Page 1 of 1

inheritance how to transfer valevista money to usa

Posted: Tue Jun 11, 2019 3:09 am
by valevista
I moved to the USA from Chile 30 years ago. I am a U.S. citizen but also have a valid Chilean passport and RUT card. My portion of the inheritance from the sale of our original family home in Santiago is about to be issued in the form of a valevista, which I understand is equivalent to a registered check here. The issuer advised my family that the valevista in my name can only be released to a Chilean bank account so I recently went there ... but no bank would open an account for me because I did not live or work there. Is it advisable or even possible to have the valevista sent directly to me or my bank in the USA, using insured DHL or FedEx? Is there a better way? The last thing I want to do is incur the expense of having to return to Chile, try to get the valevista check released directly to me and then fly home with it -- even though I know I can legally bring as much money as I want into the country as long as I declare it and prove taxes were been paid on the inheritance in Chile. There must be an economical, logical solution to this given Chile's respected government and all the ex-Chileans living around the world who must have collected inheritances or other such payouts. Thanks in advance for your informed advice.

Re: inheritance how to transfer valevista money to usa

Posted: Tue Jun 11, 2019 10:14 am
by admin
how mich are we talking here?

couple million?

100 million?

Re: inheritance how to transfer valevista money to usa

Posted: Tue Jun 11, 2019 12:04 pm
by at46
valevista wrote:
Tue Jun 11, 2019 3:09 am
I moved to the USA from Chile 30 years ago. I am a U.S. citizen but also have a valid Chilean passport and RUT card. My portion of the inheritance from the sale of our original family home in Santiago is about to be issued in the form of a valevista, which I understand is equivalent to a registered check here. The issuer advised my family that the valevista in my name can only be released to a Chilean bank account so I recently went there ... but no bank would open an account for me because I did not live or work there. Is it advisable or even possible to have the valevista sent directly to me or my bank in the USA, using insured DHL or FedEx? Is there a better way? The last thing I want to do is incur the expense of having to return to Chile, try to get the valevista check released directly to me and then fly home with it -- even though I know I can legally bring as much money as I want into the country as long as I declare it and prove taxes were been paid on the inheritance in Chile. There must be an economical, logical solution to this given Chile's respected government and all the ex-Chileans living around the world who must have collected inheritances or other such payouts. Thanks in advance for your informed advice.
I'm sure you'll be able to open a fondos mutuos account, for example, with Banco de Chile, and deposit your valevista there. It takes about one to two weeks and, yes, you have to be here in person. Then you just transfer the money to your US account.

Re: inheritance how to transfer valevista money to usa

Posted: Tue Jun 11, 2019 12:40 pm
by mem
Perhaps this is crazy...but couldnt one just cash the value vista at the bank that it was drawn against?
Sure stil have to be here physically and then deal with western unioning the money to the US. Or converting it to US currency and declaring it at the airport with the inheritance documentation

I know the logistics of dealing with 100 million in cash is difficult, but in principal it seems the vale vista should be cash able if it is like a US cashiers check

One day...some day. Chile has got to stop being so lame when it comes to banking. They love to emulate the US why dont they emulate the checking accounts like candy practice of the US? What have they got to lose? It's not like it's an unsecured credit card.

Re: inheritance how to transfer valevista money to usa

Posted: Wed Jun 12, 2019 1:35 am
by at46
mem wrote:
Tue Jun 11, 2019 12:40 pm
Perhaps this is crazy...but couldnt one just cash the value vista at the bank that it was drawn against?
Sure stil have to be here physically and then deal with western unioning the money to the US. Or converting it to US currency and declaring it at the airport with the inheritance documentation

I know the logistics of dealing with 100 million in cash is difficult, but in principal it seems the vale vista should be cash able if it is like a US cashiers check

One day...some day. Chile has got to stop being so lame when it comes to banking. They love to emulate the US why dont they emulate the checking accounts like candy practice of the US? What have they got to lose? It's not like it's an unsecured credit card.
I think a vale vista is cashable without a bank account if it's made 'endosable', but the person would still have to be here physically.

Re: inheritance how to transfer valevista money to usa

Posted: Wed Jun 12, 2019 6:06 pm
by mem
Yes, I think being here physically is the only reasonable way to deal with this assuming it is a significant inheritance

Without knowing the scale of the pesos we are talking about it is difficult to know...I am assuming we are talking about at least 50 million CLP or several times more. So IMHO physical presence is justified. Just totally inconvenient. Justified in the sense that ''this is Chile" and since the OP has been gone for 30 years it is mostly the same as someone just coming for the first time to live

Re: inheritance how to transfer valevista money to usa

Posted: Wed Jun 12, 2019 6:23 pm
by admin
we do these by power of attorney all the time.

It will, relatively, cost you more because we did not handle the case; but, still a lot cheaper (assuming no missing info from the story, or major surprises) than an airline ticket plus cost of several days in chile. The cost inscrease is due to due diligence we are required to do. if we handled the case, then we already have a pile of documents to prove source of funds, ect. without it we have to do independent investigation on the transactions for money laundering compliance.

send us an email. we will setup a good time for conference call with one of our attorneys that handle international inheritances, and then go from there.