Opening A Bank Account

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Britkid
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Re: Opening A Bank Account

Post by Britkid » Wed Aug 17, 2016 1:28 pm

Thanks for your comments which I just saw today, missed last month. Opened the fondos account with 10k deposit today.

I will double check about the fees. I think I already asked and they said none.

Britkid
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Re: Opening A Bank Account

Post by Britkid » Thu Sep 15, 2016 2:37 pm

eeuunikkeiexpat wrote:
Britkid wrote:Banco Estado...2,000,000 pesos is the most I will be allowed to put in the account. ...
Incorrect, the amount for CuentaRUT is 3000000
Going back to a very old discussion, I now do actually have 2,000,000 pesos in my account so thanks for that old advice.

Britkid
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Re: Opening A Bank Account

Post by Britkid » Thu Sep 15, 2016 2:40 pm

Was trying to pay for my eye operation yesterday and today by sending 1.1 million pesos. Just keep getting a note saying: "We cannot process your transaction right now" or "we cannot attend your solicitud" right now or some vague message like that.

Eventually decide to try 500k incase it accepts a lower amount. Worked. Tried to send 600k a few hours later. This time I get a message about the daily limit. For Cuenta RUT it's 1m that I can send (5m for some other accounts).

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eeuunikkeiexpat
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Re: Opening A Bank Account

Post by eeuunikkeiexpat » Thu Sep 15, 2016 2:52 pm

BE Cuenta de Ahorros (hard ot find banks that still have this for normal customers) do not have the limits of CuentaRUT.
There are two ways to be fooled.

One is to believe what isn't true;

the other is to refuse to believe what is true.

- Søren Kierkegaard

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Thu Dec 29, 2016 7:38 pm

I want to open a company (SpA) because it will be easier to make contracts with resellers of my software. It also safer than doing it as an individual.

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.

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fraggle092
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Re: Opening A Bank Account

Post by fraggle092 » Thu Dec 29, 2016 9:59 pm

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.
Bienvenidos a Chaqueteo City.

Après moi, le déluge

Irishman
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Re: Opening A Bank Account

Post by Irishman » Thu Dec 29, 2016 11:31 pm

Too much to read so apologies if I am being a bit lazy, but if I can pour any of my experience. I opened up an account with Corpbanca with just a temporary visa. Caveat..... It was a joint account with my Chilean missus' name as titular. So if you have someone of local birth, bob's your aunt and fanny her aunt

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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.
There are two ways to be fooled.

One is to believe what isn't true;

the other is to refuse to believe what is true.

- Søren Kierkegaard

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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.

mem
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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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