Opening A Bank Account

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Space Cat
Rank: Chile Forum Citizen
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Location: Valdivia

Re: Opening A Bank Account

Post by Space Cat » Tue Sep 10, 2019 12:07 pm

I pushed further with the "Unidos" account and got a reply, it turns out that it can be only opened if you have a regular "cuenta corriente" in Scotia and want to add your spouse to it.

So, getting Scotia for now but in half a year I want to try switching to Banco Falabella's "cuenta corriente". It's much easier to achieve zero monthly cost there (deposit $500k/mo or pay 8 times with a card) but they require 2 years of work history for independents, so I think we'll need another yearly tax declaration.

I've heard that Falabella has better overall discounts, CMR points, etc. Also, their branches work until 7-8pm!

dmwbmw2
Rank: Chile Forum Citizen
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Re: Opening A Bank Account

Post by dmwbmw2 » Tue Sep 10, 2019 12:19 pm

I switched to Falabella 5 years ago from Scotiabank and the service has been very good, zero cost, good point system. Account executives that actually help you and dont change every two weeks.
My only fear is that I was planning to take a very big (to me...) chunk of money from an apt sale back to Canada and for various reasons, one being a poor exchange at the moment, i have left it at Falabella in CDs.

So my fear is whether Banco Falabella is a real bank or if it could fail. I know that the amount of deposit insurance is a joke.

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Space Cat
Rank: Chile Forum Citizen
Posts: 1505
Joined: Thu Dec 04, 2014 9:20 pm
Location: Valdivia

Re: Opening A Bank Account

Post by Space Cat » Tue Sep 10, 2019 12:54 pm

Thanks, sounds good enough!
dmwbmw2 wrote:
Tue Sep 10, 2019 12:19 pm
So my fear is whether Banco Falabella is a real bank or if it could fail.
I just checked the monthly bank report from CMF and Falabella's "Cartera con morosidad de 90 días o más" and "Cartera deteriorada" are 7.28% from the total assets, same as in BancoEstado:
  • 2.17% — BICE
  • 2.99% — Banco de Chile
  • 4.13% — Bci
  • 4.49% — Scotiabank
  • 4.73% — Security
  • 5.53% — Itaú
  • 5.73% — Santander
  • 6.70% — Internacional
  • 7.38% — BancoEstado
  • 14.57% — Ripley (and it is still alive!)
dmwbmw2 wrote:
Tue Sep 10, 2019 12:19 pm
I know that the amount of deposit insurance is a joke.
In this bank or in Chilean banks in general?

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