Transferring money

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at46
Rank: Chile Forum Citizen
Posts: 1174
Joined: Fri Sep 20, 2013 6:13 pm

Re: Transferring money

Post by at46 » Sat Jan 26, 2019 7:28 pm

thisisreallycomplicated wrote:
Sat Jan 26, 2019 4:47 pm
at46 wrote:
Sat Jan 26, 2019 12:28 am
Britkid wrote:
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.
I'm pretty sure no withdrawal fee Schwab cards are available only to US residents.
Schwab has an international account, that doesn't require you to be a US resident. I'm not sure, but I don't think you have to be a US citizen either.
https://international.schwab.com/public ... country=CI

And that account probably includes the ATM card, but you can call them to make sure. Keep in mind that it's a brokerage account though, and they'll probably close it if you just use it like a bank account.
Says you need to maintain a USD 25K minimum on that account, which is a bit too much, imo, for someone looking to do no fee withdrawals in Chile :)

PaltaConPollo
Rank: Chile Forum Tourist
Posts: 17
Joined: Mon Jan 28, 2019 11:31 am

Re: Transferring money

Post by PaltaConPollo » Mon Jan 28, 2019 11:40 am

For any UK expats living in Chile, the app-only Starling Bank is a good option if you want a current account with no ATM or transaction fees. I use mine for day-to-day expenses and withdrawing cash from ScotiaBank ATMs with no withdrawal fees and a near-perfect exchange rate, its available to anyone with a UK passport.

MrDuck
Rank: Chile Forum Full Member
Posts: 36
Joined: Mon Mar 05, 2012 6:54 pm
Location: Buin

Re: Transferring money

Post by MrDuck » Mon Sep 02, 2019 10:09 am

I just posted this on another thread, useful for UK and European people...
MrDuck wrote:
Mon Sep 02, 2019 9:40 am
Don't bring cash to Chile, open a UK Revolut Bank account instead (underwritten by Lloyds Bank). https://www.revolut.com/
You'll get the Interbank Rate 0% on currency conversions from GBP to CLP. There are limits on the 0% rate from the ATM per month (2% there after) depending on the type of account you get and local bank ATM charges for foreign client, apparently Banco International doesn't charge up in Santiago...need to look into this a bit more.

I use my Revolut to pay for many things in shops. Oh, you'll not get 0% at the weekends as the currency market will have changed by the time it is processed Monday morning, not sure what it is but it's fair enough. I'm really impressed by Revolut, had a second card sent to me the other week here, loads of options from the phone app, freezing/unfreezing cards, apply limits... can have a virtual card, one use cards if you want. If you need help they operate via message in their phone app, I found you had to wait for an agent on the free account, on my Premium account it's faster.

BTW, I convert from my GBP account at 0% into my USD account in Revolut (there's loads of different currency's you can hold money in with them but unfortunately nothing for Chile or South America, they also deal in Crypto currency's), then us Lloyds International account from the Isle of Man to transfer to my wife's account paying ALL associated changes so the wife gets the full amount and isn't charged by the Banco Chile all for £20, otherwise Banco Chile piles on a huge charge just to process it! I need to a better bank than Banco Chile, they charge 2% on conversions to CLP....

Zenth
Rank: Chile Forum Citizen
Posts: 542
Joined: Sun Feb 08, 2009 7:16 pm
Location: Austin, Texas Formerly NYC, NY

Re: Transferring money

Post by Zenth » Tue Feb 18, 2020 9:45 pm

Good Evening All,

My wife and I wanted to send the equivalent of 1,600,000 CLP from our USD checking account in the USA to her cousin in Chile to help with tuition.
The Peso closed at about 795 to the USD today.
XE.com would make the transfer at 765 to the UDS with no fee. They also suggested I contact RIA due to the "Small Transfer". RIA would do this at a few Pesos more and a $5 fee. But when I tried to use them, my transfer was rejected as they would not do a transfer from a bank to Chile. They suggested I go to a convenience store that is connected to RIA and make the transfer using cash. They said there were too many problems transferring money to Chile and if i used cash, they would not be involved in the transfer.
Western Union would transfer at about 720 Pesos to the USD.
Chase bank would wire USD for $40 but I was unclear how the USD would be converted to CLP.
We wound up using XE.com. For $2100, USD her cousin will receive 1.607.300CLP. It'll take about 10 days for the money to wind up in her account.
Please tell me how badly I was ripped off and if there is a better way. It'll be an annual transfer.

Thank you,

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tiagoabner
Rank: Chile Forum Citizen
Posts: 1030
Joined: Sat Mar 04, 2017 9:48 am

Re: Transferring money

Post by tiagoabner » Tue Feb 18, 2020 9:58 pm

Zenth wrote:
Tue Feb 18, 2020 9:45 pm
Good Evening All,

My wife and I wanted to send the equivalent of 1,600,000 CLP from our USD checking account in the USA to her cousin in Chile to help with tuition.
The Peso closed at about 795 to the USD today.
XE.com would make the transfer at 765 to the UDS with no fee. They also suggested I contact RIA due to the "Small Transfer". RIA would do this at a few Pesos more and a $5 fee. But when I tried to use them, my transfer was rejected as they would not do a transfer from a bank to Chile. They suggested I go to a convenience store that is connected to RIA and make the transfer using cash. They said there were too many problems transferring money to Chile and if i used cash, they would not be involved in the transfer.
Western Union would transfer at about 720 Pesos to the USD.
Chase bank would wire USD for $40 but I was unclear how the USD would be converted to CLP.
We wound up using XE.com. For $2100, USD her cousin will receive 1.607.300CLP. It'll take about 10 days for the money to wind up in her account.
Please tell me how badly I was ripped off and if there is a better way. It'll be an annual transfer.

Thank you,
I've just checked on my Transferwise account and they would charge me $2,059.84 to send CLP $1.600.000 to my Chilean bank account. So $40 cheaper than what you went with, or about 2%. FYI, Transferwise's current exchange rate is $797 Chilean pesos per dollar. I wouldn't overthink this too much, as it wasn't an incredibly large sum, but keep them in mind in the future, at least as an option to compare with the others.
I'm NOT your lawyer, accountant or financial planner. All information at this post should be considered for your entertainment only. Consult a professional before making a decision regarding whatever topic was mentioned in this post.

Zenth
Rank: Chile Forum Citizen
Posts: 542
Joined: Sun Feb 08, 2009 7:16 pm
Location: Austin, Texas Formerly NYC, NY

Re: Transferring money

Post by Zenth » Wed Feb 19, 2020 9:37 pm

Thank you for your reply and your suggestion. I appreciate it.

vamoschile
Rank: Chile Forum Citizen
Posts: 74
Joined: Tue Mar 12, 2019 1:43 am

Re: Transferring money

Post by vamoschile » Thu Feb 20, 2020 12:32 am

I also like to use money gram. I trust them, its quick, and they charge 2 dollars and the rate is generally really good.

Britkid
Rank: Chile Forum Citizen
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Location: Talagante area, Chile
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Re: Transferring money

Post by Britkid » Sat Feb 22, 2020 4:26 pm

agree on transferwise

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