Transferring money

Chile Investment, how to invest in Chile, what to watch out for when investing, economic issues, currency exchange in Chile, and more.
Irishman
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Transferring money

Postby Irishman » Thu Dec 22, 2016 11:47 am

Guys, Transferwise in the UK are up and running again with transfers to Chile. The only caveat is that they still charge 1.5% and the max one can transfer in a 30 day period is the equivalent of 3000US dollars.

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Space Cat
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Re: Transferring money

Postby Space Cat » Thu Dec 22, 2016 8:33 pm

Irishman wrote:Guys, Transferwise in the UK are up and running again with transfers to Chile. The only caveat is that they still charge 1.5% and the max one can transfer in a 30 day period is the equivalent of 3000US dollars.

Awesome, thanks for a tip!

Britkid
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Re: Transferring money

Postby Britkid » Thu Dec 22, 2016 9:36 pm

Thanks a lot.
https://transferwise.com/help/article/2 ... -transfers
I wonder if they would negotiate me a lower fee if I offered to transfer a certain amount every single month. I think I might give it a shot. But first, I will need to just try it out and make sure it works.
Does anyone have any idea if it will work with Banco Estado cuenta RUT? If not, I can give it a try and let you know.
I blog on life in Chile at http://www.idledreamer.com

Irishman
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Re: Transferring money

Postby Irishman » Thu Dec 22, 2016 11:38 pm

It worked fine for my bank account here in chile. I dont see why a Banco estado account should be any different.

jehturner
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Re: Transferring money

Postby jehturner » Thu Dec 22, 2016 11:45 pm

Thanks. Those numbers are currently verging on the useless but good info :-). I suppose 1.5% is still better for converting CLP-GBP than any other method, which would involve 2 conversions, but the SWIFT fees would pretty much kill the difference at $3000/time.

Cheers,

James.

Irishman
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Re: Transferring money

Postby Irishman » Fri Dec 23, 2016 8:38 am

While dealing with them before they ceased Chilean transfers about a year ago, they were open to negotiation on their 1.5% fee as long as the amounts to be transferred were large. Although their current cap of 3k US doesn't fit that level, my point is that they are open to negotiation. I also spoke with them the other day and they told me they were working on increasing this limit.

Britkid
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Re: Transferring money

Postby Britkid » Sat Dec 24, 2016 10:39 am

Trying out a small amount with Banco Estado cuenta RUT.

I had to chose the account type and I chose Cuenta Vista. As far as I can recall, cuenta vista and cuenta RUT are the same or similar (?) so should be the right choice (?).
I blog on life in Chile at http://www.idledreamer.com

Britkid
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Re: Transferring money

Postby Britkid » Wed Dec 28, 2016 9:49 am

It worked fine (with Cuenta RUT). I sent 10 poounds and I got 5,800. That's a 3 pound fee and then 828.5 rate for the rest which is the middle rate.

They charge 1.5% normally but for a very low amount they charge such a small fixed fee instead.

It took three days but that was over Christmas including a weekend. Sent 24th, arrived 27th.
I blog on life in Chile at http://www.idledreamer.com

Britkid
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Re: Transferring money

Postby Britkid » Wed Dec 28, 2016 11:08 am

I called them in the UK and they said that they use Corpbanca as a partner in Chile. I tried to negotiate the fee for sending a regular large amount but I didn't get anywhere.
I blog on life in Chile at http://www.idledreamer.com

Irishman
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Re: Transferring money

Postby Irishman » Thu Dec 29, 2016 11:25 pm

Britkid, I could send and negotiate fees any amount before the cessation of their agreement with Chile. I spent a few weeks trying to eek out Transferwise's answer as to why their sudden lack of service. I was eventually left with something along the lines of "We are working on an agreement with Chile". So... to even try and negotiate a large sum transfer would be futile given their petite stepping stones. I suppose, t'wud be best to seek alternatives.

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Space Cat
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Re: Transferring money

Postby Space Cat » Fri Dec 30, 2016 2:21 am

I checked SurBTC bitcoin exchange and it looks quite interesting + I got two testimonials from friends (foreigners in Chile) that it actually works for them for large amounts.

The project got $100k in total as assistance from CORFO, then $300k seed round in 2016: https://www.crunchbase.com/organization/surbtc
Dashboard and everything look serious enough, you can't send or receive more than US$70 without a identity verification.

The most interesting part: you can withdraw money from there even to Banco Estado Cuenta RUT.

It means you can:
- buy BTC from your country's most popular exchange
- send them to SurBTC
- get them out to any account in Chile in CLP (via a local transfer)

Downsides: well, it's Bitcoin and it grows incredibly fast right now. It could fall again. Also the exchange rate is currently 3% lower but again it could be because of BTC peaking.

surbtc.png

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the19trier
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Re: Transferring money

Postby the19trier » Thu Jan 05, 2017 2:34 pm

The bitcoin exchange is too bad to mean anything now for transferring money.


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