Setting up a (non-RUT) bank account

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houseonfire
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Setting up a (non-RUT) bank account

Post by houseonfire » Wed Dec 23, 2020 5:22 am

Hello all,

I'm due to move to Chile in February (from the UK) and was hoping someone could help with a couple of queries. I trawled the internet until I found this Forum and have also been searching through previous posts but can't seem to find a definitive or recent answer.

From what I have read, a cuentaRUT account seems fairly straightforward to open but due to the 3mil CLP limit it doesn't meet my needs. I read somewhere that to open a regular account you need to either a) have been resident in Chile for 2 years, b) be a friend of the bank manager, or c) pay some exorbitant fee (circa £1,500 GBP). As none of those work for me I wonder if someone with direct experience could confirm if that's the case, or if the reality is different.

My circumstances are as follows:

- I'm a UK citizen with a temporary residence permit for when I travel to Chile in February (assuming flights are back up and running from the UK)
- With the temp. residence permit I'll be able to get a Chilean ID / RUT when I arrive
- I have a 6 month contract offer from a Chilean company (which slightly exceeds the 3mil pesos limit for the cuentaRUT, and the employer is not sorting out the account/visa)

I will obviously need an account to get paid by the Chilean company, but it seems to be more complicated than I had anticipated. Has anyone had any luck getting a regular account with less than 2 years' residence and a work contract less than 12 months?

I also have a separate query - I'm not sure whether that should go in a separate post but I'll ask it while I'm here. I read that for a non-tourist to drive in Chile you need to get a Chilean driving license, but a reply to a similar post on this forum by someone from the US said that their US license would be ok. Again, if anyone else has direct experience that would be very helpful.

I'm sure I'll be back with more questions, and appreciate anyone taking the time out to reply.

Thanks

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41southchile
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Re: Setting up a (non-RUT) bank account

Post by 41southchile » Wed Dec 23, 2020 8:38 am

Banks in Chile are very bureaucratic and it will be luck of the draw as to wether they will open an account for you, often there is no rhyme or reason, just depends on the attitude of who you are dealing with in the bank, and possibly who your employer is.
As for driving, thats up to you, it will only be an insurance issue should you have an accident, cops don't generally care if a foreigner (European looking foreigner) doesn't have a Chilean license and will let you off if you show a valid other countries drivers license.
Good luck, February is not far off but a lot could still change with the flight/Airport situation.
“Facts do not cease to exist because they are ignored.”

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admin
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Re: Setting up a (non-RUT) bank account

Post by admin » Wed Dec 23, 2020 8:48 am

Talk to the company that hired you. Foriegners have been able to get full checking accounts when sponsored by the company that hired them.
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From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

houseonfire
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Re: Setting up a (non-RUT) bank account

Post by houseonfire » Wed Dec 23, 2020 8:59 am

Thanks both for the info. The company is actually a very small subsidiary of the UK company I currently work for and they have only a handful of Chilean employees, so they don't have any experience hiring foreign employees - but I'll see if they know how to help with some kind of sponsorship.

I also wondered whether it makes any difference having a bank account from the same banking entity, e.g. if I set up a Santander or HSBC account in the UK, does it make it easier to get an account with the Chilean version of those banks. I'm assuming not.

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Re: Setting up a (non-RUT) bank account

Post by admin » Wed Dec 23, 2020 11:35 am

houseonfire wrote:
Wed Dec 23, 2020 8:59 am
Thanks both for the info. The company is actually a very small subsidiary of the UK company I currently work for and they have only a handful of Chilean employees, so they don't have any experience hiring foreign employees - but I'll see if they know how to help with some kind of sponsorship.

I also wondered whether it makes any difference having a bank account from the same banking entity, e.g. if I set up a Santander or HSBC account in the UK, does it make it easier to get an account with the Chilean version of those banks. I'm assuming not.
Nope. foriegn banks hardly share the same logos. they are strictly firewalled in chile.

HSBC is basically a red flag international money launder by definition. stay way away from them. they tried to enter chile a few years ago, and exited chile before they had even unpacked. I suspect it was because the regulators were all over them.

Their reputation is so bad, I don't even like getting small wires from them for fear it will bring down an audit someday.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

GAminer
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Re: Setting up a (non-RUT) bank account

Post by GAminer » Wed Dec 23, 2020 2:13 pm

houseonfire wrote:
Wed Dec 23, 2020 5:22 am
Hello all,

I'm due to move to Chile in February (from the UK) and was hoping someone could help with a couple of queries. I trawled the internet until I found this Forum and have also been searching through previous posts but can't seem to find a definitive or recent answer.

From what I have read, a cuentaRUT account seems fairly straightforward to open but due to the 3mil CLP limit it doesn't meet my needs. I read somewhere that to open a regular account you need to either a) have been resident in Chile for 2 years, b) be a friend of the bank manager, or c) pay some exorbitant fee (circa £1,500 GBP). As none of those work for me I wonder if someone with direct experience could confirm if that's the case, or if the reality is different.

My circumstances are as follows:

- I'm a UK citizen with a temporary residence permit for when I travel to Chile in February (assuming flights are back up and running from the UK)
- With the temp. residence permit I'll be able to get a Chilean ID / RUT when I arrive
- I have a 6 month contract offer from a Chilean company (which slightly exceeds the 3mil pesos limit for the cuentaRUT, and the employer is not sorting out the account/visa)

I will obviously need an account to get paid by the Chilean company, but it seems to be more complicated than I had anticipated. Has anyone had any luck getting a regular account with less than 2 years' residence and a work contract less than 12 months?

I also have a separate query - I'm not sure whether that should go in a separate post but I'll ask it while I'm here. I read that for a non-tourist to drive in Chile you need to get a Chilean driving license, but a reply to a similar post on this forum by someone from the US said that their US license would be ok. Again, if anyone else has direct experience that would be very helpful.

I'm sure I'll be back with more questions, and appreciate anyone taking the time out to reply.

Thanks
You should be able to get a cuenta vista in any bank. I don't remember having any issues with limits, although you cannot send or receive to accounts outside of Chile, at least with mine.

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tiagoabner
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Re: Setting up a (non-RUT) bank account

Post by tiagoabner » Wed Dec 23, 2020 2:42 pm

GAminer wrote:
Wed Dec 23, 2020 2:13 pm
houseonfire wrote:
Wed Dec 23, 2020 5:22 am
Hello all,

I'm due to move to Chile in February (from the UK) and was hoping someone could help with a couple of queries. I trawled the internet until I found this Forum and have also been searching through previous posts but can't seem to find a definitive or recent answer.

From what I have read, a cuentaRUT account seems fairly straightforward to open but due to the 3mil CLP limit it doesn't meet my needs. I read somewhere that to open a regular account you need to either a) have been resident in Chile for 2 years, b) be a friend of the bank manager, or c) pay some exorbitant fee (circa £1,500 GBP). As none of those work for me I wonder if someone with direct experience could confirm if that's the case, or if the reality is different.

My circumstances are as follows:

- I'm a UK citizen with a temporary residence permit for when I travel to Chile in February (assuming flights are back up and running from the UK)
- With the temp. residence permit I'll be able to get a Chilean ID / RUT when I arrive
- I have a 6 month contract offer from a Chilean company (which slightly exceeds the 3mil pesos limit for the cuentaRUT, and the employer is not sorting out the account/visa)

I will obviously need an account to get paid by the Chilean company, but it seems to be more complicated than I had anticipated. Has anyone had any luck getting a regular account with less than 2 years' residence and a work contract less than 12 months?

I also have a separate query - I'm not sure whether that should go in a separate post but I'll ask it while I'm here. I read that for a non-tourist to drive in Chile you need to get a Chilean driving license, but a reply to a similar post on this forum by someone from the US said that their US license would be ok. Again, if anyone else has direct experience that would be very helpful.

I'm sure I'll be back with more questions, and appreciate anyone taking the time out to reply.

Thanks
You should be able to get a cuenta vista in any bank. I don't remember having any issues with limits, although you cannot send or receive to accounts outside of Chile, at least with mine.
Things may be different under an employment contract. But I'm currently with a temporary residency visa and no bank was willing to offer me a cuenta vista, even with boletas de honorarios going almost a year back to prove a high income.

Things in Chile are reliably unreliable.
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.

GAminer
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Re: Setting up a (non-RUT) bank account

Post by GAminer » Wed Dec 23, 2020 6:00 pm

tiagoabner wrote:
Wed Dec 23, 2020 2:42 pm
GAminer wrote:
Wed Dec 23, 2020 2:13 pm
houseonfire wrote:
Wed Dec 23, 2020 5:22 am
Hello all,

I'm due to move to Chile in February (from the UK) and was hoping someone could help with a couple of queries. I trawled the internet until I found this Forum and have also been searching through previous posts but can't seem to find a definitive or recent answer.

From what I have read, a cuentaRUT account seems fairly straightforward to open but due to the 3mil CLP limit it doesn't meet my needs. I read somewhere that to open a regular account you need to either a) have been resident in Chile for 2 years, b) be a friend of the bank manager, or c) pay some exorbitant fee (circa £1,500 GBP). As none of those work for me I wonder if someone with direct experience could confirm if that's the case, or if the reality is different.

My circumstances are as follows:

- I'm a UK citizen with a temporary residence permit for when I travel to Chile in February (assuming flights are back up and running from the UK)
- With the temp. residence permit I'll be able to get a Chilean ID / RUT when I arrive
- I have a 6 month contract offer from a Chilean company (which slightly exceeds the 3mil pesos limit for the cuentaRUT, and the employer is not sorting out the account/visa)

I will obviously need an account to get paid by the Chilean company, but it seems to be more complicated than I had anticipated. Has anyone had any luck getting a regular account with less than 2 years' residence and a work contract less than 12 months?

I also have a separate query - I'm not sure whether that should go in a separate post but I'll ask it while I'm here. I read that for a non-tourist to drive in Chile you need to get a Chilean driving license, but a reply to a similar post on this forum by someone from the US said that their US license would be ok. Again, if anyone else has direct experience that would be very helpful.

I'm sure I'll be back with more questions, and appreciate anyone taking the time out to reply.

Thanks
You should be able to get a cuenta vista in any bank. I don't remember having any issues with limits, although you cannot send or receive to accounts outside of Chile, at least with mine.
Things may be different under an employment contract. But I'm currently with a temporary residency visa and no bank was willing to offer me a cuenta vista, even with boletas de honorarios going almost a year back to prove a high income.

Things in Chile are reliably unreliable.
I got mine through being a university student, so I guess I lucked out. Even with permanent residency its dificult to do banking in Chile.

lmkwia
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Re: Setting up a (non-RUT) bank account

Post by lmkwia » Wed Dec 23, 2020 8:38 pm

You will never know until you try. My husband and I did not have any problem opening our regular bank accounts with work contracts and temporary residency when we got here. Then we know people with similar work contracts who got rejected by banks at least several times until they finally got one, including a Chilean friend who came back to Chile after living abroad for almost 10 years. Also our work contracts are not for a fixed term.

paladin
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Re: Setting up a (non-RUT) bank account

Post by paladin » Wed Dec 23, 2020 8:57 pm

If you only plan to live in Chile for 6 months, it’s not worth the effort trying to open a bank account. It would be far easier just to let the company pay you in cash.

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Re: Setting up a (non-RUT) bank account

Post by Britkid » Wed Dec 23, 2020 9:08 pm

Isn't 3 million the Cuenta RUT's limit for how much you can have in at any one time. Is the limit to receive a single transaction lower? I was unable to send over 1 million once. Perhaps the answer is on this forum or their website.

I suggest you ask them to pay you cash or to a UK account. Otherwise, if neither is possible, the solution isn´t obvious. You could probably get account maybe within a few months or a year or two of getting here, but in the first days and weeks or in advance...very tricky...sorry...

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Re: Setting up a (non-RUT) bank account

Post by Britkid » Wed Dec 23, 2020 9:19 pm

41southchile wrote:
Wed Dec 23, 2020 8:38 am
As for driving, thats up to you, it will only be an insurance issue should you have an accident, cops don't generally care if a foreigner (European looking foreigner) doesn't have a Chilean license and will let you off if you show a valid other countries drivers license.
I think this is about right Just from memory I think it is a legal requirement to have a driver´s license when you have permanent residency and can´t remember about temp residency. However the lack of license at any time may be a risk for claims on car insurance.

However you would be pretty unlucky to get into any trouble with the police at a random stop. I flashed my UK driver´s license for 2 years+ (check it now to make sure it doesn´t expire within the first year after you get here as you don´t want to be showing an expired one) at police stops with no problem. However a couple of times they looked at it for a very long time before they gave it back.

I even went to the police station once and proactively asked them about it and they weren´t bothered. I eventually did the driving test here in Chile.

If you are actually leaving after 6 months, I would just use the UK licence personally if it were me to save hassle in the first months. If you are still here after 6 months, I would look at this again at that point.

I think the license is by far less of an issue than the bank issue and the can you even travel here in COVID issue. I take it you saw the thread from 2 days ago on this forum: "Chile bans travel from the U.K"

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