Opening A Bank Account

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jehturner
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Re: Opening A Bank Account

Post by jehturner » Tue Sep 12, 2017 7:30 pm

Space Cat wrote: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.
The Itau site has a few eccentricities, but I wouldn't say it's bad by Chilean standards; one can do nearly everything with it nowadays, besides international SWIFT transfers (though it's quite restrictive as to what one's spouse on the same account can do).

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Tue Sep 12, 2017 7:43 pm

jehturner wrote:
Space Cat wrote: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.
The Itau site has a few eccentricities, but I wouldn't say it's bad by Chilean standards; one can do nearly everything with it nowadays, besides international SWIFT transfers (though it's quite restrictive as to what one's spouse on the same account can do).
By the way, what are the pros/cons of a shared family cuenta corriente?

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eeuunikkeiexpat
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Re: Opening A Bank Account

Post by eeuunikkeiexpat » Tue Sep 12, 2017 8:00 pm

Guess, different strokes for different folks, never would want a Chile account where it would someday be impossible to turn off the maintenance charges no matter how hormiga sized or have any Chile issued branded debit card or pure CC with their ridiculous charges. When traveling, I use USA issued credit cards and their protections and would never use a branded debit card that directly accesses the balance in my liquid account. The $200.000 day limit is for physical card RedCompra transactions (not Chile online bank transfers) and I have yet to need more and if I did, I would advance plan appropriately for such a purchase. Upper limit, that's why I have an additional no fee savings account with no withdraw or deposit limits.

Tech-wise, sometimes less is good, would not want the same capabilities as my US Citibank account, that would be scary, being Chile...all I need is the ability to access from anywhere and pay my Chile bills and transfer funds within Chile both of which I have done multiple times with BE's site.
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jehturner
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Re: Opening A Bank Account

Post by jehturner » Tue Sep 12, 2017 8:10 pm

Space Cat wrote:By the way, what are the pros/cons of a shared family cuenta corriente?
I think the main pro was that it gave my wife a way to get money out, since she's a foreigner without a job. The con is the same as the pro... OK, seriously, there are important things she can't do, such as sending domestic transfers & bill payments, or at least when they first introduced their security cards some years ago they didn't want to give her one (not sure whether that has changed). I suppose a joint account also has a single set of charges, though I have no practical experience with other Chilean accounts. The main current account charges are something like 60k/year, which I would have balked at in Britain but wasn't really in a position to complain about when we opened this. It's mainly the *credit cards* that you have to watch regarding charges -- there are about half a dozen ways they charge you for using them if you're not careful (esp. for foreign non-US transactions).

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tiagoabner
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Re: Opening A Bank Account

Post by tiagoabner » Tue Sep 12, 2017 9:15 pm

eeuunikkeiexpat wrote:The $200.000 day limit is for physical card RedCompra transactions (not Chile online bank transfers) (...)
Wait, is it for physical transactions only? (no sarcasm)

Gee, I was led to believe it was for all kinds of transactions. In this case, I see no reason to open anything other than a Cuenta RUT at all. I don't foresee ever needing to move large amounts of cash here and my only big bill is my rent, which I will be able to pay through a simple transfer.

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Tue Sep 12, 2017 9:49 pm

eeuunikkeiexpat wrote:When traveling, I use USA issued credit cards and their protections and would never use a branded debit card that directly accesses the balance in my liquid account. The $200.000 day limit is for physical card RedCompra transactions (not Chile online bank transfers) and I have yet to need more and if I did, I would advance plan appropriately for such a purchase. Upper limit, that's why I have an additional no fee savings account with no withdraw or deposit limits.
While I have a US account, I don't feel myself secure with being depended on it too much. I'm a complete foreigner there, my US visa expires in October and I can't do anything serious over the Internet.
jehturner wrote:I think the main pro was that it gave my wife a way to get money out, since she's a foreigner without a job. The con is the same as the pro... OK, seriously, there are important things she can't do, such as sending domestic transfers & bill payments, or at least when they first introduced their security cards some years ago they didn't want to give her one (not sure whether that has changed). I suppose a joint account also has a single set of charges, though I have no practical experience with other Chilean accounts. The main current account charges are something like 60k/year, which I would have balked at in Britain but wasn't really in a position to complain about when we opened this. It's mainly the *credit cards* that you have to watch regarding charges -- there are about half a dozen ways they charge you for using them if you're not careful (esp. for foreign non-US transactions).
Got it, thanks. Can both of you receive wire transfers using personal names? Or is the account tied to your name?

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Re: Opening A Bank Account

Post by jehturner » Wed Sep 13, 2017 9:46 am

I don't think we have tried this, but I expect that she could receive a transfer in her name, the same as a cheque. Having said that, on the one occasion she did receive a significant, time-critical sum from family, they sent it to me to be on the safe side.

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Thu Oct 05, 2017 11:25 am

Turned out, you can accept and send wires with BancoEstado accounts, even with CuentaRUT:
http://www.bancoestado.cl/imagenes/_per ... -chile.asp
http://www.bancoestado.cl/imagenes/_per ... terior.asp

Yes, I know BE is infamous for its service but it's just for one transfer from a Chinese client who can't send anything else.

So we got a couple of "Cuenta de Ahorro" (savings, 3.5-4.2% yearly) opened in BE in 20 minutes, in addition to CuentaRUT. BE manager gave us an email of two international transfer specialists – one has not replied and the other one replied with "It's correct" to the request to verify the info for a transfer.

The trick with BE that you need to mention your branch in a comment to an incoming transfer. Otherwise, it's a regular international wire.

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eeuunikkeiexpat
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Re: Opening A Bank Account

Post by eeuunikkeiexpat » Thu Oct 05, 2017 1:05 pm

Space Cat wrote:Turned out, you can accept and send wires with BancoEstado accounts, even with CuentaRUT:
http://www.bancoestado.cl/imagenes/_per ... -chile.asp
http://www.bancoestado.cl/imagenes/_per ... terior.asp

Yes, I know BE is infamous for its service but it's just for one transfer from a Chinese client who can't send anything else.

So we got a couple of "Cuenta de Ahorro" (savings, 3.5-4.2% yearly) opened in BE in 20 minutes, in addition to CuentaRUT. BE manager gave us an email of two international transfer specialists – one has not replied and the other one replied with "It's correct" to the request to verify the info for a transfer.

The trick with BE that you need to mention your branch in a comment to an incoming transfer. Otherwise, it's a regular international wire.
Good info. Thanks.
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Re: Opening A Bank Account

Post by Britkid » Thu Oct 05, 2017 1:50 pm

Space Cat wrote:
So we got a couple of "Cuenta de Ahorro" (savings, 3.5-4.2% yearly) opened in BE .
Thanks for the info. :)

Can you view the balance and transactions online and transfer money online betwen this account and your cuenta RUT? Are there any restrictions like you have to be in person or give notification for withdrawals or only withdraw om certain days?
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eeuunikkeiexpat
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Re: Opening A Bank Account

Post by eeuunikkeiexpat » Thu Oct 05, 2017 2:07 pm

Britkid wrote:
Space Cat wrote:
So we got a couple of "Cuenta de Ahorro" (savings, 3.5-4.2% yearly) opened in BE .
Thanks for the info. :)

Can you view the balance and transactions online and transfer money online betwen this account and your cuenta RUT? Are there any restrictions like you have to be in person or give notification for withdrawals or only withdraw om certain days?
I was the first to write about and recommend these accounts.

Yes, you can see these accounts in the same portal you use for the CuentaRUT, yes your matrix transfer card received with CuentaRUT will also work with the savings account, BE on their personal banking site shows the differences in interest depending on conditions like unrestricted access to all funds vs. prior notification needed.
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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Thu Oct 05, 2017 3:54 pm

Yes, it's all managed from one login in BE's Internet banking. Cuenta de Ahorro Máxima has withdrawal limit (UF 30 a day), you need to request in advance if you need larger amounts.

Also their ATM withdrawals are expensive (almost 3k) and yearly interest falls from 4.3% to 3.9% after the second withdrawal in a year. It's a savings account after all, so it's better to use it for savings in CLP. Though I read that fixed-time Depósitos a Plazo in other banks are more profitable but I'm fine to just compensate for inflation in this case.

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