Transferring money

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Space Cat
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Re: Transferring money

Post by Space Cat » Thu Jan 05, 2017 8:16 pm

the19trier wrote:The bitcoin exchange is too bad to mean anything now for transferring money.
I can't see the problem if both in and out exchanges are trusted and well supported. SurBTC looks promising.

Between exchanges it's a pure math function working and you can transfer small enough amounts one by one to stay safe. So if it can avoid all the Chilean bank paperwork, I'd like to try maybe.

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Space Cat
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Re: Transferring money

Post by Space Cat » Thu Apr 13, 2017 12:19 pm

I sent US$1300 to my landlord's Santander account via Transferwise recently.

It arrived without an issue in 3-4 days, converted to CLP with a good exchange rate (659). The fee was US$19.

bert.douglas
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Re: Transferring money

Post by bert.douglas » Thu Apr 13, 2017 1:15 pm

Bitcoin has reached the limits of its capacity to process transactions. It is not as scalable as was hoped. The limit is about 300k transactions per day. Fees are about $1 per transaction, regardless of the amount of money in the transaction. As demand increases, the fees will go up further. This will eliminate the lower sized transactions.

The bitcoin community is deadlocked over various competing proposals to increase capacity. It is now nearly impossible to make any fundamental design change.

All the gateways/exchanges between bitcoin and national currencies are now tightly regulated. So bitcoins can be traced back to real people. The blockchain is a public ledger showing *all* bitcoin transactions.

So it looks as if bitcoin may be used mostly for medium sized business-to-business payments.

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Space Cat
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Re: Transferring money

Post by Space Cat » Thu Apr 13, 2017 1:34 pm

Yes, I heard about issues with scalability but overall these problems are not important for my case since I don't need small transactions or anonymity.

I need some stable way to get salary-sized amounts of money to Chile without explaining "freelancing" and "selling apps on the Internet" to banks every time. (And more important - not spending time in all these lines!)

Transferwise and SurBTC make these transfers domestic and (if I understood correctly) clearance-free, but Transferwise's $3k monthly limit is not suitable for big purchases.

I was also looking at PayPal but there's 2-3% hit on multicaja.cl exchange rates (tried their calculator now: US $10,000 converts to around CL $6,338,150 – it's US $9,768).

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Re: Transferring money

Post by Britkid » Sat Jun 24, 2017 1:36 pm

I have now been using Transferwise regularly for some months. I started with smaller amount and scaled it up. I now trust it enough to send about a thousand pounds (UK) in a single transaction. I have never had a problem of any sort (please people let us know if you do!). It works. In the beginning the transfers took 3-4 days to go through but lately it seems to be 1-2.

The exchange rate is fixed and visible at the time of making the payment and starting the transaction so you don't need to worry what is going to happen to the rate. The amount I receive always seems to be 1-2 pesos different to what they claim I would receive. But at just 1-2 pesos that's literally negligible, it's just an odd quirk.

I always send less than 1,000,000 pesos to my Banco Estado Cuenta RUT on a single day and in a single transaction because I was told by Banco Estado that 1m is the maximum per transaction/day to send/receive. I am not 100% sure of the precise rules on this. As a result, I send two transactions per month. If you have a current account rather than Cuenta RUT, I assume you could send more.

It's fairly easy and the website doesn't have issues. Once you have done the first transaction you don't have to enter too many details the next time.

There is a limit of US$3000 per month EDIT: THIS IS OUT OF DATE AS AT 16TH AUGUST, 2018. SEE PAGE 6 OF THREAD OR MORE RECENT POSTS. calculated on a rolling 30 day period. I.e. it looks at the value of the transaction you are currently trying to make, adds that to the transactions within the last 30 days and if that exceeds the equivalent of US$3000 the transaction will be blocked. If this happens I get a message blocking the transaction as soon as I try to input the amount.

Transferwise's claims that they are better, more transparent, more honest and cheaper than the banks for this kind of thing are accurate. The only concern is with it being a small company and some kind of fear that they might turn out to be dodgy, but I think is reasonably unlikely, they are fairly established nowadays and there haven't been reports of payments not arriving.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

Donnybrook
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Re: Transferring money

Post by Donnybrook » Sat Jun 24, 2017 4:38 pm

I was in one of the big Lider supermarkets yesterday and saw a banner which advertised transfers from Lider in Chile to pick up at any Walmart in the USA. I didn't enquire because it isn't something I need but someone might like to investigate the associated costs.

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eeuunikkeiexpat
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Re: Transferring money

Post by eeuunikkeiexpat » Sat Jun 24, 2017 5:00 pm

http://www.economiaynegocios.cl/noticia ... ?id=229897

3% commission according to the article. Of course, it would be good to see what exchange rate they use vs. real time xe.com.
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bmaluenda
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Re: Transferring money

Post by bmaluenda » Thu Jun 29, 2017 4:01 pm

Hello everyone!

I'm trying to receive funds from the US via TransferWise, but the transfers are bouncing because of "incorrect recipient details". Everything looks in order, except for the RUT, which does not accept a dash ( - ) before the verification number (e.g. 12345678-9 only gets accepted as 123456789 when filling out TransferWise's online form).

How have you specified the RUT in your successful transfers? Should I just skip the verification number? (e.g. specify 12345678 instead of 123456789)

Thanks for any advice you may give!

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Re: Transferring money

Post by Gloria » Thu Jun 29, 2017 4:28 pm

Sometimes the dash is not recognized. Try it without.
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Space Cat
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Re: Transferring money

Post by Space Cat » Mon Sep 04, 2017 9:32 pm

Is it currently possible to get a foreign wire transfer on a cuenta vista like BCI Nova or BancoCrediChile or some other? Or it's still a corriente-only privilege?

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Re: Transferring money

Post by Britkid » Fri Dec 15, 2017 3:37 pm

Noticed some changes today on transferwise. The main one was $500 limit for Chile for daily transaction. EDIT 16TH AUGUST 2018 - THE LIMITS ARE NOW MUCH HIGHER AT TIME OF WRITING, IF INTERESTED IN LIMITS START READING AT PAGE 6.
Also a few small changes.
1.45% plus 2 pounds is the new fee, which is very similar but slightly different to before.
0.75 transaction charge for debit card, I think that was in pounds.
1.12 for credit card.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

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tiagoabner
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Re: Transferring money

Post by tiagoabner » Fri Dec 15, 2017 4:58 pm

They have announced previously that they would be changing their commission scheme, I will try to find the news article once I'm on my PC.

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