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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Wiggum
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Re: Opening A Bank Account

Postby Wiggum » Sat Mar 12, 2016 9:59 am

Has anyone experience with opening a bank account if coming to Chile under the "retirement and periodic income visa" and then living there under temporary residency while only having regular income only from a foreign (European) country ?

I guess a Bank Account is as important in Chile as in Europe.
What "maghavat" wrote sounds like its not easy at all to get one.

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fraggle092
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Re: Opening A Bank Account

Postby fraggle092 » Sat Mar 12, 2016 12:12 pm

See the little "search" box at the top right of this page?
Try that first.
I saw 18 pages of results for this query, try reading them first....
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Britkid
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Re: Opening A Bank Account

Postby Britkid » Fri Jul 22, 2016 7:55 pm

Been to BCI again today, still not likely to approve me without Chilean credit cards/income/taxes paid evidence. They said it didn’t matter if I had a contact to help me get in either.

But can get Cuenta Vista and I can seemingly get a type of savings account called Fondos Mutuos account as well quite easily. Every month can withdraw or not on one specific day, 0.25-0.30% per month.

EDIT August 17th, 2016. They said today that the withdrawal for the one specific day was actually for a different account with a name like Deposito a Plazo, or something like that. Maybe I got confused before. However to withdraw money on the Fondos Mutuos you have to notify in advance, the day before signing a form, and you have to do that in person, so you have got to go the back 2 days in a row to withdraw. The withdrawal could be in another branch.

Also looks like no internet access to the account, I would have to call them to know the balance. No transfers in and out of the account possible electronically, cash in person only, in and out. This may be different if you also hold a current account.

I suggest if you speak good Spanish you don't pay too much attention to my comments about types of bank accounts. I don't really know what I'm taking about, I could make a mistake, you'd probably be better off to contact them directly, or read their website descriptions. However, if you don't speak Spanish or can't be bothered with it some days, hope these things are useful to someone at least as a rough approximation.


Let me know if anyone has any thoughts about this type of account (e.g. how secure) or this bank (any good?). I think I might try it out with small amounts to start.

For the Fondos Mutuous, I have to sign a declaration that I am not a US person and another one saying that I abide by FATCA even though it's in no way relevant to me (I think it may still be possible for them to give an account to a US person via different paperwork).
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admin
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Re: Opening A Bank Account

Postby admin » Sun Jul 24, 2016 7:56 am

"Fondos Mutuos" is just a mutual fund, not a savings account. Which, depending on whatever your doing, might not be the worse alternative. Just watch the fees. Those are typically very old school, full load funds, that can cost 5% or more in fees. There as risky or as safe as any other mutual fund. For example, they have government bond ones that are about as dull as it get's for parking money. On some level, I find the concept safer that say buying a CD where you have a single bank as the counter party; but, no they are not insured and they are not considered bank accounts in Chile. In fact, no savings account is considered a "real bank account". Only checking accounts are considered "real" accounts by the banks. Yea, it is a strange way of looking at how to run banks, but it is what it is.

You are a FACTA ebola carrier. As an american, living outside the United States, you are therefor considered a suspected criminal until you proven otherwise by the U.S. government, for all your financial transactions, everywhere in the world, forever. No alternative. Just be grateful a bank anywhere in the World was willing to give you the time of day. A lot of banks around the World will not do any business with Americans at all anymore, because it costs too much money to do the paperwork.
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Andres
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Re: Opening A Bank Account

Postby Andres » Sun Jul 24, 2016 8:47 am

admin wrote:you are therefor considered a suspected criminal until you proven otherwise by the U.S. government

There is SO much irony in that!
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Britkid
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Re: Opening A Bank Account

Postby Britkid » Wed Aug 17, 2016 1:28 pm

Thanks for your comments which I just saw today, missed last month. Opened the fondos account with 10k deposit today.

I will double check about the fees. I think I already asked and they said none.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

Britkid
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Re: Opening A Bank Account

Postby Britkid » Thu Sep 15, 2016 2:37 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


Going back to a very old discussion, I now do actually have 2,000,000 pesos in my account so thanks for that old advice.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

Britkid
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Re: Opening A Bank Account

Postby Britkid » Thu Sep 15, 2016 2:40 pm

Was trying to pay for my eye operation yesterday and today by sending 1.1 million pesos. Just keep getting a note saying: "We cannot process your transaction right now" or "we cannot attend your solicitud" right now or some vague message like that.

Eventually decide to try 500k incase it accepts a lower amount. Worked. Tried to send 600k a few hours later. This time I get a message about the daily limit. For Cuenta RUT it's 1m that I can send (5m for some other accounts).
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 Sep 15, 2016 2:52 pm

BE Cuenta de Ahorros (hard ot find banks that still have this for normal customers) do not have the limits of CuentaRUT.
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Space Cat
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Re: Opening A Bank Account

Postby Space Cat » Thu Dec 29, 2016 7:38 pm

I want to open a company (SpA) because it will be easier to make contracts with resellers of my software. It also safer than doing it as an individual.

I was wondering if Chilean banks will be more welcoming to a person employed in a Chilean company with a good salary and long-term contract despite the company belongs to that person.

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fraggle092
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Re: Opening A Bank Account

Postby fraggle092 » Thu Dec 29, 2016 9:59 pm

Space Cat wrote:I was wondering if Chilean banks will be more welcoming to a person employed in a Chilean company with a good salary and long-term contract despite the company belongs to that person.

In a word, no.
Otherwise every con man in the country would try.
But of course you dont have to take my word for that.

Its often been said here, but worth repeating that banks are not interested in money coming from abroad.
What they want to see is commerce in CLP that they can trace if needs be.
For a start they will ask for six months worth of f.29 monthly tax returns, the Balance Anual and they want to know about all the activos and pasivos you have.
So it is not easy opening a company bank account, it took two years of trading before they would even consider us.

Wonder whatever happened to "The Great Chilean Bank Review"? It was promised around now.
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Irishman
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Re: Opening A Bank Account

Postby Irishman » Thu Dec 29, 2016 11:31 pm

Too much to read so apologies if I am being a bit lazy, but if I can pour any of my experience. I opened up an account with Corpbanca with just a temporary visa. Caveat..... It was a joint account with my Chilean missus' name as titular. So if you have someone of local birth, bob's your aunt and fanny her aunt


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