Opening A Bank Account

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Britkid
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Opening A Bank Account

Postby Britkid » Fri Oct 17, 2014 3:59 pm

After 9 months in Chile, I decided to try and open a bank account today for the first time. I work from home and am paid by a foreign employer into a UK account, but I hope with a Chilean bank account I can build up some pesos in there (either by making international transfers or withdrawing money out of the ATM and walking straight into the bank to deposit it). I want some peso savings so I am less reliant on the value of the UK £ (which I am paid in) and also so that I can pay my internet/phone/TV bills and rent online. At the moment, I have to queue up in person to pay the bill, and go to the bank in person with cash to pay the rent. The other reason is in case I want a mortgage in the future and incase it helps to have Chilean banking history.

I went to Banco de Estado and BCI today in Isla de Maipo. In both cases they needed to see my RUT (card) but did not ask for my passport with visa.

Banco Estado
I was able to open an account in about 5-10 minutes after being seen. They needed RUT card, but that was all, i.e. not interested in passport, visa, or how much salary I had or what job I had.
They gave me a RUT account and would not give me a current account until I had more history, however we discussed that with a RUT account you can pay bills, do electronic transfers the same as a current account, but you just can’t get credit. I don’t want credit. 2,000,000 pesos is the most I will be allowed to put in the account. EDIT: This is wrong. It is 2M deposit within a month period, 3M maximum balance however. See following comments/discussion.
I asked about home insurance which I also need and they asked if I had a mortgage with them, which I don’t, so it seems that they won’t offer this to me.
They gave me a bank card for withdrawing cash and using machines after another 20 minute wait because the person in front of me at the counter took forever and it was a bit confusing who could attend on what purpose (card has strip but no chip and do need to sign) and a PIN number which I changed in the machine right away to a new one.
The account does not have a monthly charge but it does have fixed charges for withdrawals, payments etc, and there is a list of how much for each thing, most are 300 pesos or 600 pesos.
It was supposed to be the same PIN number for the online banking, but it did not work. I have just been locked out of the online banking so that’s a good start.

BCI
I can get an account, a current account, with which I can do online payments and transfers without charges. There is a monthly fee for the account though, and it would be around 3,000-5,000.
I need RUT (and residency), a salary above 1,200,000 and some type of work contract for a period of 12 months (I think this means 12 months of history, rather than including future time on the contract). (The salary requirement is for a foreigner, a local may have account with less.) The lady who attended me happened to have been sorting out an account for another foreigner recently. I got the impression that if it wasn’t for that she might not know to handle me so easily.
The fact my contract, work status and everything is English with no ties to Chile was perhaps not ideal, but I don’t think it’s going to be a problem. EDIT Nov 25: Wrong. I was rejected for this reason.
They do home insurance, but would have to go to Santiago BCI Insurance on 10 de Julio or another street name I can’t remember, however once I become a bank customer of the Isla de Maipo branch I should be able to get it from them.
She was very polite and nice, the bank was very nicely fitted out, and there was hardly anyone in there. I got the sense it might be a good bank to have, if they accept me, but let’s see. I need to go back with the work contracts etc which I didn’t bring with me.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

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zer0nz
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Re: Opening A Bank Account

Postby zer0nz » Fri Oct 17, 2014 4:35 pm

yep, still hasn't changed,


Some banks will give people like you a account if you put some money in a term deposit!

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eeuunikkeiexpat
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Re: Opening A Bank Account

Postby eeuunikkeiexpat » Fri Oct 17, 2014 6:23 pm

Britkid wrote:Banco Estado...2,000,000 pesos is the most I will be allowed to put in the account. ...

Incorrect, the amount for CuentaRUT is 3000000 and you can open a cuenta de ahorros if you need to sock away more. I have explained use and fees of BE CuantaRUT and BE Cuenta de Ahorros previously and in detail.
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HybridAmbassador
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Re: Opening A Bank Account

Postby HybridAmbassador » Fri Oct 17, 2014 8:06 pm

eeuunikkeiexpat wrote:
Britkid wrote:Banco Estado...2,000,000 pesos is the most I will be allowed to put in the account. ...

Incorrect, the amount for CuentaRUT is 3000000 and you can open a cuenta de ahorros if you need to sock away more. I have explained use and fees of BE CuantaRUT and BE Cuenta de Ahorros previously and in detail.


$3000.000.00 Pesos max is only about US$5k but it is way better than the CLP$2 mill figure. US$5k can pay rent plus
utilities,plus foods every month comfortably.. I guess but $2000.000.00 is perhaps not enough for all the expenses ?
So RUT + Permanent residency for an account combination of saving/checking? Will a temp residency will no do ?
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eeuunikkeiexpat
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Re: Opening A Bank Account

Postby eeuunikkeiexpat » Fri Oct 17, 2014 9:03 pm

HybridAmbassador wrote:So RUT + Permanent residency for an account combination of saving/checking? Will a temp residency will no do ?

Temporary should get you a CuentaRUT and a Cuenta de Ahorros.
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Britkid
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Re: Opening A Bank Account

Postby Britkid » Sat Oct 18, 2014 11:02 am

It did surprise me when she said 2M because I heard the 3M figure before as well. But I am pretty sure she said 2M as we had a few minutes conversation about it where I clarified that this was the total amount to be allowed in the account at any time, not the monthly deposit, and the amount was repeated several times by both of us. Of course, she could be wrong.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

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eeuunikkeiexpat
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Re: Opening A Bank Account

Postby eeuunikkeiexpat » Sat Oct 18, 2014 11:41 am

She is wrong and you can see for yourself on the BE website, but about two years ago she was right as it used to be only $2000000.

It will be another couple of visits to activate electronic transfers and get your tarjeta to do the transfers and get other kinks ironed out.
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Britkid
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Re: Opening A Bank Account

Postby Britkid » Thu Oct 23, 2014 1:11 pm

Banco de Estado update:
Went back today and said PIN didn't work, got another temporary PIN to reset PIN on website, worked this time, managed to log into the account for the first time. Next step will be deposit cash in there, then check that shows up, then start to see if I can use the account to pay bills online, from Entel mainly.
I asked them again about the deposit limit and spoke to a different person, and they still said it was 2M. I found the page online mentioned though when I got back home, where it does say 3M. "¿Cuál es el saldo máximo que puedo mantener en mi CuentaRUT? El saldo máximo que puedes mantener en tu CuentaRUT es $3.000.000 (3 millones de pesos)." http://www.bancoestado.cl/88F6102DD50B4 ... /37766.asp
I asked about getting a mortgage and was told that having Chilean salary slip showing Chilean income is most valuable, he would not be impressed by proof of foreign earnings earned and paid outside of Chile in another currency. He said the actual proof of earnings rather than tax declarations is what's important. He says there is a page online on their site with information about foreigners requirements for mortgage but then he couldn't find it so he gave me a number to call.

BCI update:
Went back with what was requested which was a letter from my company with a statement saying I am authorised to work from Chile, my contract from 2012 which showed the 2006 start date, and the 2014 contract for when I moved to Chile, all with my salary. No request to translate documents, none needed to be official looking, just black and white print offs used. She said she will review and get back to me by Tuesday.
BCI feels like a nice environment. The staff are very friendly and look happy enough working there, it is always quiet. I think the entry barrier basically is higher than Banco de Estado, where anyone can get in. As a result (in both branches I've been to) Banco de Estado tends to be busier with more of a mix of people in there, and looks a bit average in quality, less smart than say BCI or Santander.

If anyone is interested to know how I find these companies online banking for making payments, further updates on what happens etc let me know otherwise maybe that was enough info for now?
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

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eeuunikkeiexpat
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Re: Opening A Bank Account

Postby eeuunikkeiexpat » Thu Oct 23, 2014 2:07 pm

Britkid wrote:Banco de Estado update:
Went back today and said PIN didn't work, got another temporary PIN to reset PIN on website, worked this time, managed to log into the account for the first time. Next step will be deposit cash in there, then check that shows up, then start to see if I can use the account to pay bills online, from Entel mainly.
I asked them again about the deposit limit and spoke to a different person, and they still said it was 2M. I found the page online mentioned though when I got back home, where it does say 3M. "¿Cuál es el saldo máximo que puedo mantener en mi CuentaRUT? El saldo máximo que puedes mantener en tu CuentaRUT es $3.000.000 (3 millones de pesos)."

Found the clarification, IOW the maximum you can have in the account is $3 million but the most you can deposit in 1 month is $2 million.

Also, you will not be able to do transfers unless you received your Tarjeta de Coordenadas (code matrix card) and as this is Chile, you must ask for it or it will not be mentioned.
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eeuunikkeiexpat
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Re: Opening A Bank Account

Postby eeuunikkeiexpat » Wed Oct 29, 2014 5:07 pm

I just finished walking someone through getting a CuentaRUT.

(1) APPLY ONLINE! They finally fixed the application module to work with Macs and browsers other than IE.
(2) Card is sent to the address person fills out on the online application. Person received it in about a week.
(3) Go to the info counter at a BancoEstado where you will sign the paperwork with thumbprint and then receive your copy of the contract, the sobre with your initial pin for Internet and Cajero Automatico and the Clave de Transferencia card (DON"T FORGET TO ASK FOR THIS if you want to save yourself another trip).
(4) Go directly to an ATM and change your pin (FOLLOW THE DIRECTIONS EXACTLY AS IN THE BROCHURE GIVEN TO YOU IN STEP 3).
(5) Go home and use the same pin to enter the website which will then ask for some info for future security if you need to reset your pin online and then change your Internet pin (again, FOLLOW THE DIRECTIONS EXACTLY AS IN THE BROCHURE GIVEN TO YOU IN STEP 3).
(6) Not pressing unless you intend to do many third-party transfers: enter the website and enter and submit your Datos de Seguridad for the Tercera Clave then call the given phone number to complete the activation.

So this person applied online and could have completed everything with only one trip to the bank but because they screwed up on changing the ATM pin, needed to make one more visit to the info desk for another sobre.

Really really simple, so simple that how could this have possibly occurred in Chile? 8)
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el osito
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Re: Opening A Bank Account

Postby el osito » Wed Oct 29, 2014 6:34 pm

eeuunikkeiexpat wrote:.. enter the website and enter and submit your Datos de Seguridad for the Tercera Clave then call the given phone number to complete the activation..


Care has to be taken at this step. The system asking to enter the card PIN accepts the INITIAL PIN (that one preprinted on the slip of paper you received at one of the former steps). So, if you have changed the card PIN, save the old, the original one, to activate the data "de seguridad" while calling the activation line (unless they have fixed this bug in the system).

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eeuunikkeiexpat
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Re: Opening A Bank Account

Postby eeuunikkeiexpat » Wed Oct 29, 2014 7:09 pm

Person used the changed PIN for the cajero automatico and apparently that was accepted with an exito confirmation. So person will see when the time comes for a tercera clave mandated transfer.
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