Transferring money

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Space Cat
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Re: Transferring money

Post by Space Cat » Fri Dec 14, 2018 12:48 pm

Transferwise now allows to receive up to 5 millions CLP in one transfer and there are no monthly limits as far as I can see. But there's still no option to send money from Chile, only Brazil is available in LatAm.

jennyb45202
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Re: Transferring money

Post by jennyb45202 » Wed Jan 23, 2019 11:33 pm

I did a test transferred 20 pounds to my sister in laws Chilean Itau bank account. By the time all the charges were taken out I had 8000 pesos left, about 55% gone. I was going to transfer 11000 pounds but now I will not. Does anyone know if I can find better deals? Thanks in advance.

at46
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Re: Transferring money

Post by at46 » Thu Jan 24, 2019 12:21 am

jennyb45202 wrote:
Wed Jan 23, 2019 11:33 pm
I did a test transferred 20 pounds to my sister in laws Chilean Itau bank account. By the time all the charges were taken out I had 8000 pesos left, about 55% gone. I was going to transfer 11000 pounds but now I will not. Does anyone know if I can find better deals? Thanks in advance.
Banchile fondos mutuos. Look it up earlier in the thread.

thisisreallycomplicated
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Re: Transferring money

Post by thisisreallycomplicated » Thu Jan 24, 2019 2:51 am

jennyb45202 wrote:
Wed Jan 23, 2019 11:33 pm
I did a test transferred 20 pounds to my sister in laws Chilean Itau bank account. By the time all the charges were taken out I had 8000 pesos left, about 55% gone. I was going to transfer 11000 pounds but now I will not. Does anyone know if I can find better deals? Thanks in advance.
Did Transferwise take out all of the charges, or did Itau and/or the originating bank take some out too? I'm wondering if some of those charges were a flat rate, that would become less significant with larger amounts.
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paladin
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Re: Transferring money

Post by paladin » Thu Jan 24, 2019 8:14 pm

If you only transfer small amounts, you will always get hit hard with costs; it’s always been like that. Remember that some banks have a minimum charge and others have a sliding scale. They dont want small business as it’s just not worth it. From my own experience , it makes a big difference which Chilean bank you are transferring to. Bco de Chile is a rip off, even for large amounts they wanted 1 1/4% + iva. I send money to BCI, who charge nothing on receipt. You also need to be careful who you use as the sending bank. In the UK, I find Lloyds is very expensive, whereas HSBC isnt.

Britkid
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Re: Transferring money

Post by Britkid » Thu Jan 24, 2019 9:34 pm

I worked out the average of all my Transferwise transactions for 2018 was that I paid 1.86%. I typically transfer just under a million pesos each time, sometimes a few hundreds thousand. There is a fixed fee and then a % so the total % will be rubbish for small transactions.

I don't know a better way.

I can withdraw cash on my Halifax Credit card for no charge, and then queue up and deposit in the bank. That tends to cost me about 0.2% or 0.3% - in interest the credit card charges me before I pay it off. But it's more hassle since I have to go into town and queue up at the bank, and pay for parking and petrol as well as my time spent. Only an option if you live in Chile with a fees free card.

If anyone knows a better/cheaper way, happy to hear it.

I doubt there is one to be honest.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

mem
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Re: Transferring money

Post by mem » Thu Jan 24, 2019 9:59 pm

Britkid wrote:
Thu Jan 24, 2019 9:34 pm
I worked out the average of all my Transferwise transactions for 2018 was that I paid 1.86%. I typically transfer just under a million pesos each time, sometimes a few hundreds thousand. There is a fixed fee and then a % so the total % will be rubbish for small transactions.

I don't know a better way.

I can withdraw cash on my Halifax Credit card for no charge, and then queue up and deposit in the bank. That tends to cost me about 0.2% or 0.3% - in interest the credit card charges me before I pay it off. But it's more hassle since I have to go into town and queue up at the bank, and pay for parking and petrol as well as my time spent. Only an option if you live in Chile with a fees free card.

If anyone knows a better/cheaper way, happy to hear it.

I doubt there is one to be honest.

Yes the Schwab checking account debit card. You can withdraw $1000 usd at a time for no cost at all from Banco Estado because Schwab reimburses the ATM fee. You could increase the daily withdrawal limit on the schwab card with schwab and then do 800K CLP at a time from Banco Estado

at46
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Re: Transferring money

Post by at46 » Fri Jan 25, 2019 12:14 am

You gotta look at the exchange rate they charge on your card withdrawals. You might find your actual cost is closer to 2%. Banchile fondos mutuos, on the other hand, have no incoming charges and the exchange is 5-10 pesos below xe.com.

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eeuunikkeiexpat
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Re: Transferring money

Post by eeuunikkeiexpat » Fri Jan 25, 2019 6:53 am

at46 wrote:
Fri Jan 25, 2019 12:14 am
You gotta look at the exchange rate they charge on your card withdrawals. You might find your actual cost is closer to 2%. Banchile fondos mutuos, on the other hand, have no incoming charges and the exchange is 5-10 pesos below xe.com.
On a stable day (no large swings), I have always seen the real time xe.com rate for ATM transfers (more times slightly better than worse), are you saying the xe.com mid-market rate is bad? If you are talking about the 200 luka cap and ATM fee, then the cap can be bypassed at BE where the fee can be minimized.
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at46
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Re: Transferring money

Post by at46 » Fri Jan 25, 2019 10:43 am

eeuunikkeiexpat wrote:
Fri Jan 25, 2019 6:53 am
at46 wrote:
Fri Jan 25, 2019 12:14 am
You gotta look at the exchange rate they charge on your card withdrawals. You might find your actual cost is closer to 2%. Banchile fondos mutuos, on the other hand, have no incoming charges and the exchange is 5-10 pesos below xe.com.
On a stable day (no large swings), I have always seen the real time xe.com rate for ATM transfers (more times slightly better than worse), are you saying the xe.com mid-market rate is bad? If you are talking about the 200 luka cap and ATM fee, then the cap can be bypassed at BE where the fee can be minimized.
Xe.com rates are good, although you can get a couple of pesos better on Agustinas if you showed up with cash in hand. I haven't done any card withdrawals recently, but a few years ago I think it was usual to get like 30 pesos less than xe.com.

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Eric
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Re: Transferring money

Post by Eric » Fri Jan 25, 2019 4:01 pm

Banchile doesn't have a branch in the Banco de Chile in my city. What type of service does Santander have with their mutual fund accounts? Is it comparable to Banchile? Does anyone have experience with Santander?

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Re: Transferring money

Post by Britkid » Fri Jan 25, 2019 9:05 pm

So is Schwab charging the middle rate? I assume this is a North American card provider, I don't think they are available in the UK where I'm from, so I doubt I'd be able to get the card.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

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