Opening A Bank Account

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at46
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Re: Opening A Bank Account

Post by at46 » Wed Oct 03, 2018 9:47 pm

If you've been a permanent resident for some years (around five I think) you don't need a current account to qualify for a mortgage, just the 20% pie (for example, in a fondo mutuo). Some banks will open one for you anyway when they approve the mortgage.

I don't actually see any point in having a current account when you already have cuenta RUT which lets you pay your bills online. If you need a credit card, Falabella will issue one for you in 15 minutes. Falabella also has a larger limit on their cuenta vista, like 3 or 4 mil instead of 2 at Banco Estado.

For international wire transfers I've been using a fondo mutuo account with Banco de Chile and find it cheaper with the same amount of follow up as a cuenta corriente (but all done by email with my executiva versus having to go into the branch with a current account).

Lastly, if you have a lawyer here, ask them to refer you to a bank.

Britkid
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Re: Opening A Bank Account

Post by Britkid » Thu Oct 04, 2018 12:03 pm

I am a permanent resident.

I have been trying to get a current account. If another bank other than Banco Estado has a Cuenta RUT/Cuenta Vista type account with higher limits,then it might make sense to get it especially if I can also send and receive higher amounts in transactions (Banco Estado you can only send 1 million from a Cuenta RUT). Let me know the details (which bank) and I'll look into it. I doubt I will go with Falabella since I've had bad experiences with the company in the past (another division) and also they are not near to where I live.

I don't need a Chilean credit card.

I have doubts if I want a mortgage anyway, because I think the prices are too high and I have doubts about how long we will stay in Chile.

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Re: Opening A Bank Account

Post by Britkid » Thu Oct 04, 2018 12:08 pm

Is it easier to get a current account here in my situation, or a mortgage?

On the one hand, a mortgage is a much greater risk amount for the bank; on the other hand a foreigner cannot run away with a house as easily as they can with cash.

Unless it' s possible to sell a house, pocket the money, and then leave the country and never return without paying off the mortgage. If this is possible, houses might be considered even higher risk.

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RuneTheChookcha
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Re: Opening A Bank Account

Post by RuneTheChookcha » Thu Oct 04, 2018 2:33 pm

Britkid wrote:
Thu Oct 04, 2018 12:03 pm
If another bank other than Banco Estado has a Cuenta RUT/Cuenta Vista type account with higher limits,then it might make sense to get it especially if I can also send and receive higher amounts in transactions (Banco Estado you can only send 1 million from a Cuenta RUT). Let me know the details (which bank) and I'll look into it.
"Cuenta Chile" from Banco CrediChile.

ref. https://www.bancocredichile.cl/wps/wcm/ ... nta_vista/

The "Transactional" variety has no maintenance nor opening fees.

Britkid
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Re: Opening A Bank Account

Post by Britkid » Sat Oct 06, 2018 1:52 pm

Thanks. But looking at the list of branches there seems to one about 30-40 minutes drive from me in every direction, but none really close to where I live. I'd rather have one closer.

The banks that are near me are Banco Estado, BCI, Scotiabank, Banco de Chile and Santander.

at46
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Re: Opening A Bank Account

Post by at46 » Sat Oct 06, 2018 2:05 pm

Britkid wrote:
Thu Oct 04, 2018 12:08 pm
Is it easier to get a current account here in my situation, or a mortgage?
Same, same as they say in Thailand. Just get out there and start knocking on some doors.
Britkid wrote:
Thu Oct 04, 2018 12:08 pm
On the one hand, a mortgage is a much greater risk amount for the bank; on the other hand a foreigner cannot run away with a house as easily as they can with cash.
I think the bank packages the mortgages and sells them on to third parties while the current account withdrawals come directly from its capital. So mortgages are less risky for the bank.

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admin
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Re: Opening A Bank Account

Post by admin » Sat Oct 06, 2018 7:39 pm

Britkid wrote:
Thu Oct 04, 2018 12:03 pm
I am a permanent resident.

I have been trying to get a current account. If another bank other than Banco Estado has a Cuenta RUT/Cuenta Vista type account with higher limits,then it might make sense to get it especially if I can also send and receive higher amounts in transactions (Banco Estado you can only send 1 million from a Cuenta RUT). Let me know the details (which bank) and I'll look into it. I doubt I will go with Falabella since I've had bad experiences with the company in the past (another division) and also they are not near to where I live.

I don't need a Chilean credit card.

I have doubts if I want a mortgage anyway, because I think the prices are too high and I have doubts about how long we will stay in Chile.
then this sounds like it really is coming down to crediting your income.

are you declarring any tax (even volantarily)?
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Britkid
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Re: Opening A Bank Account

Post by Britkid » Sat Oct 06, 2018 10:13 pm

I am not declaring tax, even voluntarily.

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admin
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Re: Opening A Bank Account

Post by admin » Sun Oct 07, 2018 9:15 am

yea that is probably where your problem is, absent asome other source of income.

you need to look at it from the banks point if view. anyone that is not declairing taxes, does not have a LEGAL income.

they are not going to really care about a three year tax holiday or whatever.

declare and withhold some taxes. probably 3 to 6 months will do it. you can get it back at the end of the year. typicaly around 1 to 2 million a month is a happy number banks like to see.
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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Sun Oct 07, 2018 2:32 pm

Yes, we got into the same problem: neither real estate ownership, nor few millions in the savings accounts in BancoEstado were convincing enough during a cuenta corriente application.

They ask for a job contract or paid taxes if you’re self-employed.

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Re: Opening A Bank Account

Post by admin » Mon Oct 08, 2018 11:08 am

we recomend to all of our clients to start declaring something as soon as they can, even under temp residency, to start building a credit history in the country. the three year tax holiday is nice for new residents, and you can still take advantage of it, just declaring some basic income makes getting a normal financial life up and running easier.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

Britkid
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Re: Opening A Bank Account

Post by Britkid » Mon Oct 08, 2018 11:32 am

You mean pay taxes sufficient to show a salary of 1-2 million i.e. a few hundreds thousands in taxes. You don't mean pay actual taxes of 1-2 million a month...?

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