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.
User avatar
Gloria
Rank: Chile Forum Citizen
Posts: 3968
Joined: Sat Jan 20, 2007 12:30 pm
Location: Región de los Ríos

Re: Opening A Bank Account

Postby Gloria » Fri Sep 01, 2017 1:10 pm

Space Cat wrote:So, 2 weeks (over 10 business days) later it's still not opened. We visited a couple of days ago and the manager, who initially took our docs, told us that they submitted everything but haven't got any response so far.

Eh, this level of centralization of a country when even a bank account is approved in the capital.


And you were told "because you are a foreigner it's usually faster?" Naaaaahhh! That's not the way in Chilito land! Now that the "18" is approaching.....if you get an answer before that date you better kiss the ground and make at midnite an offering to the moon in your birthday suit.
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!

User avatar
Space Cat
Rank: Chile Forum Citizen
Posts: 838
Joined: Thu Dec 04, 2014 9:20 pm
Location: Valdivia

Re: Opening A Bank Account

Postby Space Cat » Fri Sep 01, 2017 1:14 pm

No, the other way around – slower. Luckily, I don't care about the time much.

User avatar
Space Cat
Rank: Chile Forum Citizen
Posts: 838
Joined: Thu Dec 04, 2014 9:20 pm
Location: Valdivia

Re: Opening A Bank Account

Postby Space Cat » Mon Sep 04, 2017 7:43 pm

Meanwhile I did some research of the existing options because Banco de Chile is slow or probably just silently rejecting us.

According to Servicio Nacional del Consumidor, this banks are just plain awful in complaints number per 10k clients:
  • Santander
  • BancoEstado
  • BBVA (also in recent news they're leaving Chile)
  • Banco de Chile
I couldn't find cuenta corriente at the sites of Corpbanca, Consorcio at all, they look like investment banks overall. Banco Security doesn't have branches outside of Santiago.

Sites of Ripley and Falabella are just crap, I'm not going to trust a bank with a school project level site. Itaú has a weak site too and also it's targeted at the upper middle class, i.e. all the fees are higher without any real benefits.

This leaves us with:
  • BCI
  • BICE
  • Scotia
BCI and Scotia have very similar cuenta corriente tiers for different income levels, BICE seems to have only one. But we went to Banco de Chile in the first place because of the possibility to open USD account and BICE advertises USD/EUR accounts and online international transfers (!!) right on their cuenta corriente page!

Also BICE has one of the lowest number of complaints. Everything looks great but they don't have a branch in Valdivia. :|

By the way, BCI Nova (BCI-for-poor) advertises that they open accounts to foreigners with only national ID and a proof of residence. Probably a good replacement for CuentaRUT, also quite cheap in fees and it's possible to get a debit VISA for travelling.

User avatar
Space Cat
Rank: Chile Forum Citizen
Posts: 838
Joined: Thu Dec 04, 2014 9:20 pm
Location: Valdivia

Re: Opening A Bank Account

Postby Space Cat » Mon Sep 11, 2017 9:37 am

So, one more week and I guess it's 99% rejection. Our friend who came to Chile to work as a university professor said that BCI did the same – accepted all the docs and went silent forever.

All the banks require $450k monthly income for at least 6 months to open a non-premium cuenta corriente. (Though some of them have one for university students without income.)

Probably declaring taxes as an independent professional can help the case a lot. But nowadays the appeal of cuenta corriente is much lower for me because of Transferwise's painless transfers and their new "borderless account".

Why to pay $10k monthly for a cuenta corriente if I don't need credits, only to hoard some money? Going to try BCI Nova instead.

User avatar
Gloria
Rank: Chile Forum Citizen
Posts: 3968
Joined: Sat Jan 20, 2007 12:30 pm
Location: Región de los Ríos

Re: Opening A Bank Account

Postby Gloria » Mon Sep 11, 2017 8:49 pm

If you really want an answer....you must insist until you get one....for better or worse. I got a CC not because I needed a credit but for the convenience. I couldn't walk around with pockets full of money for building materials.
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!

User avatar
Space Cat
Rank: Chile Forum Citizen
Posts: 838
Joined: Thu Dec 04, 2014 9:20 pm
Location: Valdivia

Re: Opening A Bank Account

Postby Space Cat » Tue Sep 12, 2017 1:00 am

Nope, I don't care about them anymore. Not getting back for additional documents is plain dumb for a bank.

BCI Nova should be enough for storing money and issuing vale vistas. If I will really need a cuenta corriente – I'll go to BICE with some additional proofs of income (like tax declarations) because they look like the most prepared for dealing with foreign stuff (they literally have it in the name – Comercio Exterior).

User avatar
Gloria
Rank: Chile Forum Citizen
Posts: 3968
Joined: Sat Jan 20, 2007 12:30 pm
Location: Región de los Ríos

Re: Opening A Bank Account

Postby Gloria » Tue Sep 12, 2017 9:33 am

Space Cat wrote:Nope, I don't care about them anymore. Not getting back for additional documents is plain dumb for a bank.


I hate to say it but....I told you so. When I tell people what to expect, it's hard for them to comprehend that I'm speaking the truth. I have been there and done that. Simply, when you are going the same path....I'm already coming back and now you got the taste of it.
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!

User avatar
Space Cat
Rank: Chile Forum Citizen
Posts: 838
Joined: Thu Dec 04, 2014 9:20 pm
Location: Valdivia

Re: Opening A Bank Account

Postby Space Cat » Tue Sep 12, 2017 11:42 am

I've been reading the forum a lot in the last 3+ years, so I expected this rejection with a 50% chance. Before arrival, I arranged all my banking to minimize the local banks' impact on our lives.

The point of reporting it here is not to whine about poor banking practices but to help other people with one more case study.

User avatar
Gloria
Rank: Chile Forum Citizen
Posts: 3968
Joined: Sat Jan 20, 2007 12:30 pm
Location: Región de los Ríos

Re: Opening A Bank Account

Postby Gloria » Tue Sep 12, 2017 1:06 pm

Space Cat wrote:
The point of reporting it here is not to whine about poor banking practices but to help other people with one more case study.


If you don't whine, you cannot help them because you haven't experience it...period!
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!

User avatar
eeuunikkeiexpat
Rank: Chile Forum Citizen
Posts: 6855
Joined: Fri Sep 01, 2006 1:38 am
Location: Megalith of unknown origin near my digs, south V Region coast

Re: Opening A Bank Account

Postby eeuunikkeiexpat » Tue Sep 12, 2017 1:24 pm

Space Cat wrote:By the way, BCI Nova (BCI-for-poor) advertises that they open accounts to foreigners with only national ID and a proof of residence. Probably a good replacement for CuentaRUT, also quite cheap in fees and it's possible to get a debit VISA for travelling.

Isn't there a monthly or annual fee for this account? What advantage would it have over Estao? Why would one want to "replace" it?
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

--eeuunikkeiexpat

User avatar
tiagoabner
Rank: Chile Forum Citizen
Posts: 144
Joined: Sat Mar 04, 2017 9:48 am
Location: Santiago

Re: Opening A Bank Account

Postby tiagoabner » Tue Sep 12, 2017 5:45 pm

Gloria wrote:
Space Cat wrote:
The point of reporting it here is not to whine about poor banking practices but to help other people with one more case study.


If you don't whine, you cannot help them because you haven't experience it...period!


Perfect logic. I propose we use it to shot all med school students. This way they will have experienced gunfire and will be able to help properly when doing surgeries.

User avatar
Space Cat
Rank: Chile Forum Citizen
Posts: 838
Joined: Thu Dec 04, 2014 9:20 pm
Location: Valdivia

Re: Opening A Bank Account

Postby Space Cat » Tue Sep 12, 2017 5:56 pm

Gloria wrote:If you don't whine, you cannot help them because you haven't experience it...period!

I do not whine, I report the experience with no more emotions than a shrug.

eeuunikkeiexpat wrote:
Space Cat wrote:By the way, BCI Nova (BCI-for-poor) advertises that they open accounts to foreigners with only national ID and a proof of residence. Probably a good replacement for CuentaRUT, also quite cheap in fees and it's possible to get a debit VISA for travelling.

Isn't there a monthly or annual fee for this account? What advantage would it have over Estao? Why would one want to "replace" it?

CuentaRUT is limited to 3 million total and $200k/daily, they issue only RedCompra cards.
BCI Nova is limited only to $600k/daily, they issue VISA Debit and even Classic. The fee is something like $2k/mo.

Also it looks like BCI Nova's internet banking is not a 15-year-old trash like BE's one.


Return to “Chile Investment, business, and Money Issues”

Who is online

Users browsing this forum: GefTrurry and 2 guests