Opening A Bank Account

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Thu Dec 29, 2016 11:43 pm

fraggle092 wrote:
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.
I mean without opening a company account. Just for creating a proof of being employed locally.

We were talking about all the mess with other folks recently and it's really unclear why no small financial company has started a very profitable business on foreigner banking and transfer problem. The central bank's regulation?

I'm now even looking at Bitcoin, it develops faster than banks here: https://www.surbtc.com/

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eeuunikkeiexpat
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Re: Opening A Bank Account

Post by eeuunikkeiexpat » Fri Dec 30, 2016 12:47 am

Space Cat wrote:...The central bank's regulation?...
This is the great Chilean firewall from the world financial system. One reason why 2008 did not affect Chile like the rest of the world. A "protection" via incompetence/backwardassness/justbeingchileno...but with an advantage when the rest of world collapses domino style. Charles has expounded on this in the past.
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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Fri Dec 30, 2016 12:59 am

eeuunikkeiexpat wrote:
Space Cat wrote:...The central bank's regulation?...
This is the great Chilean firewall from the world financial system. One reason why 2008 did not affect Chile like the rest of the world. A "protection" via incompetence/backwardassness/justbeingchileno...but with an advantage when the rest of world collapses domino style. Charles has expounded on this in the past.
Yes, I read it but I'm really interested in the reason that prevents some new company to improve this situation and gain a ton of money.

I talked with a Chilean friend who owns a tiny company and he spends a lot to receive international funds via some awkward scheme. So they still do it but it costs too much. Same for foreigners who really want to bring money here - eventually they do it.

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Wed Aug 16, 2017 8:20 pm

Ok, we finally applied for a cuenta corriente in Banco de Chile.

The documents I brought:
  • IDs and the cards issued with permanencia definitiva
  • my legalized work contract with US company that I used for visa in Extranjería
  • confirmation from ISAPRE that we've been paying monthly for over 2 years (they issued it in a minute - seems to be a common request)
  • notarized rent contract with our landlord
  • printed bank statement from my US bank website
The account application document has fields about your education, diploma, current and previous employers, cars, property, credits, other bank accounts. There are 3 options right in the beginning: citizen, foreigner resident, and foreigner non-resident. Probably #3 goes into a shredder automatically.

The manager said it will take 3-4 days because we are foreigners (it's usually faster). Probably they're double checking everything somewhere in Santiago. He said the initial credit limit will be small but it will grow later.

They also asked what's the goal of the account. I said just moving some money from the US because I live here and my wife said it's for receiving money from clients for her.

I'll update on accept/decline.

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Re: Opening A Bank Account

Post by mem » Wed Aug 16, 2017 10:14 pm

Best to you on getting the prestigious corriente account. It seems so silly that a current/checking account is such a status symbol here when in the US you only need to be a warm body to get one and often dont even need to show up in person let alone provide any documentation

If thing's don't go well for you with that, you can consider opening a Bitcoin account with Etoro or SurBTC and Coinbase or Gemini or Kraken in the US. Buy bitcoin in the US with your US linked account to Coinbase/Gemini/Kraken and then link a Cuenta RUT to your SurBTC/Etoro account and fund your Cuenta RUT as needed with that. With the tear that Bitcoin has been on lately it could end up being a net positive transaction.

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tiagoabner
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Re: Opening A Bank Account

Post by tiagoabner » Wed Aug 16, 2017 11:15 pm

I didn't go physically to any of the banks where I have accounts in any of the places where I have lived at, so I'm not sure most countries even care if your body is warm. I already have my RUT, but I still haven't even opened a cuenta RUT myself. I may do it next week only due to the convenience to make payments, but I may move to another country August next year, so I won't even bother the Cuenta Corriente procedure.

...

...actually, now that I think about it, I WILL try it on my Residencia Temporária, just to document the rejection procedure. I have nothing to lose, anyway. I will be on a vacation on November, so I can take one day to try this, just for the sake of trying. I will try to open it in the same bank I will have my cuenta RUT, as I will be using it to pay my rent and bills and I will be moving at least $400,000 monopoly money through it per month.

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Wed Aug 16, 2017 11:32 pm

mem wrote:Best to you on getting the prestigious corriente account. It seems so silly that a current/checking account is such a status symbol here when in the US you only need to be a warm body to get one and often dont even need to show up in person let alone provide any documentation

If thing's don't go well for you with that, you can consider opening a Bitcoin account with Etoro or SurBTC and Coinbase or Gemini or Kraken in the US. Buy bitcoin in the US with your US linked account to Coinbase/Gemini/Kraken and then link a Cuenta RUT to your SurBTC/Etoro account and fund your Cuenta RUT as needed with that. With the tear that Bitcoin has been on lately it could end up being a net positive transaction.
Thanks but I'd better continue with Transferwise. Bitcoin is not my thing (maybe I would be more of a BTC fan if I saved a couple I had when they were $30 haha).

Also a cuenta vista is still an option to store and receive money. I just want a corriente to open USD account later too and keep some money in USD but in Chile.

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Re: Opening A Bank Account

Post by Gloria » Thu Aug 17, 2017 12:11 pm

Space Cat wrote: The manager said it will take 3-4 days because we are foreigners (it's usually faster). Probably they're double checking everything somewhere in Santiago. He said the initial credit limit will be small but it will grow later.

They also asked what's the goal of the account. I said just moving some money from the US because I live here and my wife said it's for receiving money from clients for her.

I'll update on accept/decline.
Hummm, anxious myself to see what the answer is.10years ago I opened an account with Banco Chile in Santiago to be able to transfer money from the US. It took 3 weeks ( I'm not a foreigner but a citizen) for their response and not because they contact me. I was the one that asked them...."well, what's going to be"...from then on I figured it wasn't going to be an easy ride even though I deposited US$2000 ( required).I also ask them if and when I wanted to close my account I could do it from Valdivia and the answer was...." sure, not a problem, in fact from anywhere within Chile" .( Later I found out that they lied!) Charges are much higher than in the US for processing checks and they add some type of bogus insurances etc, etc. To make a long story short, once the building was completed, I decided to close the account. Took me several calls, aggravation beyond belief and later, a 24 hrs trip to Santiago to be able to get my deposit back and the final closing. Never again!...don't want it, don't need it, they can have it!
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tiagoabner
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Re: Opening A Bank Account

Post by tiagoabner » Thu Aug 24, 2017 2:56 pm

Got in touch today with a friend who opened his bank account this week in Santander. Per him, his manager told him they will now be opening "cuenta vista" and even "cuenta corriente" to foreigners under some conditions. Specifically, a monthly income of at least USD $2000 per month, a deposit of at least $1000 and "being able to prove the income".

I will go do a bank tour next week and I will share my findings after that. I will go to the specific branch he mentioned to talk to this specific manager about this. I don't strictly need a Chilean bank account, so all I have to lose if it doesn't work out is a bit of time.

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Re: Opening A Bank Account

Post by Jamers41 » Thu Aug 24, 2017 7:43 pm

I feel quite fortunate after hearing all of these stories.........I've had 2 "cuentas corrientes" now for 3 years........my first one I opened 5 years ago (right after getting the permanent residency, which is the key point). Sometimes I wish I didn't have so much access to credit xD

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Re: Opening A Bank Account

Post by admin » Fri Aug 25, 2017 9:08 am

tiagoabner wrote:Got in touch today with a friend who opened his bank account this week in Santander. Per him, his manager told him they will now be opening "cuenta vista" and even "cuenta corriente" to foreigners under some conditions. Specifically, a monthly income of at least USD $2000 per month, a deposit of at least $1000 and "being able to prove the income".

I will go do a bank tour next week and I will share my findings after that. I will go to the specific branch he mentioned to talk to this specific manager about this. I don't strictly need a Chilean bank account, so all I have to lose if it doesn't work out is a bit of time.
We have been hearing that for years.

It is the "foreigners" and "some conditions" part that when the applications are being finally processed, and the person has wasted days or weeks filling out paperwork, that is what causes them to be rejected by someone much higher-up, but not sufficiently high to actually have any authority.

I had a good chuckle a few weeks ago. There was an article in the financial paper by some lawyer, obviously new to representing foreign clients in Chile. The lawyer was complaining about how hard it was for foreigners to open bank accounts. Seems due to the downturn in the economy, every two bit, out of work attorney in the country has gotten desperate and decided to try their hand at catching foreign clients. They will all be out of the market by next year, as they discover just how much work is involved in representing foreigners.
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Re: Opening A Bank Account

Post by Space Cat » Thu Aug 31, 2017 9:48 pm

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.

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