Opening A Bank Account

Chile Investment, how to invest in Chile, what to watch out for when investing, economic issues, currency exchange in Chile, and more.
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regioncentralX
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Re: Opening A Bank Account

Postby regioncentralX » Sat Mar 05, 2016 8:04 pm

International Man is that Doug Casey's site (blue blood, Argentina fan along with another pie-in-the-sky expat community located in Arscamtina, for years pooh-poohed the fact of the manipulation going on in the financial markets especially gold, let me think of more...)

D a r r e n K a i s e r , I'm sure most of that info was skimmed off of here. Believe Charles shut his Chile real estate spam down at least once.

The article below it is incoherent shit again with a lot of info skimmed from here, I come up with an I n n e s C e r o.
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papageno
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Re: Opening A Bank Account

Postby papageno » Sat Mar 05, 2016 8:48 pm

"Innes Cero": what's that?

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regioncentralX
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Re: Opening A Bank Account

Postby regioncentralX » Sat Mar 05, 2016 9:34 pm

Another weon that I recall interacted with the forum and was called out on what he was doing (I know because of the ebook that Gloria quoted from).
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admin
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Re: Opening A Bank Account

Postby admin » Sat Mar 05, 2016 10:06 pm

never heard of anyone with permanent residency being told they had to wait two years to open a checking account in Chile, unless they have zero money or income to start.

In fact our local bank executive at santander has started processing the paperwork for foreigners just before they were about to get their permanent residency, and then activated the accounts as soon as their permanent residency was completed.

the key. CREDIT!!!!! Checking accounts are credit accounts in Chile.

Now the banks in Chile are for the most part run by morons, and likely the only reason they are as solvent and solid as they are is because a) the central bank keeps a firm boot on their neck in terms of underlying balances, insurance, audits, and just heavy handed regulation b) the banks are allowed to price gouge the entire consumer population in the most incredible ways so they make really big profits. They don't need to innovate or take risks on foreigners.

That said, the banks in Chile have also been burned hard by foreigners. This is not imaginary. Every so often I see in the paper an auction of properties that defaulted on their mortgages, with clearly foreign names as owners, for big amounts. The foreigners from the neighboring countries have been well known for decades for doing things like opening accounts, writing checks all over the country or running up big debts, and then splitting the country. We have seen a foreigner come in, get a checking account (some how), then bounce a check for a million dollars and run away (long story). It only takes about 1 in a 10000 foreigners to do that, to make the banks more than a bit hesitant about taking risks on any foreigners, especially for relatively small amounts.
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Gloria
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Re: Opening A Bank Account

Postby Gloria » Sun Mar 06, 2016 12:46 am

To request credit in this country for the sole purpose of getting a bank account is totally insane. You get raped with the interest rates and bank charges that you'll ended up sore and poor!.
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admin
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Re: Opening A Bank Account

Postby admin » Sun Mar 06, 2016 8:18 am

All Checking accounts in Chile, are a complete credit facility. They include credit cards, overdraft, consumer credit lines, and the checks themselves. When you write a check in Chile, you are issuing and IOU. The bank is on the hook to cover that, regardless if you have money or not. Thus, why you need to prove that you have assets, source of income, credit history and so on. Just like you were asking for a loan. A checking account in some sense is nothing but a pre-approved credit line.

Why they do it that way, I have no idea. It also explains why a large percentage of Chileans don't have a checking account.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

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Gloria
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Re: Opening A Bank Account

Postby Gloria » Sun Mar 06, 2016 9:07 am

admin wrote: The bank is on the hook to cover that, regardless if you have money or not. Thus, why you need to prove that you have assets, source of income, credit history and so on.
It also explains why a large percentage of Chileans don't have a checking account.

Strange you say that because I opened a checking account back in 2007 with all the bells and whistles with only a US$ 2000 overdraft, show them my RUT, passport (Chilean and US) and Bank records of my US account. Never a question about source of income, assets or credit history....I had none of the above in Chile. My name didn't appeared in any data base, not even the international police was able to find me in their records....I didn't existed until I got my passport.
Large percentage of Chileans in my view do have checking accounts because gives them "status". They love to flaunt that little book wherever they go. Soon all that will be a thing of the past, some other type of card will be available in a near future to make your money.....disappear.
I'm from the generation of common sense, wisdom and unfiltered answers. Anótese, comuníquese, publíquese, archívese.
Please remind me the reasons why I decided to come back!

Britkid
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Re: Opening A Bank Account

Postby Britkid » Sun Mar 06, 2016 12:10 pm

Interesting discussion. What I'll need to get is a an account where I can place more than the 2-3M I can put in Banco Estado, and be able to pay bills and send and receive transfers online with it. I don't really care about the credit cards or overdraft for the time being.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

maghavat
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Re: Opening A Bank Account

Postby maghavat » Sun Mar 06, 2016 4:00 pm

For whatever it's worth:

As a temporary visa holder, I was unable to open any bank account, apart from the very limited Banco Estado CuentaRUT. However, in the end, I found that Banco BICE was, in fact, able to open a checking account (cuenta corriente) for someone with a temporary visa who could provide proof of their income, etc.

Apart from this bank, I found that no other bank was willing to touch someone without permanent residency. Hope this helps.

beckererine
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Re: Opening A Bank Account

Postby beckererine » Tue Mar 08, 2016 12:22 pm

I was able to open a Banco Edwards checking account & credit card with a visa sujeta a contrato back in 2012. Had a full-time job in a Chilean school and proof of income was the main thing they asked for––I believe I had to show 3 months of my sueldo. They were really helpful though, the account executive even came and picked me up at my apt in Provi and took me to the sucursal in Vitacura to open the account. Was certainly not making the big $$ working as a teacher but it seemed to be enough for them.

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fraggle092
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Re: Opening A Bank Account

Postby fraggle092 » Tue Mar 08, 2016 2:07 pm

beckererine wrote:...They were really helpful though, the account executive even came and picked me up at my apt in Provi and took me to the sucursal in Vitacura to open the account....


Cynical me says its more likely they just wanted to verify your address.

One interesting thing I just found out is that CMR Falabella maintains an area blacklist for Santiago, and I guess other places as well. If your address falls even close to these areas malos, defined as Sectors Abandoned by the State, they will not give you one of their cards.

Not that many forumites are likely to live in those sort of places, or want those store cards either, given the usurious rates they charge.

http://ciperchile.cl/2011/04/05/la-list ... -santiago/

http://ciperchile.cl/multimedia/mapa-co ... falabella/ (needs flash player)
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beckererine
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Re: Opening A Bank Account

Postby beckererine » Fri Mar 11, 2016 7:04 pm

Haha could be. Either way I got a free ride to the bank and as we all know getting to Vitacura by public transit is a pain, so it was fine by me!


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