Opening A Bank Account

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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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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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Jamers41
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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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Space Cat
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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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Re: Opening A Bank Account

Post by Space Cat » Fri Sep 01, 2017 1:14 pm

No, the other way around – slower. Luckily, I don't care about the time much.

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Re: Opening A Bank Account

Post by Space Cat » Mon Sep 04, 2017 7:43 pm

Meanwhile I did some research of the existing options because Banco de Chile is slow or probably just silently rejecting us.

According to Servicio Nacional del Consumidor, this banks are just plain awful in complaints number per 10k clients:
  • Santander
  • BancoEstado
  • BBVA (also in recent news they're leaving Chile)
  • Banco de Chile
I couldn't find cuenta corriente at the sites of Corpbanca, Consorcio at all, they look like investment banks overall. Banco Security doesn't have branches outside of Santiago.

Sites of Ripley and Falabella are just crap, I'm not going to trust a bank with a school project level site. 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.

This leaves us with:
  • BCI
  • BICE
  • Scotia
BCI and Scotia have very similar cuenta corriente tiers for different income levels, BICE seems to have only one. But we went to Banco de Chile in the first place because of the possibility to open USD account and BICE advertises USD/EUR accounts and online international transfers (!!) right on their cuenta corriente page!

Also BICE has one of the lowest number of complaints. Everything looks great but they don't have a branch in Valdivia. :|

By the way, BCI Nova (BCI-for-poor) advertises that they open accounts to foreigners (with permanencia definitiva) with only national ID and a proof of residence. Probably a good replacement for CuentaRUT, also quite cheap in fees and it's possible to get a debit VISA for travelling.

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Re: Opening A Bank Account

Post by Space Cat » Mon Sep 11, 2017 9:37 am

So, one more week and I guess it's 99% rejection. Our friend who came to Chile to work as a university professor said that BCI did the same – accepted all the docs and went silent forever.

All the banks require $450k monthly income for at least 6 months to open a non-premium cuenta corriente. (Though some of them have one for university students without income.)

Probably declaring taxes as an independent professional can help the case a lot. But nowadays the appeal of cuenta corriente is much lower for me because of Transferwise's painless transfers and their new "borderless account".

Why to pay $10k monthly for a cuenta corriente if I don't need credits, only to hoard some money? Going to try BCI Nova instead.

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Re: Opening A Bank Account

Post by Space Cat » Tue Sep 12, 2017 1:00 am

Nope, I don't care about them anymore. Not getting back for additional documents is plain dumb for a bank.

BCI Nova should be enough for storing money and issuing vale vistas. If I will really need a cuenta corriente – I'll go to BICE with some additional proofs of income (like tax declarations) because they look like the most prepared for dealing with foreign stuff (they literally have it in the name – Comercio Exterior).

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Re: Opening A Bank Account

Post by Space Cat » Tue Sep 12, 2017 11:42 am

I've been reading the forum a lot in the last 3+ years, so I expected this rejection with a 50% chance. Before arrival, I arranged all my banking to minimize the local banks' impact on our lives.

The point of reporting it here is not to whine about poor banking practices but to help other people with one more case study.

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Re: Opening A Bank Account

Post by eeuunikkeiexpat » Tue Sep 12, 2017 1:24 pm

Space Cat wrote:By the way, BCI Nova (BCI-for-poor) advertises that they open accounts to foreigners with only national ID and a proof of residence. Probably a good replacement for CuentaRUT, also quite cheap in fees and it's possible to get a debit VISA for travelling.
Isn't there a monthly or annual fee for this account? What advantage would it have over Estao? Why would one want to "replace" it?
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