problem later, you will know who to talk to.

Second, you do not need an account. The bank wiring out may request a target account, but the swift code is bank wide for banco estado. You should give the branch address that it is targeted at. You should add as much identifying information as possible to the wire such as your RUT if you have one, and your passport number. Expect up to a week for things to clear through the red tape, but typically they hit the bank in Chile with in about an hour if not sooner. Things slow down of course once the money hits the bank (there is never going to be a run on banks in Chile).

Third, if you are wiring over $10,000 US, you will need documents to establish origin of the money and what it is for. Typically a letter from your bank that you are in good standing, and that for example proof that you have say a pension check or investment money. On the destination end, showing that you have for example a purchase contract for a property or perhaps a car. Often just telling them you are buying a car will do. Sometimes they do not even ask for the money laundering paperwork, but just be prepared.

Fourth (not really wire related) if you are buying something big and delays are expect before full completion (i.e. getting your money back could be expensive or impossible if something goes wrong), put the money in a valle vista bank certified counter check in the name of the seller, and deposit it at the notary with instructions for its release or return until the title is registered or other relevant conditions are met. Works like an escrow account in other countries. No one is going to blink an eye at this request in Chile. It is a very standard practice in almost all large transactions. If after careful explanation of your concerns and such they still refuse to do it that way, walk away. Something is rotten in Denmark (or more exactly Chile).

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We don't worry too much about telling people our trade secrets / methods. When people try it on their own and things go wrong, that is when we get the most calls. It also makes for clients that are more appreciative of what we do, and how little we charge for doing it.