Online Banking in Chile vs the USA. Is it secure?

Chile Investment, how to invest in Chile, what to watch out for when investing, economic issues, currency exchange in Chile, and more.
User avatar
FrankPintor
Rank: Chile Forum Citizen
Posts: 1362
Joined: Thu Aug 09, 2007 4:53 pm
Location: Buenos Aires, Argentina

Re: Online Banking in Chile vs the USA. Is it secure?

Post by FrankPintor » Sat Apr 18, 2020 12:28 pm

Sigh, I did as Britkid suggested and made a transfer of a small amount to see how it would work out, and I reported back to the forum, with the evidence so others can see how it went and possibly avoid being taken for a ride.

We all get how you’re happy with this company, there’s no need to repeatedly shill for them. You also seem to have this bee in your bonnet making assumptions about how my money is being sent from Argentina (it isn’t) and now somehow it’s an Argentinian address that’s causing the problem. Is the concept of a company meeting its service claims just beyond you?
Caracas es Caracas. Lo demás es monte y culebra!

User avatar
tiagoabner
Rank: Chile Forum Citizen
Posts: 1447
Joined: Sat Mar 04, 2017 9:48 am
Location: Concón

Re: Online Banking in Chile vs the USA. Is it secure?

Post by tiagoabner » Sat Apr 18, 2020 1:06 pm

FrankPintor wrote:
Sat Apr 18, 2020 12:28 pm
Sigh, I did as Britkid suggested and made a transfer of a small amount to see how it would work out, and I reported back to the forum, with the evidence so others can see how it went and possibly avoid being taken for a ride.

We all get how you’re happy with this company, there’s no need to repeatedly shill for them. You also seem to have this bee in your bonnet making assumptions about how my money is being sent from Argentina (it isn’t) and now somehow it’s an Argentinian address that’s causing the problem. Is the concept of a company meeting its service claims just beyond you?
You are the only one here who had issues with them, and you're the person whose transfer allegedly didn't arrive on time. You are bashing on a company that has provided consistent and reliable service from time to time.

I'm not shilling for them: I'm reporting my experience over the last few years. Of course the money isn't being sent from Argentina: Transferwise doesn't send transfers from ARS due to monetary controls from the government.

What currency are you sending the money to? Can you share a screenshot that doesn't have the destination currency blurred out?
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.

User avatar
DLPurser
Rank: Chile Forum Full Member
Posts: 26
Joined: Sat Mar 07, 2020 5:09 pm

Re: Online Banking in Chile vs the USA. Is it secure?

Post by DLPurser » Sat Apr 18, 2020 4:32 pm

tiagoabner wrote:
Tue Apr 14, 2020 12:01 pm
mem wrote:
Tue Apr 14, 2020 11:30 am
For the wire transfers it's better to do it in usd and recieve it in usd. With my Chilean usd account they let me convert it to my clp account when I want at a market rate that I can accept or wait for a better rate.
That is most likely the case, but you need to be a permanent resident in order to get a USD account.
I never had permanent residency, only temporary which expired after we left in 2012. I never had a bank account as a result. My wife had an account, but we rarely used it. My job, at the time, took me in and out of Chile 4 or 5 times a month. I accessed my US account via the ATM machines and if I needed a larger sum then I would bring in dollars and exchange it in Chile. I can remember riding the metro with 15,000 in my pocket and 2,000,000 in my shoes.

I retired from that job some time ago and our move back to Chile will be permanent. My wife has a CuentaRut with Banco Estado which should be fine for the time being. Having been away from Chile for 8 years I didn't know if things had changed that much. I will be making an exploratory transfer to her account with both TransferWise and MoneyGram to see how it goes.

I want to thank everyone for their input.

Britkid
Rank: Chile Forum Citizen
Posts: 2330
Joined: Wed Dec 05, 2012 6:59 pm
Location: Talagante area, Chile
Contact:

Re: Online Banking in Chile vs the USA. Is it secure?

Post by Britkid » Sat Apr 18, 2020 5:42 pm

Hi Frank Pintor, it would be useful feedback to let us know when the transfer arrives. If it doesn't arrive at all, that would be especially useful. Also, yeah maybe confirm if this is going to Chile or another country - that would also be useful.

Thanks for giving your feedback.

User avatar
tiagoabner
Rank: Chile Forum Citizen
Posts: 1447
Joined: Sat Mar 04, 2017 9:48 am
Location: Concón

Re: Online Banking in Chile vs the USA. Is it secure?

Post by tiagoabner » Sat Apr 18, 2020 6:03 pm

DLPurser wrote:
Sat Apr 18, 2020 4:32 pm
tiagoabner wrote:
Tue Apr 14, 2020 12:01 pm
mem wrote:
Tue Apr 14, 2020 11:30 am
For the wire transfers it's better to do it in usd and recieve it in usd. With my Chilean usd account they let me convert it to my clp account when I want at a market rate that I can accept or wait for a better rate.
That is most likely the case, but you need to be a permanent resident in order to get a USD account.
I never had permanent residency, only temporary which expired after we left in 2012. I never had a bank account as a result. My wife had an account, but we rarely used it. My job, at the time, took me in and out of Chile 4 or 5 times a month. I accessed my US account via the ATM machines and if I needed a larger sum then I would bring in dollars and exchange it in Chile. I can remember riding the metro with 15,000 in my pocket and 2,000,000 in my shoes.

I retired from that job some time ago and our move back to Chile will be permanent. My wife has a CuentaRut with Banco Estado which should be fine for the time being. Having been away from Chile for 8 years I didn't know if things had changed that much. I will be making an exploratory transfer to her account with both TransferWise and MoneyGram to see how it goes.

I want to thank everyone for their input.
If you had a bank account way back in 2012, your Chilean card is possibly expired. You will only be able to get a new one once you have a valid ID, and that is only after you have a new residency permit. If you have that sorted out already, do a quick hop to your local ServiEstado or BancoEstado and they can get you a new card within a few minutes.

If you don't have a way to move funds within a Chilean bank account, then you can go old school and do withdrawals at ATMs. BancoEstado allows up to $800.000 (depending on the ATM), and they charge a $5.500 flat fee. BCI is the next cheapest option for me, but while they charge $4,175, they only allow for up to $200.000 per withdrawal.
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.

User avatar
FrankPintor
Rank: Chile Forum Citizen
Posts: 1362
Joined: Thu Aug 09, 2007 4:53 pm
Location: Buenos Aires, Argentina

Re: Online Banking in Chile vs the USA. Is it secure?

Post by FrankPintor » Sat Apr 18, 2020 8:18 pm

Britkid wrote:
Sat Apr 18, 2020 5:42 pm
Hi Frank Pintor, it would be useful feedback to let us know when the transfer arrives. If it doesn't arrive at all, that would be especially useful. Also, yeah maybe confirm if this is going to Chile or another country - that would also be useful.

Thanks for giving your feedback.
Sure, I’m on it. The transfer was to Chile with funds already uploaded to Transferwise and it was in USD. I’m just another guy, if this happened to me, it can happen to anyone. I’ll upload the screenshot showing to currency as Tiago requested once I’m on a laptop again.
Caracas es Caracas. Lo demás es monte y culebra!

Post Reply